0D9f568b5c4cbd671764c46e81c
Total Page：16
File Type：pdf, Size：1020Kb
Global Research 25 July 2014 Singapore Market Strategy Equity Strategy Singapore Cross-Connections Singapore Major Shareholder Major Shareholder Cheryl Lee, CFA Analyst [email protected] +65-6495 5914 Company Singapore Research Team PC C173f48aa43e Key Listed Subsidiary or Associate / Subsidiary / Associate Minority Stake Property a5b A guide to who owns what In Singapore Market Strategy—Singapore Cross-Connections, we provide a guide toa001447700186961d3 the ownership structure and cross-holdings of major listed companies in Singapore. This report features Temasek Holdings, Singapore’s investment company owned by the Government of Singapore and 52 different companies that are listed in Singapore and under UBS’s coverage. Key themes: expansion overseas, capital allocation and recycling We expect Singapore companies to continue expanding overseas for growth, led by the larger corporates. Of the 52 companies featured in this report, 38 derive at least one- quarter of their revenue from outside Singapore. In aggregate, excluding commodity traders, we estimate that around 75% of these companies' revenue was derived outside Singapore in 2013. We think companies will be focusing on capital allocation as well. A number of companies in this report display weak ROE trends, even though their00 profits are rising or are stable. We think avenues corporates could use to improve ROE : trends include asset sales to unlock value, and redeployment into higher yielding42 investments and/or special dividends and share buybacks. 28 Government policies J Policy changes to keep an eye on: 1) Restructuring of public transport: buses moving tou l an asset-light cost plus model, while a new financing framework is being discussed for2014 rail. 2) Telcos: regulator considering the feasibility of a fourth mobile operator. 3) Property: when cooling measures might be eased. 4) Foreign worker dependency quotas: ongoing tightening of an already tight labour market underpins cost pressure. www.ubs.com/investmentresearch This report has been prepared by UBS Securities Pte. Ltd. (Reg. No. 198500648C). ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 167. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Cheryl Lee, CFA Contents Analyst [email protected] Temasek Holdings ................................................................................ 4 +65-6495 5914 Singapore Research Team Ascendas REIT .................................................................................... 12 CapitaCommercial Trust ...................................................................... 15 CapitaLand ........................................................................................ 18 CapitaMall Trust ................................................................................. 21 CapitaRetail China Trust ...................................................................... 24 CDL Hospitality Trusts ......................................................................... 27 PC City Developments Limited .................................................................. 30 C173f48aa43e ComfortDelGro Corporation ................................................................ 33 COSCO Corporation (Singapore) .......................................................... 36 Dairy Farm International ...................................................................... 39 DBS Group Holdings ........................................................................... 42 a5b First Resources ................................................................................... 45 a001447700186961d3 Frasers Centrepoint Trust..................................................................... 48 Genting Singapore.............................................................................. 50 Global Logistic Properties .................................................................... 53 Golden Agri-Resources ........................................................................ 56 Hongkong Land ................................................................................. 59 Hutchison Port Holdings Trust .............................................................. 61 Jardine Matheson Group ..................................................................... 6300 : Keppel Corporation ............................................................................ 6642 Keppel Land....................................................................................... 7028 J Keppel REIT........................................................................................ 73u l 2014 M1 Limited ........................................................................................ 76 Mapletree Industrial Trust .................................................................... 79 Mapletree Logistics Trust ..................................................................... 81 Neptune Orient Lines .......................................................................... 84 Noble Group ...................................................................................... 87 Oversea-Chinese Banking Corporation (OCBC) ...................................... 90 Olam International .............................................................................. 93 OSIM International.............................................................................. 96 OUE Limited....................................................................................... 99 Parkway Life REIT.............................................................................. 102 Singapore Market Strategy 25 July 2014 2 SATS Limited.................................................................................... 105 Sembcorp Industries.......................................................................... 108 Sembcorp Marine ............................................................................. 111 Singapore Airlines............................................................................. 114 Singapore Exchange ......................................................................... 117 Singapore Post ................................................................................. 120 Singapore Press ................................................................................ 123 Singapore Telecommunications .......................................................... 126 SMRT Corporation ............................................................................ 129PC Starhill Global REIT............................................................................ 132C173f48aa43e StarHub ........................................................................................... 135 Suntec REIT ...................................................................................... 138 Thai Beverage .................................................................................. 141 United Overseas Bank (UOB) .............................................................. 144a5b UOL Group ...................................................................................... 147a001447700186961d3 Venture Corporation ......................................................................... 150 Wilmar International ......................................................................... 153 Yangzijiang Shipbuilding (Holdings) .................................................... 156 Yoma Strategic Holdings ................................................................... 159 Key financial ratios ........................................................................ 163 00 : 42 28 To the best of our knowledge, data in organisational charts is correct at the time J u of printing. l 2014 We would like to thank Joyce Ho for her assistance in preparing this report. Singapore Market Strategy 25 July 2014 3 Temasek Holdings Figure 1: Temasek Holdings' investments in Singapore Temasek Holdings Telecommunications, Media & Technology Financial Services 100% 100% 52% 29% 23% 100% Singapore SGX Fullerton Fund Technologies MediaCorp SingTel DBS Group (held for the Management Telemedia FSDF) 51% 42% 26% PC Singapore C173f48aa43e IFS Capital Telechoice StarHub Post Transportation & Industrials 5% 84% 21% 49% 54% 7% Sunningdale STATS 15% Keppel Sembcorp M1 SMRT Tech ChipPac Corporation Industries a5b 49% 61% Keppel a001447700186961d3 Sembcorp Infrastructure Marine Trust Life Sciences, Consumer & Real Estate 39% 32% 67% 50% 56% CapitaCommercial 55% Neptune Orient ST Singapore CapitaLand Keppel Land Trust Lines Engineering Airlines 100% 28% 45% 100% 40% 78% CapitaMalls CapitaMall PSA SIA K-REIT Asia Tiger Airways Asia Trust International 00 Engineering : 21% 15% 88% 10% 42 37% 100% Wildlife CitySpring CapitaRetail Hutchison Port 28 Singapore Reserve Infrastructure China Trust Holdings Power J Singapore u Trust l 60% 100% 100% 2014 18% 31% 40% Surbana AETOS Security CEI Contract Certis CISCO SP AusNet Corporation Management Manufacturing 80% 100% 43% 5% Olam Mapletree Amtek SATS International Investments Engineering 40% 38% 31% 34% Mapletree Mapletree Mapletree Mapletree Commercial Greater China Logistics Trust Industrial Trust Trust Commercial Trust Source: Bloomberg, Company filings to respective stock exchanges,