Despite the positive close on Wall Street last Thursday, investors could expect a relatively lacklustre opening in Singapore shares today, after US nonfarm payroll employment data for March (released on Friday), came in well below forecasts.
Regional bourses are trading mixed this morning in Tokyo (+0.6%) and Seoul (-0.1%).
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:
*Banks: OCBC secures final regulatory approval from Myanmar to start branch ops this month, while UOB expects final approval for its 1st Myanmar branch in next few months. The branches will provide services such as trade finance and cash mgmt to regional and global companies that are keen to expand their ops in Myanmar. UOB and OCBC were among 9 regional banks in Oct'14 to be granted a preliminary foreign bank licence to operate one branch in Myanmar.
*Property: Developers keep residential land tenders in check as caution sets it. Winning bids sold under Government Land Sales (GLS) programme this year have fallen 3-24% in price versus comparable sites sold in 2013/14. Consultants expects further slide in land price this year in light of prolonged cooling measures and impending interest rate hikes. URA data shows 24,796 residential units (including ECs) are expected to be completed this year and another 25,717 units next year.
*Tee Land: 3QFY15 net profit declined 65.6% to $1.2m on revenue of $8.4m (-46.6%). The decline in revenue was due mainly to progressive revenue recognized for only one development project in the quarter compared to three development projects in the previous year. Gross margin remained unchanged at 24.7%. Bottom-line was weighed by a more than 2x rise in admin expenses and other operating expenses to $2.6m and $0.9m respectively, partially offset by a more than 3x rise in associate contributions to $2.9m. NAV/share at $0.334.
*Sarine: Opening Sarine Loupe Service Centres in LA, California and Hong Kong, in collaboration with Brink’s Global Services.
*Rowsley: Disclosed its decision to not proceed with the proposed JV with Vietnamese partner, Hoang Anh Gia Lai Join Stock Company, for the development of a US$550m mixed-use project in Myanmar.
*AusGroup: Awarded a five-year maintenance services contract with Chevron Australia to provide brownfield maintenance and support services in Western Australian.
*Yong Xin International: Received extension till end-Apr 2015 to make an exit offer to shareholders.
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