Thursday, March 31, 2016

SG Market (31 Mar 16)

Regional bourses opened in positive territory in Tokyo (+0.6%), Seoul (+0.1%) and Sydney (+1.6%).

From a chart perspective, topside resistance for STI is pegged at 2,900 with underlying support at 2,820.

Stocks to watch:
*REITs: Rating agency Fitch expects retail and office REITs to be resilient, supported by low leverage levels, robust interest coverage, and relatively small lease contract maturities in near term, amid the rising supply environment.

*Ascendas Hospitality Trust: Will open the refurbished 698-room Hotel Sunroute Osaka Namba on 1 Apr, one of the REIT's two hotels in Japan. The hotel underwent a ¥1.14b ($13.6m) makeover in the past three months.

*YuuZoo: Secured an undisclosed multi-million USD fee contract from Alibaba to organise and manage the e-commerce giant's sport division AliSports World Electronic Sport Games, as well as its e-Sports Clubs Competition Centres across China.

*SIA: Tigerair is selling two Airbus A320 aircraft to Stellar Aircraft Holding 1 at a loss of $8m, to right-size its fleet.

*Sinarmas Land: Increased its effective stake in subsidiary PT Puradelta Lestari by 8% to 66.96% for Rp802t ($80.2m).

*Oxley: Extended the term sheet with Wyndham Hotel Asia Pacific from 31 Mar to 30 Jun, for the management of Days hotel in Batam, Indonesia.

*Mermaid Maritime: Secured a 2+1 year subsea services contract in Gulf of Thailand with a major upstream oil & gas company worth US$10m.

*Linc Energy: Requested for a trading suspension, citing that more time is required for its debt restructuring and recapitalisation talks.

*Banyan Tree: Disclosed that Malaysia's George Town, Ipoh, Melaka, and Borneo's Sabah are secondary cities that it is keen to venture into. The hotel group is already in Penang under the Angsana brand.

*Global Yellow Pages: Unable to reach an agreement on terms for a JV in relation to the redevelopment of Pakarunga Town Centre with the New Zealand Auckland Council. The group will continue to work on a revised development plan.

*Stratech: Profit warning for FY3/16 due to lower revenue resulting to the late award of several projects and increase in staff and rental costs.

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