SG Market (23 Mar 15)

From a chart perspective, the STI may head higher towards the recent 3,460 peak having broken above its downtrend channel, with support now tipped at 3,400. Technical indicators are grossly oversold the MACD appears poised for a bullish crossover.

Stocks to watch:
*Noble: Iceberg Research has released its third and final report, questioning its corporate governance and alleging the group understated its debt, which should be 64% higher than reported, labelling it as a repeat of Enron. Noble has rejected all of Iceberg’s allegations as inaccurate, unreliable and misleading. In response, Noble intends to start legal proceedings against Arnaud Vagner, a HK resident, Enlighten Ace, a Seychelles company and any associates, at the HK High Court.

*Centurion: SGX has advised that the proposed REIT listing would be deemed as a chain listing if the assets and operations of the subsidiary are the same as those of the issuer. Accordingly, Centurion has decided to defer and reconsider its proposed REIT plans to a later stage.

*OUE: In preliminary discussions with Eunsan Industrial Developments & Construction on a possible investment in Ho Chi Minh city.

*Straits Trading: Enters binding MOU to dispose Atbara, which owns 14 units at The Holland Collection, to Haiyi Holdings for ~$31.7m. The proposed disposal is not expected to have a material impact on the EPS and NTA of the company for FY15.

*Frasers Centrepoint: Unveils 147-suites $89.6m five star luxury all-suites hotel in central Hamburg, Germany. Scheduled to open in 2018, it is the group’s third property in Germany (after Fraser Frankfurt and Berlin to open in 2015 and 2016) and targets business travellers on short and extended stays,

*Raffles Education: Increased the size of its bond program to $500m from $300m.

*GSS Energy: Qualified personnel report for the Trembul Field released, with an estimate of 32.8m barrels of stock tank oil initially-in-place. 2P (Net Proved, Probable and Possible) reserves of 3m barrels came higher than street estimate of 1.7m and raises group's 2P reserves by 29%.

*Asia Fashion: Clinched a major Rmb381m contract with one of China's largest private petrochemical group, Ningxia Baota (NB), to supply construction materials for a chemical refinery and NB's chain of petrol kiosks.