Tuesday, December 22, 2015

SG Market (22 Dec 15)

Singapore shares are likely to see a slight respite today following the overnight bounce in Wall Street, as investors shrugged off concerns of weak crude oil price. However, liquidity is expected to remain thin on the dearth of macro news before the holiday season.

Regional bourses opened mixed today in Tokyo (-0.4%), Korea (-0.3%) and Sydney (+0.2%).

Technically, the STI faces immediate resistance at 2,865 (20-dma), with support at 2,800.

Stocks to watch:
*Sabana REIT: Proposing asset recycling with the disposal of industrial property at 200 Pandan Loop to BS Pantech for $38m. This sale price is 3.3% above market value, with rather poor NPI yield of 1.5%.

*Fortune REIT: Converted to secondary listing status on SGX Mainboard, with primary listing in Hong Kong.

*Hiap Hoe: Entered formal contract to sell freehold asset on 206 Bourke Street, Melbourne for A$116.3m.

*GSS Energy: Proposed placement of 102.5m new shares (21.7% share capital) at no less than 7.9¢ apiece. Estimated net proceeds of $8m will be used for working capital and expansion of operations in Indonesia.

*Chasen Holdings: Exploring a potential spin-off for part of its business on the National Equities Exchange and Quotations in China.

*Linc Energy: Received in principle support from 69% of noteholders to amend the terms for its 7% convertible notes due 2018. Proposed terms include the removal of redemption option, reduction of interest coupon to 0% with immediate effect, and the reset of the conversion price.

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