Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

<p>Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?</p>

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Singapore

Tiong Seng Holdings Ltd. is a construction company. The Company's activities include building construction and civil engineering business is in Singapore. Tiong Seng's main focus of its property development business is to develop residential and commercial properties in various second- and third-tier cities in the PRC, such as Tianjin and Yangzhou.

Hor Kew Corporation Limited contracts for residential, commercial, school, and industrial projects, and develops and invests in properties.  The Company also designs, manufactures, and supplies prestressed and precast reinforced concrete building components, and prefabricated architectural components.  Hor Kew imports and exports building materials and provides maintenance work.

Huationg Global Limited provides civil engineering services for infrastructure projects and ancillary inland logistics support services. The Company also sells construction materials.

Charisma Energy Services Ltd provides energy and power generation.

CSC Holdings Limited operates civil engineering and building works such as excavation, piling, and foundation works.  The Company also sells and sublets land, develops properties, and manufactures and trades reinforced concrete piles, building products, and electrical accessories.  CSC Holdings sells and rents heavy equipment, machinery, spare parts, and piling works.

Sanli Environmental Ltd operates as an environmental engineering company. The Company provides designing, supply, installation, and maintenance of mechanical and electrical equipment, as well as instrumentation and control systems in waste water treatment plants, water reclamation systems, and pumping stations. Sanli Environmental serves customers in Singapore.

BBR Holdings (S) Ltd is an investment holding company engaged in general construction, specialized engineering, and property development businesses.

TA Corporation Ltd. develop and sells residential and other types of properties. The Company is also involved in the construction business, including complementary services such as steel fabrication and metal works, a worker training and test center in Chennai, India, as well as the design, installation and maintenance of air conditioning and mechanical ventilation systems.

Kori Holdings Limited is a Singapore based multi-discipline engineering and construction services company principally engaged in providing civil/structural engineering and infrastructural construction services as a sub-contractor for commercial, industrial and public infrastructural construction projects. The Company's customers include local and overseas developers.

TEE International Limited provides mechanical and electrical engineering services for the infrastructure and rebuilding sectors.  The Company also tests, installs, supplies, commissions, and maintains electrical system and mechanical equipment.  Tee International installs fire detection and alarm systems in buildings and provides general building works.

SOCAM Development Ltd. acquires and develops distressed properties.  The Company develops greenfield projects in Hong Kong, Macau and the Chinese mainland.  SOCAM also owns an interest in a cement production business; and offers construction, renovation, outfitting, design and build, restoration, and building maintenance services.

Taiyo Kisokogyo Co., Ltd. is a civil engineering company based in Nagoya. The Company constructs underground pipes and tunnels for water, sewage, gas, electricity, and communication systems.  Taiyo Kisokogyo also performs ground improvement, foundation, and ground reinforcement works.

Kumpulan Jetson Berhad operates as design and build turnkey contractor for civil construction works, general building projects, interior, renovation and restoration projects, and exposition and exhibition works. The Company, through its subsidiaries, manufactures silicone rubber products, customized polymer products, adhesives and sealants, moulds and tools, and manages hostel.

Zecon Berhad provides foundation and civil engineering and building contract works. Through its subsidiaries, the Company operates quarry, sells aggregates, and develops property. Zecon also trades hardware, building materials and concrete, and leases construction equipment. The Company designs, fabricates, and sells containers and scaffolding equipment.

Encorp Berhad is an investment holding company currently  involved in two core businesses, property development and construction.

Ua Withya PCL manufactures transmission line towers, substation steel structures and provides hot-dipped galvanizing services.

Ho Hup Construction Company Berhad provides foundation and civil engineering, constructs building, and leases plant and machinery.  The Company, through its subsidiaries, develops property, manufactures and distributes ready-mixed concrete, and engineers, constructs, and commissions pipeline system.

Power Line Engineering Public Company Limited provides construction engineering services.  The Company specializes in electrical, air conditioning,  plumbing, sanitary, and fire protection systems for buildings, hospitals, industrial plants, shopping complexes, and governmental facilities.

Shinwon Construction Co., Ltd. provides construction, civil engineering, and architectural services for the government and private sectors.  The Company's projects include roadways, water and waste treatment facilities, commercial and residential buildings, and apartment complexes.

Sycal Ventures Berhad is an investment holding company and has operations in building and civil engineering contracts. Through its subsidiaries, the Company develops properties, trades building materials, and provides hotel management services. Sycal also manufactures and trades ready mix concrete.

Ausgroup Limited is an integrated multi-disciplinary engineering services provider. The Company specializes in the oil and gas, LNG, and mining related industries.

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Ausgroup Ltd (AUSG SP)

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

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52-week Range

Market Cap (USDm)

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