SG Market (03 Apr 13)

SG Market: S’pore shares may drift as investors stay on the sidelines ahead of key central bank meetings in Asia and Europe. Resistance for the STI is seen at 3320 with support at 3300 psychological level, Stocks to watch out for: *Kreuz: Secured a US$25m subsea installation contract from a leading offshore contractor in the O&G industry. Expected completion is by 4Q13. *KSH: Awarded JTC construction contract worth $59.9m for a district cooling system plant, taking existing order book to $489m. Construction will commence in Apr 13 with completion due in Jan 15. *Breadtalk: Thailand's Minor Int’l further raised its stake to 8.9% as at 21 Mar. Minor owns the ThaiExpress chain of restaurants in Spore and the Riverside casual dining chain in China. *Boustead: Sells entire stake in OM Holdings for A$18.5m after acquiring the failed manganese mining investment for A$17.5m in Feb 12. *Straits Trading: Makes $24.5m provision for Indonesian unit. Co owns 54.85% of M’sia Smelting Corp which in turn owns 75% in Koba Tin, whose operations in Indonesia were suspended last year amid losses due to a drop in tin price and expiry of its mining contract on Mar 13. Govt had granted Koba Tin a 3-month extension, while it evaluates the 10-year extension that Koba Tin applied for. *Berlian Laju Tanker: Subsequent to the approval and ratification of its debt restructuring plan by majority of creditors and the Indon court, BLT has obtained a provisional injunction against Chapter 15 proceedings in the US pending court recognition of the scheme. Meanwhile, the S’pore High Court has extended protective orders to the group till 25 Jun, while SGX has granted the co a time extension until 30 Apr to submit its trading resumption proposal.