SG Market: Slight positive sentiment is likely to spill over to Singapore market on the continued improvement in the US economy, although outsized gains are not expected given the lack of fresh catalysts.
Regional markets opened mixed in Tokyo (+0.3%), Seoul (flat) and Sydney (+0.1).
From a chart's perspective, underlying support for STI is at 2,830, with resistance at 2,880.
Stocks to watch:
*Genting HK: 1H16 headline dived into net loss of US$53.6m from US$2.17b profit a year ago, mainly on the absence of an accounting gain from partial sale and reclassification of previous-associate Norwegian Cruise Lines. While revenue jumped 58% y/y to US$435.8m on full contribution of Crystal Cruises acquired in May '15, expenses swelled 73.1% on the consolidation of expenses from new businesses. NAV/share at US$0.64.
*SGX: Temporarily suspends its minimum trading price (MTP) rules to consider a $40m market cap criteria to its MTP watch-list, which if implemented in Jun 2017, would reduce the number of companies on the MTP list from 126 to 71.
*Sembcorp Marine/ Yangzijiang: Sembcorp Marine will be acquiring the remaining 15% stake in loss-making PPL Shipyard from PPL Holdings (45% owned by Yangzijiang) for US$115.1m or rather expensive 1x P/B given the industry downturn. This will enable the group to gain full control of the rigbuilder to optimally manage the business. MKE last had a Sell on Sembcorp Marine with TP of $1.00.
*GMG Global: Halcyon Agri launched a voluntary conditional general offer of 1 GMG share for 0.9333 new Halcyon Agri shares, as part of the consolidation deal between Sinochem International, Halcyon Agri and GMG. Post-deal, the enlarged entity is anticipated to be the world’s largest rubber supply chain manager.
*United Engineers: 67.6%-owned subsidiary disposed its entire 93% stake in agricultural seedling producer and distributor Suzhou Speedling, for Rmb5.5m ($1.1m).
*CNMC Goldmine: Received regulatory nod for the extension of the mining lease for Sokor Gold Field from 2018 to 2034. CNMC is required to pay a processing fee of up to RM20m for the lease extension.
*AusGroup: 4QFY16 profit warning on the depressed oil & gas sector. Group has decided to ceased operations for its Singapore fabrication and manufacturing business and sees more impairments ahead.
*New Silkroutes: 4QFY16 net loss deepened slightly to US$0.4m (4QFY15: US$0.3m loss), weighed by FV losses and increased professional fees. Revenue spiked 417% y/y to US$35m from higher sales of oil underpinned by its market expansion drive. NAV/share at US$0.275.
*Delong: Proposed to diversify its core operations of manufacturing hot-rolled steel coil to include investment business, and proposed an initial investment of Rmb60m for a 2% stake in China-based Qingdao Kutesmart, which engages in design and customisation of apparel via digital platforms.
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