- The market is likely to stay range-bound ahead of the slew of macro data to be released this week, including the US FOMC meeting minutes and UK budget statement on Wed, as well as the domestic official 3Q GDP this Thu.
- Technically, the STI could test the immediate topside resistance at 3,390, while underlying support remains at 3,320.
- PM Lee cited the Singapore economy could expand by more than 3% this year, above the 2-3% official forecast range.
- The buoyant economy is looking up, underpinned by low unemployment rates and higher wages, as well as improved productivity.
- Acquired an additional 16.5m (1.1% share capital) Vinamilk shares via the market.
- This lifted Jardine C&C's stake to 10%.
- The acquisition is in line with the group's strategy to increase its exposure in Vietnam.
- Last traded at 14.5x forward P/E.
- Existing JV with Meisei Industrial has been awarded a A$67m contract extension by JKC Australia LNG.
- Trades at 3.6x trailing P/E.
- To sell 51% owned F2S1 Investments to PE fund Gaw Capital Partners for $342m.
- Upon completion, net proceeds will be used to pare outstanding borrowings from $430.9m to $130.1m, with pro forma gearing reduced from 4.49x to 1.36x.
- Last traded at 0.83x P/B.
- 80% owned TK Modular received in-principle acceptance from Building and Construction Authority (BCA) to use its steel prefabricated prefinished volumetric construction (PPVC) system for building projects in Singapore.
- BCA encourages the use of PPVC to speed up construction and productivity in terms of labour and time saving.
- CEO Tan Tong Hai is stepping down from his position, effective from 1 May 2018, amid pressure in the domestic telecom sector.
- StarHub is in the process of searching for a new CEO globally.
- Current price offers an indicative yield of 6% and implies 17.4x forward P/E.
- MKE last had a Sell with TP of $2.17.
- Disclosed that its free float will fall below 10% to 9.31%, following the exercise of 91.3m warrants into new shares at $1.09.
- There are 59.2m similar warrants remaining and can be exercised by 29 Jan '18. Assuming all are exercised, Olam's free float is expected to be back above 10%.
- Under SGX ruling, the regulator could suspend trading when the public float falls below the 10% mark. If that occurs, SGX may allow Olam to restore the float to the minimum threshold in a period of three months or longer.
- Trading at 15.6x forward P/E and 1.3x P/B.
- Scheme creditors have agreed to extend its due payments to 18 Feb 2018.
- The counter has been suspended since 4 Aug.
- Malayan Banking has made a claim against Hoe Leong in Singapore High Court in relation to a sum of $0.4m owed by the group.
- Last traded at 1.54x P/B.
- Undertaking an internal restructuring exercise to consolidate certain hotels under the group to promote business efficacy and enhance synergy.
- One hotel in Singapore (Sofitel Singapore City Centre) and two hotels in Malaysia (Thistle Johor Bahru and Thistle Port Dickson) will be consolidated under a wholly-owned business unit, GuocoLand Hotels.
- The group will have to pay an aggregate RM224m to acquire the two hotels in Malaysia as they are held under GuocoLand Malaysia. - Effective stake in the Johor hotel will be raised to 70%, while Port Dickson will be up to 100%.
- Maybank KE last had a Buy with TP of 2.90.
- To acquire 49% stake in rare earths project, Songwe Hill, undertaken by Toronto-listed Mkango Resources for £14m ($25m).
- The proposed investment will bolster the group's position in the rare earths sector both upstream and downstream.
- Last traded at 0.31x P/B.
- Updated that the discussion on a potential transaction that would involve the change in control of the company is still on-going.
- Last traded at 0.98x P/B.
- Entered into non-binding MOU to acquire certain cyber security assets from Bio-Nexus.
- Israel based Bio-Nexus is engaged in the development, manufacture and design of mobile workflow engine data transmission in a mobile environment.
- Discussions are on-going and yet to be materialised.
- Counter is loss-making and trades at 3.54x P/B.