Monday, March 9, 2015

SG Market (09 Mar 15)

Singapore shares are expected to open lower, taking cue from the sell-off in Wall Street last Fri, after robust US jobs data spooked concerns of an earlier than expected interest rate hike.

Regional bourses are trading lower this morning in Tokyo (-0.7%), Seoul (-0.4%) and Sydney (-0.9%).

From a chart perspective, the STI may find some support near the lower end of its 3,390-3,450 consolidation range.

Stocks to watch:
*Hospitality: The Singapore Tourism Board is forecasting 15.1m to 15.5m visitor arrivals with $23.5b to $24b in tourism receipts for 2015, below its initial forecasts of 17m visitors and $30b tourism receipts set earlier this year.

*DBS: The Business Times reports that DBS is adopting stricter lending criteria for China's SOEs, dividing them into tiers according to their level of government support. This change in risk assessment of SOEs loans was partly due to a bad loan to Yantai Penghui Copper, a company backed by Yantai city in Shandong province.

*KS Energy: Awarded US$7.2m drilling contract for its KS Java Start jack-up drilling rig via 80% owned PT Atlantic Oilfield.

*Sinarmas Land: Clarified that it has not made any formal IPO submission to Otoritas Jasa Keuangan (Indonesia's equivalent of the Capital Market and Financial Institutions Supervisory Agency) for the proposed listing of subsidiary, PT Puradelta Lestari.

*Memstar: Granted a six-month extension to meet the requirements for a new listing, subject to 1) submission of the RTO proposal by Longmen by 30 Apr, and 2) quarterly updates of the progress of the RTO, which should be completed by Sep ’15.

*Delong Holdings: Will be carrying out major maintenance on one of its three blast furnaces. The Rmb80m maintenance exercise has been scheduled for since the start of 2015 and is expected to lower the group’s revenue by Rmb400m in FY15.

*KLW: Acquires second Melbourne property, 23-31 Lincoln Square South, a five-storey office building with building area of 3,745 sqm, for A$12.5m.

*Cedar Strategic: Profit warning of a net loss for FY14, following its its proposed disposal of Trechance Holdings.

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