INFRASTRUCTURE PLAYS PRESENT a safe haven in a sea of macro-economic uncertainty, says a report by OCBC Investment Research dated Sept 3. Its top picks include Midas Holdings, the supplier of aluminium extrusion profiles used in train carriages; oil and gas infrastructure services firm Rotary Engineering and crane operator Tat Hong.

But market punters have been fixated on Macquarie International Infrastructure Fund of late, a mutual fund which owns four assets. After selling British broadband operator Arqiva for $238.4 million and Canadian Aged Care for $91 million this March, the fund now owns primarily Asian assets. These are a 38% stake in Changshu Xinghua Port (Jiangsu), an 81% interest in Hua Nan Expressway in Guangdong, 20% stake in Taiwan Broadband Communications (TBC) and a 100% stake in Miaoli Wind, a wind farm in Taiwan.

HONG KONG LAND’S exit offer for MCL Land at $2.45 appears to be a done deal. Just before the announcement, the counter was trading at $1.95 or at a 20% discount to book value. The vote minority shareholders are asked to cast is for the voluntary delisting, which is likely to go through as HK Land is allowed to vote. Recall that MCL Land, the former Malayan Credit, was also given as dividend-in-specie to shareholders of Jardine Cycle & Carriage. And Malaysia’s EPF (Employees Provident Fund) has given an irrevocable undertaking to accept in respect of its 4.7% stake. That balance of the 66.25 million shares are held by mostly individuals.

ASCOTT RESIDENCE TRUST (ART), CapitaLand’s serviced residences property trust, will complete the largest securitisation transaction since the credit crunch if shareholders give their nod at the fast-tracked EGM on Sept 9.

Today’s announcement that CapitaLand’s wholly-owned The Ascott Limited will sell 28 of its serviced residence properties to ART for $969.6 million didn’t come as a surprise as the developer has always maintained it is committed to divesting its investment properties with stable yields into REITs.

ACCOLADES FOR GENTING Singapore’s maiden profit from Resorts World Sentosa came in thick and fast. Of the 13 analysts that reported on Genting’s 2Q10 results, 12 had Buy recommendations, with the most notable upgrade coming from Citi Research which switched from a Sell to a Buy and transferred coverage. The only Hold recommendation was from local house UOB KayHian which had upgraded the stock from a Sell to a Hold. It also mentioned the performance of Genting Singapore’s UK arm. “The UK’s underlying operations have slightly improved by 6% y-o-y from higher business volume, but this was dragged by the depreciation of Sterling pound against the Singapore dollar,” the report stated.