Singapore stocks could open higher, with the S&P 500 rising to new record overnight, led by strong earnings from Best Buy and on news that CVS Heath will be acquiring Omnicare for US$12.7b.
Regional bourses are trading higher this morning in Seoul (+0.4%) and Sydney (+0.4%), although Tokyo is flat.
From a chart perspective, the STI recently breached its 50-dma at 3,454, with its next support tipped at the recent low of 3,425, with immediate resistance at 3,466. Looking at technical indicators, the RSI has turned weaker, while a bullish crossover on the MACD is unlikely to materialize in the near term.
Stocks to watch:
*Yoma: 4QFY15 net profit spiked 28% y/y to $8.2m, boosted mainly by unrealised translation gain of $6.1m (4QFY14: -$1m) due to the stronger USD/SGD, but partially offset by higher taxes (+98%) and enlarged non-controlling interests (+121%). Revenue remained flat at $27.6m despite a 47% drop in sales of residential units and land development rights, led by higher contributions from automotive, property rental and tourism segments. Gross margin grew 0.9ppt to 47.2% from the change in sales mix. The results brought FY15 earnings and revenue to $28.1m (+71%) and $110.9m (+10%) respectively. NAV/share at $0.3826.
*Rex Int’l: Acquires 30% stake in offshore WA-488-P licence in Western Australia from MEO Australia at ground-floor terms. The prospect identified in WA-488-P is believed to be a potential giant oilfield, with total gross unrisked prospective recoverable resources of 926m stock tank barrels in lower carboniferous and ordovician formations. The group has also signed a farm-in agreement, which gives Rex the option of either acquiring an additional 20% stake in return for procuring full interest funding of a 3D seismic survey and US$500k cash payment to MEO before 30 Jun '15; or acquiring additional 10% stake by fully funding a 3D seismic survey after 30 Jun'15.
*Technics Oil and Gas: Secured contracts worth $5.3m, for an EPCI contract for the fabrication of steel structure. The contract is expected to contribute positively towards FY9/2015.
*iFAST: Launched distribution of bonds and ETFs, adding on to its distribution of unit trusts and SGS.
*Mandarin Oriental: 50:50 JV with Saudi Arabia's The Olayan Group to acquire Hotel Ritz, Madrid for €130m (US$148m). The hotel will undergo a comprehensive renovation in 2017 for an estimated €90m (US$103m) and Mandarin Oriental will manage the hotel subsequently.
*OLS: Intends to transfer listing from the Main Board to Catalist Board. OLS is currently under the SGX watch list and the 20¢ minimum trading price imposed on main board companies could impede on the group’s turnaround plans.
*USP Group (former Unionmet): Expects to report a return to profit after several years of losses for FYMar15, mainly due to investment gains.
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