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Ideas
Rubber
GMG (5IM) announces two new JVs to expand natural rubber processing capacity in the Ivory Coast. The investments will be funded from internal resources. Earlier this wk, GMG’s subsidiary struck a US$410m deal with Cameroon’s govt to develop 45.2k ha of palm oil and rubber plantations. The stock trades at 8.9x P/E, 1.4x P/B.
Comment: GMG has been in the limelight for this week. Share price however, remains weak. This can be an opportunity for long-term investors
O&M
SembMarine (S51) said on Thursday that its unit has secured a US$291.6m worth of contract to build an accommodation semi-submersible rig with options for another 2 units. The rig is ordered by a subsidiary of Prosafe SE, a leading owner and operator of semi-submersible accommodation/service rigs. It is scheduled for delivery in the Q2 of 2014.
Comment: Finally we see some contracts to SembMar. However Keppel is still better on track with their orderbook expectations
Sources: Bloomberg, Reuters, WSJ, The Business Times, Analyst Reports, Company Announcements
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