Monday, November 28, 2016

SG Market (28 Nov 16)

Key highlights this week include the OPEC meeting on Wed, which will set the course of crude prices, as well as US 3Q GDP (Tue) and China manufacturing PMI (Thu).

Regional bourses opened lower today in Tokyo (-0.5%), Seoul (-0.2%) and Sydney (-0.2%).Technically, the STI could test its immediate resistance at 2,860 followed by 2,900, with downside support at 2,830.

Stocks to watch:
*Jumbo: FY16 results in line with adjusted net profit of $15.5m (+18%). Revenue of $136.7m (+11.4%) was driven by existing stores, as well as two new outlets in Shanghai that were opened in Aug '15 and Jan '16. Gross margin widened 0.3ppt to 63.2%. Aggregate DPS of 1.7¢ (Final: 1¢, Special: 0.7¢) came above expectations, representing 70% payout ratio. MKE maintains Buy with TP of $0.78.

*Keppel Corp: Reiterated its full support for KrisEnergy's proposed financial restructuring, and is currently in discussions to subscribe to its entitlement and any excess notes. MKE last had a Sell with TP of $4.57.

*Sembcorp Industries: Acquired 49% stake in Changi Mega Solar for $2.6m, which is developing a 3.6MW grid-tied solar photovaltaic system on the rooftop of SATS Airfreight Terminal 5 & 6.

*Viva Industrial Trust: Moody's assigned the REIT a corporate rating of Ba1, underpinned by its balanced portfolio, income diversification from its tenant base and continued improvement in cash flow generation as portfolio occupancy ramps up. REIT trades at an attractive 9.6% indicative yield and 0.97x P/B.

*Soilbuild REIT: Obtained TOP for an annex block at 39 Senoko Way, which has been leased out to Tellus Marine Engineering.

*Equation: Proposed placement of 300m new shares (4.9% share capital) to placement agent UOB Kay Hian at 0.99¢ apiece (10% discount to last close). Net proceeds of $2.8m will be used to repay accrued interest from the convertible loan and working capital.

* Completed the balance placement of 47m new shares placement to Zhong Hong New World at $0.20 apiece, lifting Zhong Hong's interest to 29.7%.

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