The Singapore market is likely to end the week on a mixed note as positive US economic data is eclipsed by growing worries over the spillover effects of Deutsche Bank woes.
Regional markets opened lower in Tokyo (-1.3%), Seoul (-0.8%) and Sydney (-0.7%).From a technical perspective, resistance for the STI is now seen at 2,900, with immediate support at 2,880.
Stocks to watch:
*SMRT: An overwhelming majority of shareholders has voted in favour for the sale of train assets to Land Transport Authority under the new rail financing framework, as well as the $1.18b buyout offer by Temasek at $1.68 per share in the form of a scheme of arrangement. Last day of trading for SMRT shares is on 17 Oct 2016.
*Gaming: Online betting has been legalised in Singapore under strict conditions, with the approval of the applications of two operators, Singapore Pools and Singapore Turf Club. The move is neutral-to-negative for casino operator Genting Singapore as it draws a different gaming crowd.
*Keppel Corp: Acquiring a retail development in Shanghai, China, for Rmb500m ($102m). The recently-completed 40,927 sqm mixed development has a net lettable area of 32,800 sqm and comprises offices, shops and residential towers. MKE last had a Sell with TP of $4.54.
*Civmec: Awarded contracts worth an aggregate A$85m for works over a three-year period, comprising 1) shutdown works for alumina refineries in Australia (Pinjarra & Queensland), ongoing maintenance services for shutdown work across Fortescue Metal's mines and ports, and modification work contracts for BHP Billiton’s mine in the Pillar area of Western Australia.
*Super Group: Received official recognition as Malaysia's largest coffee manufacturer by Malaysia Book of Records. Super owns one of the largest instant coffee plants in Southeast Asia with capacity of over 20,000 tonnes, equivalent to 10b cups of coffee.
*Challenger Technologies: Opening its new flagship store in Bugis Junction by 2Q17. The store will span 14,000 sf and will complement its existing store in the same mall.
*Ezra: Completed the divestment of a 10% stake in EMAS Chiyoda Subsea to Nippon Yusen Kabushiki Kaisha (NYK). Ezra, Chiyoda, and NYK now hold 40:35:25 in EMAS Chiyoda Subsea, as the three parties look to strengthen its presence in global markets.
*Halcyon Agri: Expects to complete the acquisition of natural rubber assets from Sinochem International on 3 Oct 2016.
*Serrano: Interior fit-out solutions provider looks to be close to receivership, after it received another letter of demand from Maybank for $33.4m for overdue principal amount and accrued/penalty interests. As at Dec 2015, group had $8.4m cash and net gearing of 11.4x.
*Croesus Retail Trust: Issued $50m 5% fixed rate notes due 2020 for debt refinancing and general working capital.
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