Market View of CWT Limited

HNA Announced Firm Intention to Make VGO for CWT

Having held a general meeting yesterday to seek shareholders' approval for the acquisition of CWT Ltd (CWT), HNA Holding Group (HNA) announced last evening its firm intention to make the voluntary conditional offer (VGO) for CWT now that all of the pre-conditions have been satisfied or waived (as the case may be).

Ending the recent uncertainties over HNA's ability to fund the acquisition, China International Capital Corporation (Singapore) confirms that sufficient financial resources are available to the HNA to satisfy full acceptance of the VGO, and note that HNA currently has no holding of CWT.

In addition, pursuant to the vendor undertakings, the VGO will become unconditional as to acceptances upon the vendors tendering their CWT shares (representing ~65.1% stake in CWT) in acceptance of the offer.

Note that HNA has also stated that it does not intend to and will not increase the offer consideration or revise any other terms of the VGO. As such, the offer consideration is the final Share price for the offer shares.

Full details of HNA’s VGO for CWT will be contained in the offer document to be despatched to shareholders of CWT not earlier than 14 days and not later than 21 days from 7 Sep 17.

Our rating of ACCEPT THE OFFER remains unchanged with this formal VGO announcement.

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Review: Singapore Stocks Market Opened at 0.4% up

SINGAPORE stocks opened 0.4 for each penny higher on Wednesday, with the Straits Times Index climbing 14.1 focuses to 3,263.44 as at 9.01am. This came as Wall Street put aside butterflies over North Korea's rocket dispatch and rose to a positive complete overnight, turning around misfortunes from prior in the day. 

On the Singapore bourse, around 84.6 million offers worth S$113.1 million altogether changed hands, which worked out to a normal unit cost of S$1.34 per share. 

The most effectively exchanged counter was Blumont, which was level at S$0.001 with 23.4 million offers evolving hands. Different actives included Global Logistic Properties and Swee Hong. 

Gainers dwarfed washouts 79 to 50. 

Somewhere else, Japan's Topix rose 0.6 for every penny, and Australia's S&P/ASX 200 Index increased 0.3 for every penny, while the Kospi edged up, Bloomberg announced.

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Valuable Stocks of The day for SGX market

Geo Energy Resources Limited: Indonesian coal mining bunch Geo Energy Resources Limited has set up another unit to put resources into a controlling value stake in an online web based business gateway in Indonesia, denoting the gathering's initial invasion into non-coal related business since its foundation in 2008. Geo Energy shut at S$0.265 on Monday. 

Keppel Corporation Limited: Keppel Corporation's unit, Keppel Land Limited, has on Aug 28, 2017 evaluated S$150 million in the total vital measure of 2.843 for each penny notes due 2023, the gathering said in a Singapore Exchange documenting on Tuesday. The notes are required to be issued on Sept 5, 2017 at an issue cost of 100 for each penny of the important sum and in divisions of S$250,000. Keppel Corp shut at S$6.39 on Monday. 

New Silk routes Group Limited: New Silk routes Group's net misfortune enlarged to US$1 million for its final quarter, from a net loss of US$268,000 in the year-prior period, the gathering said in a Singapore Exchange documenting on Tuesday. Be that as it may, for the three months finished June 30, income surged 227.2 for every penny to US$114.6 million from the earlier year, fundamentally because of the gathering's completely claimed oil exchanging auxiliary, International Energy Group Pte Ltd, handing over another solid quarter, it said. No profit was proposed. New Silk routes Group shares finished unaltered at S$0.39 on Monday.

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Share Market Update: Micro-Mechanics posts record revenue and earnings in FY17

Micro-Mechanics, the maker of high exactness devices and parts for the semiconductor business, announced profit hopped 24.2% to a record $14.8 million for FY17 finished June from a year back. .

Small scale Mechanics says the gathering's solid bottom line returned on the of income development of 11.7% to $57.2 million, an extension in net overall revenue to 57.4% and a tight rein on the cost structure. 

This mirrored the solid upturn of the worldwide semiconductor industry amid the initial a half year of 2017 as measurements accumulated by the Semiconductor Industry Association demonstrated overall chip deals grew 20.8% to US$190.5 billion ($258.3 billion). 

For the 4Q17 finished June, Micro-Mechanics' income jumped 60.9% to achieve a quarterly record of $4.6 million. Gathering income took off 19.5% to $15.4 million. 

Small scale Mechanics is proposing to pay the last profit of 4 pennies for every offer and an extraordinary profit of 1 penny for each offer on Nov 17. This will convey add up to profits for FY17 to 8 pennies for every offer contrasted with 6 pennies for FY16. 

Counting these last and extraordinary profits, the gathering would have circulated a sum of 53.9 pennies for each offer to investors since its open posting in 2003. 

Chris Borch, CEO of Micro-Mechanics, says, "trust the vigorous first-half begin to the year may portend a drawn out time of more grounded industry development as chips turn out to be progressively utilized as a part of about each part of present day life. With manufacturing plants in China, Malaysia, the Philippines, Singapore, the USA and our business office in Taiwan, Micro-Mechanics is very much situated to give quick, successful and neighborhood support to our clients on the planet's real semiconductor markets." 

As at June 30, Micro-Mechanics kept up a sound monetary record with add up to resources of $65.6 million, investors' value of $54.8 million, money and money reciprocals of $23.4 million and no bank borrowings. 

As at 1.02pm, shares in Micro-Mechanics are exchanging 3 pennies higher at $1.40.

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