The Singapore market is likely to see cautious trading ahead of the OPEC meeting in Vienna tonight and Italian vote this weekend, which has potential to destabilise European markets. Consider defensive names in consumer, yield and telecoms.
Regional bourses are mostly flat in Tokyo (flat), Seoul (+0.1%) and Sydney (flat).Technically, STI is struggling near its 2,880 resistance, with downside support at 2,840 (50-dma).
Stocks to watch:
*Ezra: Shocking 4QFY16 net loss of US$339.6m (4QFY15: US$7.8m loss) blew the FY16 hole to a whopping US$887.7m, wiping out FY15 profit of US$43.7m. For the quarter, revenue fell 8% to US$136m on weakness in the offshore support industry, which resulted in a gross loss of US$29.9m (4QFY15: US$16m profit). Bottom line was further dragged by impairment loss of US$270m. Accordingly, NAV/share shrank 71% q/q to US$0.0793 ($0.113).
Ezra: Extended the long stop date for its proposed divestment of 37% owned PV Keez to PetroFirst Infrastructure 2, controlled by energy-focused private equity firm First Reserve, to 31 Dec.
*Marco Polo: 4QFY16 net loss widened to $9.4m (4QFY15: $3m loss), as weaker utilisation and charter rates dragged revenue to $8.9m (-42%), which resulted in gross loss of $1.4m (4QFY15: $6.6m profit). Bottom line was further impacted by JV loss of $8.1m due to asset impairments at PT Pelayaran Nasional Bina Buana Raya. NAV/share at $0.472.
*First Resources: Oct FFB harvest rose 5.6% to 312,817 tonnes, with yield stable at 2 tonnes/ha, while CPO production increased 8.9% to 74,752 tonnes, as extraction rate edged up 0.3ppt to 22.7%. MKE last had a Hold with TP of $1.97.
*Cordlife: Appointed new chairman Ho Sheng following the entry of new substantial shareholders, while prior chairman Dr Ho Choon Hou will continue to serve as the group's vice chairman.
*Lian Beng: Acquiring 50 Franklin Street, Melbourne for A$51.5m. The property is a freehold office building (NLA: 11,447 sqm) comprising 18 strata lots situated in the Melbourne CBD.
*Delfi: Received favorable ruling from Singapore Court of Appeal that the shape and packaging of its two and four finger chocolate wafer "Take-it" did not infringe the trademark rights of Nestle's chocolate bar "Kit Kat".
*ASL Marine: Proceeding to engage discussions with noteholders on a proposed consent solicitation exercise in relation to the potential breach of financial convenants on its $100m 4.75% and $50m 5.35% notes owing to the difficult business environment. The exercise will be formally launched in mid to late Dec with noteholders' meeting planned for mid Jan.
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