Traders are expected to stay cautious as they follow the high-stakes Trump-Xi superpower summit, with trade and security issues looming over market sentiment.
Regional markets opened mostly higher in Tokyo (+0.6%), Seoul (flat) and Sydney (+0.4%).Technically, immediate support for the STI is seen at 3,140, with topside resistance at 3,200.
Stocks to watch:
*CWT: Reportedly in advanced talks with China's HNA Group, which could make a formal takeover bid at $1.4b ($2.30/share), valuing the logistics provider at 18.9x historical P/E and 1.4x P/B.
*Singapore Myanmar Investco: Starting business operations at Junction City, a 260,000 sqm integrated complex in downtown Yangon, with plans to operate up to 10 retail brands and F&B concepts, including Coach, Aigner, Benetton and Crystal Jade. This is the group's second major venture in Myanmar, following the successful roll-out of its duty-free retail operations at Yangon International Airport.
*Lian Beng/KOP/KSH: 32%/25%/28% owned consortium Epic Land has issued a non-binding LOI to dispose eight strata-titled office units spanning 55,711 sf in Prudential Tower. The buyer has been given an exclusive period of six weeks, with option to extend by another two weeks, to conduct due diligence.
*Keppel T&T: Collaborating with PCCW Global, the international operating division of HKT, to launch PCCW Global-Keppel International Carrier Exchange (ICX) to provide faster business interconnectivity. ICX will have a network facility management space of 7,800 sf, coupled with redundant power configuration.
*Triyards: Dived into 2QFY17 net loss of US$6.3m (2QFY16: US$5.9m profit) due to a US$8.4m provision related to related entities of beleaguered Ezra. Revenue was flat at US$70.6m, mainly coming from 12 chartered vessels, but gross margin of 15.7% (-5.2ppts) was squeezed by lower charter rates. NAV/share at US$0.6725.
*GP Hotels: Voluntary offer of $0.365/share has been declared unconditional after the offeror secured 90.1% control. Closing date for the offer has been extended to 27 Apr.*Sen Yue: Accepted an offer from JTC Corp to dispose its 5,280 sqm property at 16 Tuas Avenue 20 for $3.1m. The group will reap a disposal gain of ~$1.6m, representing 6% of its market cap.
*Hong Leong Asia: 40.2% owned China Yuchai has installed 200 engines into buses that are put in Lahore’s Bus Rapid Transit in Pakistan. A further 100 will also be supplied in the city of Multan, further extending its coverage in Pakistan.
*Huan Hsin: External auditor Deloitte flagged a going concern issue as its FY16 current liabilities exceeded current assets. Failure to secure a proposed $40m equity injection could worsen the group's financial condition.
*City Dev: Issued the first green bond in Singapore, raising $100m 1.98% fixed rate due 2019.
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