Friday, March 18, 2016

SG Market (18 Mar 16)

SG Market: The market is likely to edge higher at open despite overbought conditions, amid overnight gains in crude and US equity.

Regional bourses opened mixed, with Tokyo (-0.4%) down, and Seoul (+0.2%) and Sydney (+0.5%) up in the open.

From a chart perspective, topside resistance for the STI at 2,890, with bottom support at 2,830.

Stocks to watch:
*ST Engineering: Supplying 13 TERREX 2 infantry carrier prototypes to the US Marines for testing in 2017. The prime contract for this programme was awarded to its partner NYSE-listed Science Applications International Corp.

*CITIC Envirotech: Secured two wastewater treatment projects with a total investment of Rmb147m. The first will be a 95:5 JVCo which will invest Rmb64m to acquire a 40,000m3/day wastewater treatment (WWT) plant for a concession period of 27 years. The second is to acquire of a 20,000m3/day WWT plant over two phases with an investment of Rmb83m.

*Midas: Secured contracts worth a total of Rmb247.7m from CRRC Changchun Railway Vehicles to supply aluminium alloy extrusion profiles for high-speed trains (Rmb217.3m) and the Shanghai Metro Line 17 (Rmb30.4m). Orders slated for delivery in 2016.

*Serial System: Increased its stake in Bull Will to 29% (prev: 28.4%) through the conversion of convertible bonds.

*Elektromotive: To issue 700m shares at $0.005 to private investors and reap $3.4m in net proceeds, of which it intends to use 75% for working capital and the remainder for diversification of its businesses.

*Anchor Resources: Clarified on articles in the Straits Times and Business Times, which stated that the company expects to turn profitable by end 2016, actually represents internal management performance targets, and do not represent the group’s growth or profit forecast.

*Lum Chang: Issuing $50m of medium-term notes at a fixed rate of 5.5% due 28 Mar 2019.

*Duty Free Int’l: Disposing 10% of interest in wholly-owned Malaysian-based subsidiary DFZ Capital, to Heinemann Asia Pacific for €19.7m, and also granting call options for the vendor to acquire up to 15% of additional interest at €1/share within the next 30 months following the completion of the initial disposal.

*Next-Generation Satelite Communications: Received HK$5.04m from Neo Telemedia for the remaining payment of a HK$10.08m settlement for claims relating to outstanding interest payments.

*Interplex: Offer declared unconditional after Slater obtained valid acceptances of 65.73%. Closing date for the offer is extended to 25 Apr.

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