SG Market (11 Feb 16)

From a chart perspective, the STI sees immediate support at the double bottom at 2,530, followed by the psychological 2,500 level.

Stocks to watch
*SGX: Jan total securities turnover came in at $23.2b (-8% y/y; +36% m/m), with daily average traded value of $1.2b (-4% y/y; +50% m/m). Derivatives volume grew to 17.7m (+21% y/y; +26% m/m), while commodities derivatives volume soared to 1.2m (+110% y/y; +15% m/m). Three Catalist listings raised $42m, while $13b was raised through 25 new bonds.

*Singapore Shipping: 3QFY16 net profit surged 38.7% y/y to US$4.2m, in tandem with a stronger revenue of US$12.9m (+39%), mainly boosted by its ship owning business following delivery of three additional vessels, but partially offset by lower business activities and margin pressures in its agency & logistics business. Operating margin expanded to 38.8% (+9.1ppt), but bottom line gains were pared by a spike in finance cost for new vessels and FX losses. NAV/share at US$0.173.

*Accordia Golf Trust: 3QFY16 DPU jumped 19.3% y/y to 2.16¢ helped by a stronger JPY, while distributable income increased 12% to ¥2b. Revenue climbed 4% to ¥14.9b from increased visitors to golf courses on favourable weather conditions, while operating expenses stayed flat, resulting in a 3.1ppt improvement in margin to 28.4%. Golf course utilization rate improved 3ppt q/q to 80.2%, while loan-to-value ratio held steady at 28.9%. NAV/unit at $0.89.

*Boustead Projects: 3QFY16 net profit surged 165% to SGD7.2m, on gross profit normalisation following the completion of a previous low margin design-and-build project. Revenue fell 14% to $85.6m from decreased design-to-build contribution. NAV/share at $0.589.

*Tigerair: Passenger load factor got a slight lift to 81.5% (+2.9ppt y/y) in Jan amid a 0.7% decline in passenger traffic and a larger cut back in capacity of 4.2%.

*Frasers Centrepoint: Acquired a 135 hectare site in Beenleigh, Queensland, Australia, for an undisclosed sum. Scheduled sales launch for the project with up to 1,350 detached housing is expected in Spring 2016, with end value of A$270m.

*SingPost: Extended long-stop date for the proposed issuance of new shares to Alibaba from 29 Feb 2016 to 31 May 2016.

*Biosensors: Extended the proposed amalgamation between Biosensors and CB Medical Holdings for two months to 10 Apr 2016.

*Plato Capital: Sold its 50%-owned Tune Hotel property in Melbourne, Australia for a total of $52.5m, netting a disposal gain of $9.6m. Proceeds are intended for the redevelopment of its Irish Hotel property.

*Advanced Integrated Manufacturing: Purchased a minimart in Bedok South for $0.2m.

*CEFC: Received uncommitted trade facilities of US$120m for use to fund its capacity expansion and working capital for recent contract wins.

*Cacola Furniture: Applied for a 12 month extension to meet the requirements regarding its removal from the SGX Watch-List.

*Global Invacom: Expects to report an FY15 net loss due to delay in sales to main customers in the US, UK, and Asia as well as the re-classification of export taxes for certain products and the weakening RM against the USD.

*Koyo International: Disclosed that Managing Director Foo Chek Heng is being investigated by MAS and CAD for possible offences of a breach in the Securities and Futures Act.

*Ramba Energy: Completed the transfer of a 35% interest in the Lemang Production Sharing Contract to global investment firm KKR-backed Mandala.

*Profit warning: KS Energy