Singapore Market: Investors will likely trade with caution today, following the tumble in oil price overnight. Oil-related companies are likely to weigh from further pressure to the gloomy industry climate that is plagued by oversupply issues and margin pressures.
Regional bourses opened mixed today in Tokyo (+0.2%), Seoul (+0.1%) and Sydney (-0.7%).
From a chart perspective, the STI faces immediate resistance at 2,905 (20-dma), with downside support at 2,865.
Stocks to watch:
*SGX: Announced changes to its organisational structure to better serve clients and improve operational efficiency.
*Rowsley: Signed MoU with Thomson Medical for a strategic partnership to develop the RM5b Vantage Bay Healthcare City project in Iskandar, Johor, Malaysia. Thomson Medical will advise on the wellness and healthcare aspects of the project.
*Roxy-Pacific: To acquire two vacant land sites in New South Wales, Australia, for A$67.4m. The area comprises two city fringe residential development sites with an aggregate land area of 7,125 sqm, with a development potential of 248 residential units.
*TTJ: 1QFY16 net profit dipped 1.7% y/y to $4.1m despite firmer revenue of $25.6m (+3.6%), due to positive contribution in its structural steel business. Gross margin was relatively stable at 30.2%, but bottom line was hit by FX losses, partially offset by lower staff cost.
*Jumbo: 70% owned subsidiary, JBT F&B Management (Shanghai) established a new branch office in Pudong, Shanghai for the opening of a third Jumbo Seafood outlet in China, at Shanghai IFC tower in Jan '16.
*Spackman: Signed a production contract worth US$3.6m, for a chinese reality series to be aired on China's state-owned network, CCTV.
*mm2 Asia: Proposed placement of 6.4m new shares at $0.7872 apiece, to Hesheng Media (1.3m), Apex Capital (2.5m) and Maxi-Harvest Group (2.5m). Net proceeds of $5m will be used to improve its cash flow and pursue M&A opportunities.
*AsiaMedic: Proposed placement of 51.5m new shares at 5.5¢ apiece, to five individual subscribers. Estimated net proceeds of $2.8m is intended to expand its healthcare business.
*China Environment: In negotiation with CITIC bank for a partial loan repayment of Rmb14m and refinancing of the outstanding Rmb30m into a new mortgage loan. The process is expected to be completed within two weeks.
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