SG Market

SG Market: Spore shares may open slightly higher although there are very few global cues at present with European markets shut on Mon, so price action is likely to be sideways with the STI trading between 3140-3230 range in the near term.

Stocks in focus:
*Capitaland 1Q net profit +241% yoy to $102m vs restated $29.8m (prev $115m) on new accounting policy. Revenue +39% to $611.5m from higher sales of residential projects in Spore, China & Vietnam. Book NAV stood at $3.16.
*Global Logistic Properties plans to offer Rmb3b fixed rate notes, enabling it to tap an additional source of funding & match its borrowings against its China exposure.
*NOL current CEO Ron Widdows will be replaced by Spore's ex-defence chief Ng Yat Chung, who will be joining from Temasek Holdings. Case of new hand taking over from old shipping hand.
*Wing Tai has formed a JV with Temasek’s Singbridge to develop a residential project in the Sino-Singapore Guangzhou Knowledge City. Co will own a 40% stake in the project which will be developed in phases over 5 yrs on a 10-ha site. It will have a GFA of more than 268k sqm & ~2k quality residential units.
*Kreuz has secured US$24.8m worth of orders - a US$2.4m subsea installation contract from a leading offshore co in the O&G business in East Asia & a US$20m subsea installation works from Swiber.
*TEE Int’l clinched 2 new contracts worth $11m from Citibank to boost its engrg orderbook to $298.1m.
*ComfortDelgro is setting up its 3rd driving school in China for Rmb165m.
*Hyflux 6% preference shares will be debut today with 10 pref shares equal to 1 board lot.
* Keppel Corp: goes XA today. Based on yday’s closing price of $12.90, the Theoretical Ex-Price adjusted for dividend ($0.26/sh) and bonus issue (1-for-10) is $11.49.