SG Market: Singapore shares may get a slight lift from the record highs on Wall Street and oil price rally but upside likely to be capped as investors await FOMC meeting minutes this Wed for clearer guidance as 2Q corporate results wind down to an end.
Regional bourses opened mixed in Tokyo (+0.1%), Seoul (+0.5%) and Sydney (+0.1%).
From a chart perspective, STI is still consolidating within the 2,830-2,900 trading range.
Stocks to watch:
*Telecoms: Aspiring 4th mobile network operator (MNO) Consistel has been fined for a licence breach relating to an unauthorised ownership transfer of the Sports Hub wireless communications system. While the breach does not automatically disqualify Consistel from its MNO application, this incident might spoil its chances of securing a license. M1 (Hold, TP: $3.09) will be the main beneficiary if there is no new entrant, given that most of its earnings are derived from the mobile segment.
*KrisEnergy: Exploring equity raising and asset sales to raise up to $201m to ease its financial strain after it warned that some debt convenants may come under stress. The group has two outstanding bonds - $130m 6.25% notes due Jun '17 and $200m 5.75% notes due Aug '18. Keppel owns 40.5% of the oil explorer, which reported 2Q16 loss of US$25.2m and a negative working capital position. NAV/share at $0.4041.
*Centurion: Disclosed that its application to increase the number of beds at its Toh Guan worker dormitory by 10% to 8,628 beds has been denied due to a discrepancy in its reported and actual bed capacity. The group intends to appeal against the decision, failing which it will have to shift excess workers out from the dormitory accordingly.
*Hock Lian Seng/Sembcorp Industries: 60:40 JV has secured a massive $1.11b project for runway development works at Changi Airport, to be completed by 2020. This will lift Hock Lian Seng's order book to $980m.
*Geo Energy: CFO of 5.5 years Tan Cheang Shiong has resigned with immediate effect.
*Eu Yan Sang: Closing date for takeover offer from Righteous Crane at $0.60/share has been extended till 29 Aug. As at 15 Aug, the offeror has received valid acceptances of 83.6%.
*CNMC: Substantial shareholder Ng Eng Tiong pared 0.6m shares at an average $0.545 on 11 Aug, reducing his stake from 12% to 11.9%.
*Sing Medical: Independent Director Jimmy Yim sold 0.5m shares on 15 Aug at $0.325 each via the open market, paring his stake from 0.62% to 0.44%, after the stock skyrocketed 104% since the start of Aug.
*United Global: Entered MOU with lube manufacturer and trader PT Pacific Lubritama Indonesia to explore collaboration opportunities, including the possibility of a stake acquisition in the Indonesian company.
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