Thursday, April 2, 2015

SG Market (02 Apr 15)

Singapore shares are expected to range trade following the muted close on Wall Street as investors await the key jobs report on Fri.

Regional bourses opened firmer this morning in Tokyo (+1.2%), Seoul (+0.3%) and Sydney (+0.7%).

From a chart perspective, resistance for the STI is tipped at 3,460 while downside support sits at 3,400, with short term Stochastics indicators showing the market losing upward momentum.

Stocks to watch:
*IPC: Oei Hong Leong makes mandatory conditional cash offer of $0.17/share, after obtaining 30.6%. If it turns unconditional, the offer price will include IPC’s FY14 dividend of 0.6¢.

*First Ship Lease Trust: Secured two-year time charter worth US$16.8m with a US domestic oil company for FSL Hong Kong, a 115,000 dwt crude oil tanker.

*IEV: Awarded five new contracts worth US$1.8m, to supply proprietary Marine Growth Preventer products and Oxifree corrosion prevention products.

*CNA Group: Letter of Intent with Vietstar Airlines Multirole Corporation for a US$70m ($95.8m) mechanical, electrical and plumbing contract for a Multirole Terminal Complex in Ho Chi Minh City, Vietnam. Works expected to be completed in ~18-20 months.

*Sincap Group: Terminated the proposed $38.5m acquisition of LTN Land, after the intended fund raising through a placement of $0.10/share lapsed. Separately, group announced a 45-day non-binding MOU for a proposed acquisition of Orion Energy Resources, a mineral trading and logistics management company which supplies weekly shipments of coal to power plants owned by a China SOE.

*Cityneon Holdings: To acquire Victory Hill Exhibitions (VHE) for at least $21m, compared to the indicative fair market value of US$15.4-US$18.4m ($21.1m-$25.2m). VHE primarily develops and produces exhibitions, and has a license agreement with Marvel Characters to provide exhibition services for Marvel. In relation, group proposed a non-underwritten renounceable 1-for-1 rights issue of 88.5m new shares at $0.18 each, to partially fund the acquisition.

*Weiye Holdings: Updated that its proposed disposal of industrial property for $5.3m at Kian Teck Road is still in the process of obtaining approval from JTC Corporation.

*Amara Holdings: Held the soft-launch for its first 250-room hotel in Bangkok, Thailand (Amara Bangkok).

*Singapore eDevelopment: Served a Writ of Summons and a Statement of Claim for a sum of $1.5m, by former executive director, Liew Sen Keong.

*HLH Group: Proposed 20-into-1 share consolidation. Group also disclosed its consideration to enter the mass-market property segment in Myanmar, which may be extended to a slew of other countries. In addition, the board has recommended a share capital restructuring, which involves a capital reduction of $28.6m to set-off accumulated losses.

*Rex: Jointly-controlled-entity Lime Petroleum has signed agreement with Skagen44 AS to acquire an additional 10% stake in licence PL616 in the North Sea, on the borders of Denmark and UK. This increases Lime’s stake to 15%, pending regulatory approval.

*QT Vascular: Distribution partner, Century Medical, has submitted the application for regulatory approval for Chocolate PTA balloon catheter in Japan.

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