SG Market (12 Mar 15)

Singapore shares may open flat following the softer close on Wall Street amid interest rate and dollar fears.

Regional bourses are firmer in early morning trades in Tokyo (+0.6%), Seoul (unch) and Sydney (+0.8%).

From a chart perspective, the STI is likely to be bounded by upper resistance at 3,388 and downside support at around 3,355.

Stocks to watch:
*UOB: Makes voluntary conditional cash offer of $3.51/share, or $74.2m (1.8x P/B), for the remaining 21% stake it does not own in unlisted commercial banking and financial services unit, Far East Bank.

*Keppel Land: Parent Keppel Corp has obtained 80.8% control (up from 76.7% yesterday) of its property arm. Closing date for the voluntary unconditional cash offer is today (12 Mar).

*TTJ: 2QFY15 net profit fell 27% to $3.9m, as revenue tumbled 33% to $27.4m, dragged by lower sales in its structural steel business, partially offset by higher rental income from the dormitory business on positive rate reversion. Gross margin rose 2ppt to 24.1% from higher margin projects. NAV/share of $0.3468.

*GLP: Secured new agreements totalling 63,000 sqm (678k sf) with four customers in China, which include leaders in e-commerce, packaged foods and pharmaceutical industries.

*Hiap Hoe: Obtained approval for a revision to the existing planning permit for its 380 Lonsdale Street mixed-use development in Melbourne, to include more residential units and a hotel component. Separately, the Group updated that ~83% of residential development, Marina Tower in Melbourne, has been sold with sales of ~A$222.8m achieved.

*Intraco: Awarded $6.6m from arbitration proceedings against Timor Global, which group previously made a provision for in FY14.

*Yoma: Received approval from Myanmar Investment Commission to extend the lease for the Landmark Development site, after protracted delays.

*Noble Group: CEO continues to acquire shares over the market; Richard Samuel Elman purchased 2m shares at $0.925 each on 11 Mar, raising his shareholding from 20.93% to 20.96%.

*Oxley Holdings: Spent JPY655m ($7.5m) for a 11-storey residential property, located in Akasaka 2-chome, Minato-ku, in Tokyo, Japan. The 651.1 sqm gfa property sits on a freehold land site of 165.3 sqm.

*Biosensors: Completed patient enrolment in CREDIT II, a randomized controlled trial involving Biosensors' EXCEL II coronary stent, the group's latest generation biodegradable polymer drug-eluting stent.

*United Fiber: Negative qualified opinion and emphasis of matter from its auditor, Ernst & Young, citing that the group did not provide for a US$58.6m potential interest charge and the existence of a material uncertainty, which may cast significant doubt on the group as a going concern.

*Moya Holdings Asia: In response to a trading query, group disclosed that the Salim group was the majority party (85%) in its recent proposed placement of new shares at $0.08/share. The first (152.6m shares) and second (214.9m shares) tranche of the placement is expected to take place before 17 Mar and 15 Apr, respectively, or two business days after receipt of SGX’s approval-in-principal for the tranches. Post-completion of both tranches, the new subscriber will hold 29% of Moya Holdings Asia, which they intend to add value to by improving its project execution and to assist in securing new projects.

*A-Sonic Aerospace: Received SGX's approval-in-principle for its 4-into-1 share consolidation.