- Brace for a risk-off sentiment from the overnight selloff in US equities after new Fed Chair, Jerome Powell signalled that he was open to four rate hikes in 2018 as opposed to three previously forecasted.
- The Fed is widely expected to raise the benchmark rate by 25bps on Thu morning and investors are eager to hear on the interest rate outlook for the year.
- Tech names likely to bear the brunt of the increased regulatory scrutiny following Facebook's data breach scandal, potential EU taxes on global digital companies and Apple's in-sourcing plans. Yield plays are also expected to come under pressure.
- Technically, the STI has dipped below its 50-dma at 3,505 and approaching bottomside of its converging "symmetrical triangle" pattern with near term supports at 3,490/3,470 and resistance at 3,550.
- Newcomer TPG Telecom will offer a mobile data plan to seniors at no extra charge for 24 months when services are rolled out in 2H18.
- The free public service is intended to enhance its corporate image, create buzz and help draw in customers.
- MKE is cautious on the sector and expects a more aggressive tariff war emerging in the coming months.
- The house has Sell calls on M1 (TP: $1.59) and StarHub (TP: $2.17).
- The 20-unit Peak Court at Thomson Road is latching onto the en-bloc fever by launching a collective sale tender with a reserve price of $106m.
- The freehold 57,350 sf site with gross plot ratio of 1.4. Including a 10% bonus balcony area, the reserve price would translate to $1,342 psf ppr and yield 106 new units.
- The property is situated near Novena MRT station and the future Health City Novena and Thomson Medical Centre.
- Tender will close at 3pm on 9 May.
- Successfully tendered for the en bloc acquisition of 290-unit Pacific Mansion in River Valley for $980m or SGD1,806 psf ppr, 4.5% above the reserve price.
- This marks the biggest collective sale in more than a decade and the second highest deal on record since the $1.34b sale of Farrer Court in 2007.
- GuocoLand will hold a 40% stake in in the project, while related partners Hong Leong Investment Holdings and ong Realty will own 40% and 20% respectively..
- The property lies within prime District 9 district and is within walking distance to its Martin Modern project.
- Assuming an ASP of $3,200 psf, MKE estimates a development surplus of $0.06/share.
- Trading at a steep 44% discount to RNAV of $3.75.
- MKE reiterates its Buy rating with revised TP of $3.00 (prior: $2.95).
- Awarded a contract by Oxley to manage its mall in Phnom Penh, Cambodia.
- The group will oversee asset planning, pre-opening and retail management for the five-story mall, which has a NLA of 260,000 sf and expected to commence operations in 2020.
- Trading at a 33% discount to RNAV of $5.49.
- MKE last had a Buy with TP of $4.10.
- Its "Be With You" melodrama romance movie broke historical records for its genre in the Korean box office, grossing US$6.7m in its first week.
- During the weekend, the film captured 45% of South Korea's market share of box office revenue.
- Trades at 6.7x forward P/E.
- SGX has suspended trading in its shares after issuing it a notice of compliance two weeks earlier to disclose its auditors'opinion on certain items in ist FY17 results by 19 Mar.
- The latest blow comes after auditors were unable to give opinion on the veracity and reasonableness of $8m in other income, mainly bargain purchase gain of assets and $54.2m assets available-for-sale, with corresponding $38.4m recognised as revenue, citing inability to obtain sufficient audit evidence.
- The buyout offer of $0.195/share by Elidom Investment has closed with the Sinway-led consortium holding a 97.9%-stake.
- Trading in CWG shares will be suspended with immediate effect.
- The consortium intends to compulsorily acquire the remaining shares that it does not own.
- Awarded a $94.9m contract to SH Design & Build to design and construct the Jurong Island Chemical Logistics Facility, a project secured from JTC previously by its newly acquired subsidiary Cogent Holdings.
- The 8-storey facility comprises general warehouse, chemical warehouse, ISO tank depot, container depots, mezzanine offices and vehicle ramp.
- Acquiring Smatra Training Hub for $1, taking into account for the net losses for FY16 and FY17.
- Smatra is engaged in safety and quality consultancy, management services, as well as training services.
- Expected to log negative goodwill of $0.02m.
- Extending the completion of the disposal of Yangtzekiang Industries for another two weeks to 2 Apr.
- The group is disposing Yangtzekiang to F Retail for RM15.6m and had previously extended the the transaction date for two months back in Dec '17.