Thursday, March 26, 2015

SG Market (26 Mar 15)

Singapore shares are expected to open lower, following the sell-off in Wall Street with investors dumping technology and biotech stocks, on concerns of excessive valuation.

Regional bourses are trading lower this morning in Tokyo (-0.7%), Seoul (-0.6%) and Sydney (-1.4%).

From a chart perspective, the STI resistance is tipped at the recent 3,460 peak, with support at 3,400.

Stocks to watch:
*Economy: The ANZ-Roy Morgan Singapore consumer confidence index for the March rose 3.8 pts from the previous month to hit an eight-month high of 124.5.

*Keppel Land: Parent Keppel Corp has obtained 90.9% control of Keppel Land and intends to proceed with delisting. The offer closes at 5.30 p.m. today, subject to an extension of the offer closing data by Keppel Corp. Should Keppel Corp fail to attain 95.5% of outstanding shares by the close of the offer, the base offer price of $4.38 will remain.

*Swiber: Clinched US$405.6m new contracts, which include a US$333m, contract for EPIC services in India from an existing customer, and also a few other smaller contracts for mooring, jack-up installation and offshore pipeline and subsea work in the Asia Pacific region. Projects are expected to commence immediately and scheduled to complete by 2Q17. The latest awards boost group's order book to US$1.8b.

*Civmec: Intends to reduce its reliance on mining, oil and gas sectors, and diversify to public infrastructure projects. CEO estimates public and private sector infrastructure investments to be in the range of at least A$125b over the next seven years.

*Dairy Farm: Acquired Macau-based supermarket operator, San Miu Supermarket. The chain operates 15 mass-markets with an average gross store size of ~9,500 sf.

*Ocean Sky: Proposed acquisition of Link (THM) Holdings via the allotment and issue of 642.8m new shares at issue price of 35.2¢ per share, which will result in a reverse takeover. Link is a developer of luxury residential, commercial and industrial properties with exposure in Singapore and Malaysia.

*Boustead: Received eligibility to list from SGX for the proposed spinoff of up to 49% stake in Boustead Projects.

*Asia Fashion: Proposed placement of 58m new shares (8.3% enlarged share capital) at $0.06/share to placement agent, UOB Kay Hian. Net proceeds of $3.2m intended for investment (75%) and working capital (25%).

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