Key sector to focus on today is on property. SC Global announced an unconditional cash offer of $1.80/sh, a generous ~50% premium over the last close at $1.205. The big beneficiary is Wheelock, which is the second largest sh/h with a 15.8% stake.
We note that other property developers, Wing Tai, Ho Bee, Bukit Sembawang, CapitaLand, and Keppel Land have recently touched their 52 wk highs, a sign of momentum. The SC Global privatisation is positive for sentiment in property stocks, and may be a catalyst for driving their share prices higher.
CMA is seeing renewed research focus. Nomura upgrades its TP to $2.43 from $1.89, to reflect up-cycle valuation, while Deutsche notes investors were most positive on CMA at its SG and HK marketing trip. Credit Suisse further has a positive China retail malls note this morning.
Thursday, December 6, 2012
Singapore market (06 Dec 12)
Singapore market: may see a firmer open, amid modest gains in the DJIA and S&P 500, driven by a softening of stance by the Republicans on the fiscal cliff issue. Newswires note “a few dozen Republicans” have joined a bipartisan call to break the impasse between President Barack Obama and House Speaker John Boehner over taxes for the highest- earning Americans. They signed a letter calling for exploration of “all options” on taxes and entitlement programs, a signal that some rank-and-file members are ready to bargain.
In the region, KOSPI and Nikkei are flat and +0.7% respectively, at 8.10am.
Technically, the STI continues to trade within the recent 3,027 – 3,0877 range. A break out of this range could signal the next momentum direction. For now, the rising indicators suggest positive near term price action, though the flattish key moving averages hint that a breakout, if any, is unlikely to lead to a run away move.
Key sector to focus on today is on property. SC Global announced an unconditional cash offer of $1.80/sh, a generous ~50% premium over the last close at $1.205. The big beneficiary is Wheelock, which is the second largest sh/h with a 15.8% stake.
We note that other property developers, Wing Tai, Ho Bee, Bukit Sembawang, CapitaLand, and Keppel Land have recently touched their 52 wk highs, a sign of momentum. The SC Global privatisation is positive for sentiment in property stocks, and may be a catalyst for driving their share prices higher.
CMA is seeing renewed research focus. Nomura upgrades its TP to $2.43 from $1.89, to reflect up-cycle valuation, while Deutsche notes investors were most positive on CMA at its SG and HK marketing trip. Credit Suisse further has a positive China retail malls note this morning.
Key sector to focus on today is on property. SC Global announced an unconditional cash offer of $1.80/sh, a generous ~50% premium over the last close at $1.205. The big beneficiary is Wheelock, which is the second largest sh/h with a 15.8% stake.
We note that other property developers, Wing Tai, Ho Bee, Bukit Sembawang, CapitaLand, and Keppel Land have recently touched their 52 wk highs, a sign of momentum. The SC Global privatisation is positive for sentiment in property stocks, and may be a catalyst for driving their share prices higher.
CMA is seeing renewed research focus. Nomura upgrades its TP to $2.43 from $1.89, to reflect up-cycle valuation, while Deutsche notes investors were most positive on CMA at its SG and HK marketing trip. Credit Suisse further has a positive China retail malls note this morning.
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