SG Market: Positive sentiment could nudge the market higher following the overnight rally in Wall Street and crude oil. We favour consumer and yield plays such as Sheng Siong, AREIT and MINT.
Regional bourses opened relatively mixed in Tokyo (-0.8%), Seoul (+0.2%) and Sydney (+0.1%).
STI has broken above the 2,880 resistance, with the next objective at 2,960. Underlying support is now reset at 2,880.
Stocks to watch:
*CapitaLand Mall Trust: Broke ground for the integrated project at the former Funan mall, with scheduled completion in 4Q19. The 887,000 sf development will comprise retail (500,000 sf), office (266,000 sf) and residential (121,000 sf) components. MKE last had a Hold with TP of $2.10.
*Frasers Centrepoint: Secured $140m in sales at the weekend launch for Wonderland, the final residential stage of Central Park in Chippendale, Australia. Wonderland comprises 294 apartments and terraces, with prices ranging from $0.6m to $2.8m.
*SGX: Sets up the Securities Industry Working Group, comprising a broad range of stakeholders and representatives from the investment community, in a bid to improve the Singapore equity market's operational resilience.
*Vallianz: Proposed fund raising to strengthen balance sheet via renounceable non-underwritten 1-for-1 rights issue at $0.02 apiece, attached with two free detachable warrants carrying an exercise price of $0.02 each. Net proceeds of $71.8m could be used to meet payment claims of US$63.5m from parent Swiber, which has granted a charge over its 25.2% shareholding in Vallianz in favour of DBS.
*China Minzhong: Pre-conditional takeover offer by Marvellous Glory, owned by Anthoni Salim (93%) and CMZ BVI (7%) by way of either 1) $1.20 cash per share or 2) $0.7665/share plus $0.4335 in principal amount of zero coupon exchangeable bonds. The offer is subject to minority approval of 82.9% stake disposal by Indofood Sukses Makmur.
*Asiatravel.com: Launched B2B travel website TAcentre.com in China, which focuses on outbound travel. Group disclosed that a virtual reality tour of various Asia Pacific tourist attractions is currently being developed.
*KS Energy: 80.1%-owned subsidiary KS Drilling clinched a US$7m geothermal drilling contract in North Sumatra, Indonesia. Works expected to commence in mid-4Q16 for a period of six months.
*Sunpower Group: Secured a Rmb20.7m contract to supply flare systems to Shaanxi Yanchang Petroleum Group, to be delivered in 2017.
*Global Invacom: Obtained a patent in China for the structure and components of an automatic cap press machine, which management believes to lift process efficiency by >30%.
*ValueMax: Acquired a HDB shop house pawn shop, Teck Chong Pawnshop, including the strata unit, for $3.8m.
*Karin Technology: Appointed by GN Netcom Asia as the exclusive distributor for its full range of Jabra-branded products in Hong Kong and Macau wef 1 Oct '16.
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