From a chart perspective, the STI is just above its 2,800 psychological support with next downside level marked by Sep low of 2,740. Immediate resistance is seen at 2,875 (20-dma).
Stocks to watch:
*Property: Private home sales totalled 759 units (+39% m/m; +79% y/y) in Nov. Top selling projects were Capitaland’s Sky Vue, and UOL’s Principal Garden.
*Noble: Reportedly in advanced talks with Cofco to sell its remaining 49% stake in agri unit for US$700-750m. The state run company acquired 51% of the agribusiness for US$1.5b in Apr 2014. This follows a commitment by the group’s CEO to raise US$500m, in order to retain its investment grade credit rating and repair investor confidence.
*City Dev: Injecting three office properties (Central Mall, 7/ 9 Tampines Grande, Manulife Centre), worth $1.1b into a 60/40 investment platform, co-owned by Keppel-managed Alpha Asia Macro Trends Fund II. This move will free up capital for recycling in new investments and lower its net gearing to 0.21x from 0.29x.
*City Dev: Millennium & Copthorne Hotels New Zealand's franchise and management agreement for Kingsgate Hotel Hamilton and Kingsgate Hotel Whangarei will end in Jan and Feb '16 respectively, as the hotel owners have decided to sell the hotels.
*China Everbright: Won the tender for Nanjing Pukou Reusable Water Project in China. The project has a daily capacity of 40,000m3 and will be built on a build-operate-transfer basis with a total investment of Rmb45.7m.
*SIA: Nov’s group passenger traffic rose 4.9% y/y against a 1% expansion in capacity, lifting passenger load factor (PLF) by 2.9ppts to 79%. PLF improved as the group adjusted capacity and held promotions on selected markets. PLFs for its namesake carrier (+3.1ppt to 78.8%), SilkAir (+0.4ppt to 71.3%), Scoot (+2.7ppt to 83.6%), and TigerAir (+2.6ppt to 83.1%) improved. However, overall cargo load factor deteriorated 1.2ppt to 66.4% as cargo traffic (+5.4%) failed to keep up with capacity growth (+7.4%).
*First Resources: Reported a jump in FFB harvest to 218,309 toones (+8.2% y/y) with a slightly lower FFB yield of 1.6 tonnes/ha. CPO production fell 3.5% to 54,226 tonnes on a 0.8ppt fall in CPO extraction rate to 22.3%.
*Genting HK: Entered a conditional underwriting agreement, where it will repurchase 10.3m Norwegian Cruise Lines shares sold by Apollo funds to Goldman Sachs. The consideration is ~US$20m.
*Hor Kew: Has been debarred by the Ministry of Finance from building construction tenders until Nov '16 on grounds of withdrawals of tenders before award was made. It had previously diverted resources to precast and prefabrication activities amid poor returns from construction activities over the past two years.
*China Environment: Mulling the potential listing of its 80%-owned Xiamen Gongyuan Environmental Protection Technology on one of the stock exchanges in China to unlock value and raise funds for its further expansion into China’s environmental protection sector. The company produces a heat pump system and has no significant operations yet.
*PACC Offshore: Issued profit warning for 4Q15 and FY15 mainly because of an impairment charge to its goodwill of US$295m (makes up 24% of its book value of USD1.2b) on its balance sheet given the industry downturn.
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