SG Market: Cautious trading is expected as investors hold off fresh positions in risk assets ahead of the US job report this evening, which could give policy makers the justification to raise rates as soon as this month.
Regional markets opened lower in Tokyo (-0.2%), Seoul (-0.1%) and Sydney (-0.5%).
Immediate support for STI is at 2,800, with topside resistance at 2,880.
Stocks to watch:
*STI: In its Sep quarterly review, Jardine Matheson will be added to the index, while Sembcorp Marine will be removed. Reserve list comprises Mapletree Commercial Trust, Suntec REIT, Keppel REIT, Mapletree Industrial Trust and Sing Post.
*Telecom: Three bidders have emerged for Singapore's fourth telco licence, namely MyRepublic, AirYotta and TPG Telecom. MyRepublic's appearance is no suprise, AirYotta is an unknown entity fronted by ex OMGTel (Consistel) executives, while TPG is a seasoned Australian player. IDA will review their EOIs within the next 20 working days, which could lead to increased industry competition and ARPU compression. MKE's latest calls are Singtel (Hold, TP: $4.41), M1 (Hold, TP: $2.94), and StarHub (Buy, TP: $4.15).
*Property: MAS has finetuned the TDSR refinancing rule to give property borrowers more flexibility in refinancing their home loans. With immediate effect, loans for all homes bought before the TDSR framework can be refinanced above the 60% debt-to-income threshold (30% for HDB and ECs) as long as the borrower commits to repay at least 3% of the outstanding balance over a maximum of three years. MKE sees minimal impact to the market from this revision.
*CapitaLand: Launched move-in-ready houses at Victoria Park Villas in District 10. The 106 semi-detached houses and three bungalows will feature built-in smart home systems and occupy a 403,000 sf site with prices ranging between $1,008 - $1,056 psf.
*Frasers Centrepoint: Its hospitality arm disclosed that Fraser Residence Putrajaya will be opened in 2019, adding to its growing Malaysia serviced residence portfolio across eight properties with >2,400 units.
*First Resources: FFB harvest declined 10% y/y in Jul to 207,588 tonnes, on lower yield of 1.3 tonnes/ha (Jul '15: 1.6 tonnes/ha), while CPO production shrank 15.3% to 48,398 tonnes, and extraction rate dipped 0.9ppt to 21.8
*Infinio Group: Proposed issue of $20m 1% equity-linked redeemable convertible notes due 2019 to Advance Opportunities Fund 1. Proceeds will be used to for investments (70%) and working capital (30%).
*Best World: 1-for-4 bonus issue will go ex on 7 Sep.
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