Trading is anticipated to be cautious given the escalating Mid-East tensions between Qatar and its Arab neighbours, as well as uncertainty ahead of the British and French polls later this week, FOMC meeting on 13-14 Jun and ECB meeting on Thu.
Regional bourses opened in the red in Tokyo (-0.2%), Seoul (-0.1%) and Sydney (-0.7%).Technically, the STI is likely to be range-bound between 3,250/3,275 resistance levels and downside support is at 3,190.
Stocks to watch:
*Noble: In crisis talks with key lenders as it seeks to extend a US$2b credit facility that is expiring this month and negotiate new covenants on its bank debt. The group is also looking to find new investors, sell assets and exit unprofitable businesses. Its 2020 bonds slumped to US$0.36 on the dollar, while shares have plunged 81% ytd to $0.32, the lowest since Sep 2000. Trading at liquidation valuation of 0.09x P/B.
*SGX: Seeking public consultation on proposed changes to strengthen SICOM rubber derivatives, particularly on the operational aspects of the physical-delivery process. Trading at 22.3x forward P/E or 38% discount to HKEx's 36x.
*Frasers Logistics & Industrial Trust: Proposed acquisition of seven industrial properties across Australia, comprising four completed properties and three under development, for A$169.3m ($174.7m) giving 6.41% NPI yield. Funding will be via a combination of equity and debt, with unit base expected to increase 5.5% to 1.51b units from a private placement and management fees. Pro forma DPU is forecast to rise 0.9% to 5.38¢.
*AEM: Welcomed several undisclosed long-only institutional funds following a vendor sale of 2.7m shares at $2.70 apiece. As a result, this reduces the stake of controlling shareholder Orion Phoenix to 23.96% from 28.17%.
*Soilbuild Construction: Awarded a US$10.5m ($14.5m) contract to construct a 12-storey hotel building in Yangon, Myanmar, with completion expected in 2Q19. The contract win lifts its order book to $508.1m.
*Yangzijiang: BlackRock has emerged as a substantial shareholder after receiving 11.4m shares on 1 Jun 2017 from an increase in collateral, lifting its stake from 4.93% to 5.23%.*Disa: Signed proof-of-concept agreement for a collaboration with pig-farmer KMP Private, using Disa's blockchain-based food trace solution on the latter's pork supplies.
*The Trendlines: Proposed sale of 91.68% owned Misgav/Karmiel Technology Incubator, which holds 3.18% of cancer-treatment technology developer, BioSight, for US$1.3m. Post-sale, pro forma FY16 loss per share will narrow from US$0.013 to US$0.011.
*KS Energy: Disclosed that a share pledging arrangement for 224.2m shares (43.49% of share capital) owned by controlling shareholder, Pacific One Energy (POE), has been terminated by OCBC. As at 5 Jun, POE holds a total 308.3m shares, representing 59.79% of shares outstanding.
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