SG Market: Market remains on edge with little conviction after a tepid 1Q earnings season, while hawkish Fed meeting minutes stoked interest rate fears.
Regional bourses are largely lower in Tokyo (+0.8%), Seoul (-0.4%) and Sydney (-0.2%).
From a chart perspective, STI may close the bottomside gap at 2,740, with overhead resistance at 2,805.
Stocks to watch:
*GLP: 4QFY16 net profit (ex. revaluation) fell 21% to US$51.7m bringing FY16 net profit to $240.9m (+20%, within expectations. FY16 revenue climbed to US$777.5m (+9.8%) on completion and stabilisation of development projects in China, increasing rents, and inclusion of management fee income from GLP US Income Partners I and II but was partially offset by the syndication of 60% of GLP Brazil Income Partners II portfolio and sale of Japan properties. FY16 development starts of US$2.8b met 97% of FY16 target. Raised first and final DPS to 6¢ (FY15: 5.5¢) NAV/share at US$1.87.
*Stamford Land: Reversed into a 4QFY16 net loss of $5m from $5.4m profit a year ago, due to FV loss of $21.9m (+120%) on its investment properties. Revenue slid 46% to $60.5m mainly on absence of one-off disposal gain recognised in 4QFY15 as well as a decline in its hotel owning & management (-6.6%) business. Bottom line was further hurt by net FX loss of $3.8m (1QFY15: $0.8m). Slashed first and final dividend to 0.5¢ (FY15: 3¢). NAV/share of $0.52.
*Tung Lok: FY16 net profit grew 6.4% to $0.6m on a marginal increase in revenue to $86.1m (+1.3%) on higher contributions from two rebranded outlets and a newly opened outlet, partially offset by the closure of two outlets. Gross margin inched up to 72.2% (+0.7ppt) due to better control of food costs. Bottomline was boosted by higher tax benefits (+49.6%). NAV/share at 6.11¢
*China Everbright Water: To be included as a constituent stock of the MSCI China Small Cap Index after market closes on 31 May.
*OSIM: Ron Sim has achieved 95.88% stake in the company following his unconditional privatisation offer of $1.39/share. He requires acceptances of a further 30.6m shares by 20 May (final closing date).
*Sinarmas Land: To raise Rp3t from Indonesian debt capital markets to finance land acquisition (40%), construction development (40%) and working capital (20%).
*Soilbuild REIT/Technics Oil & Gas: Suing Technics Oil & Gas in its capacity as a guarantor of a tenant at 72 Loyang Way for defaulting on rental and lease payments, with claims in excess of $14m.
*Next-Gen Satellite Communications: Won legal proceedings against two individuals over a sum of $5.6m with regards to a 2010 acquisition by its subsidiary.
*Profit warning:
-GP Batteries Int'l
-GP Industries
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