Tuesday, March 8, 2016

SG Market (08 Mar 16)

Singapore shares are poised for a pullback from its relief rally as many badly beaten down stocks have rebounded in excess of 25% over the past week.

Regional bourses opened mixed in Tokyo (-0.2%), Seoul (-0.3%) and Sydney (+0.1%).

From a chart perspective, topside resistance of the STI is now seen at 2,890, while downside support at 2,730.

Stocks to watch:
*StarHub/SPH: Signs MOU to collaborate in content creation, data analytics, marketing and ad sales across multiple media platforms. First of many joint initiatives will be announced in next few months.

*OUE Hospitality Trust: Proposed 33-for-100 rights issue at $0.54 (29.4% discount to close) to raise $238.6m to fund purchase of Crowne Plaza Changi Airport hotel extension, which will add 243 rooms to existing 320-room hotel, with completion expected in 2H16. Post rights gearing would fall from 42% to 37.8%.

*TTJ Holdings: 2QFY16 net profit jumped 40% y/y to $5.4m, aided by margin expansion. Revenue climbed 4% to $28.6m, mainly contributed by the structural steel business. Gross margin expanded 2.5ppt to 26.6%. NAV/share at 31.66¢.

*Courts Asia: Issuing $75m of three-year notes at a fixed rate of 5.75% on 15 Mar ’16, under the second tranche of its $500m multicurrency debt issuance programme.

*iX BioPharma: The preliminary results of its Phase 2c human clinical trial for its Wafermine product was successful, confirming the drug’s safety and tolerability.

*KLW: Entered option to purchase two units located at CT Hub, Kallang Avenue, for $2.3m to be used for office/showroom purposes.

*Fragrance: Long stop date for its proposed acquisition of shares in LCD Global Investments has been extended to 1 Apr from 7 Mar.

No comments:

Post a Comment