Singapore market is expected to be kept on tenterhooks following the chaotic session with late short covering on Wall Street overnight.
Regional bourses opened mixed in Tokyo (+0.4%), Seoul (+0.3%) and Sydney (+1.3%).
From a chart perspective, the STI sees immediate resistance at 2,670, with underlying support at the five-year low of 2,520.
Stocks to watch
*Healthcare. MKE maintains Overweight on sector, with top picks being Raffles Medical, Q&M and ISEC. House sees buying opportunities amid the weak sentiment, as earnings remain resilient. Catalysts stem from further expansion and M&As.
*SGX: 2QFY16 results beat on better-than-expected costs control. Net profit fell to $83.7m (-3% y/y), as revenue slipped to $194.6m (-0.2%) on a slump in securities (-9.8%) from lower daily average traded value (-11%), but partially mitigated by derivatives (+1.5%), market data & connectivity (+8.2%), and depository services (+13.7%). Proposed a higher interim DPS of 5¢ (2QFY16: 4¢).
*Frasers Commercial Trust: 1QFY16 results met expectations. Distributable income surged 18% to $19.7m from higher rental rates and first full quarter contribution from a property in Australia, while DPU rose at a slower pace to 2.51¢ (+2%) due to an enlarged unit base from a private placement. Occupancy was 92.9% (-2.5ppt q/q) with WALE of 3.3 years. Aggregate leverage stood at 36.2%. NAV/share at $1.53.
*First Resources: Dec FFB harvest climbed 4.9% y/y to 210,212 tonnes, on slightly lower FFB yield of 1.4 tonnes/ha (Dec '14: 1.5 tonnes/ha). CPO production slipped 2.4% to 15,974 tonnes, on lower extraction rate of 22.2%. (-0.9 ppt).
*GLP: Leased 79,000 sqm to five logistics companies in China. Clients include China Post and a leading global FMCG company focusing on agricultural products.
*Charisma Energy: 33:67 JV with India's Sunseap was awarded a 140MW solar farm tender, to supply electricity to the national grid for 25 years.
*JES: Updates that it is still pending a decision from the Jiangsu Court regarding its appeal for a restructuring scheme with creditors. Till a decision is finalized, negotiation with creditors are currently halted.
*SHC Capital Asia: Non-binding MOU to acquire a tourism and hospitality business in Myanmar for an indicative $75m in a RTO transaction. Company intends to seek an extension on its listing status as a cash company, due to be expired on 31 Jan 2016.
*Addvalue: Disclosed that initial in-orbit testing of its in-house developed inter-satellite data relay system have yielded extremely positive results.
*Tritech: 30:70 JV with China Finance Asset Management to tender for two water works projects in China, namely Sponge City and Smart Waterworks.
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