Monday, April 11, 2016

SG Market (11 Apr 16)

SG Market: While market may be bolstered by Fri’s crude price surge, sentiment could be swayed by China’s CPI this morning and start of 1Q results season this week.

Regional bourses opened generally in negative territory in Tokyo (-1.3%), Seoul (flat) and Sydney (-0.2%).

From a chart perspective, downside support for the STI remains at 2,760, with immediate resistance at 2,850.

Stocks to watch:
*SGX: MAS eases rules on ETFs, where financial advisers can now purchase funds on behalf of retail investors. Previously, financial advisers could only provide advice and clients will need to purchase the ETFs independently.

*OSIM: Ron Sim raised the final offer price to SGD1.41/share, inclusive of 2¢ final DPS. Closing date of the offer will be on 29 Apr. As at 8 Apr, valid acceptances and open market purchases has brought his control to 71.8%.

*SingPost: More upheavals as independent director Keith Tay will leave the board. This came a week after chairman Lim Ho Kee said he will step down and just a day after his intended replacement Low Teck Seng withdrew from the post.

*Sheng Siong: Exercised option to purchase a 2,844 sqm gfa site at New Upper Changi Road for $53m, which has remaining leasehold tenure of 62 years and is currently being utilised for its store operations.

*Olam: Investing US$150m to build state-of-the-art animal feed mills, poultry breeding farms and a hatchery to produce day-old chicks in Nigeria.

*Cambridge Industrial Trust: Proposed divestment of industrial property at 23 Tuas Avenue 10 for $16.5m, or 5% above book value. The 102,310 sf gfa site has remaining land tenure of 40 years and the sale is expected to take place in Jun '16.

*Keppel Corp: Subscribed for VND500b 7% convertible bonds due 2020, issued by Nam Leong Investment, a Vietnamese housing developer. The bonds can be converted into shares at Vnd23,500/share, and will lift its stake from 5% to 15% when fully converted.

*GLP: Incorporated two subsidiaries, GLP Iowa Supply Chain Management (Shanghai) and Suzhou Puping Logistics Facilities, to provide distribution facilities and services in China. Separately, it acquired two Chinese subsidiaries Changchun CMT International Logistic (Rmb253.8m) and Kunshan Rishang Logistics (Rmb102.6m) for the same purposes.

*Triyards: Secured new contract worth €44m (US$50.1m) from Rederij Doeksen, to construct two LNG powered aluminium catamarans.

*Cityneon: Non-executive director Lim Poh Hock disposed 0.4m shares at $0.399 apiece on 7 Apr, reducing his stake from 1.02% to 0.85%.

*Choo Chiang: Exercised an option to acquire a site in Oxley Bizhub for $1.4m. The property is currently being used as a retail branch.

*Select Group: Privatisation offer of $0.525/share declared unconditional, after Dymon Asia obtained 53.57% of outstanding shares.

*Hanwell: To extend the completion date for its 49% stake disposal in Million Cube to 30 Jun '16, of which it has collected non-refundable partial consideration of HK$150m from the total HK$307m.

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