Singapore shares could see some respite and track track Wall Street and oil prices higher no major move is envisaged as investors look to Oct’s NODX this morning and final 3Q GDP reading on Wed for direction.
Regional bourses are trading higher this morning in Tokyo (+1.3%), Seoul (+1.0%) and Sydney (+1.0%).
From a chart perspective, technical indicators are in oversold. Resistance for the STI is seen at 2,950, with underlying support at 2,850.
Stocks to watch:
*Property: URA data showed that Oct developer’s non-landed home sales rose 60% m/m to 546 units, with 2 project launches, namely Principal garden by UOL and Kheng Leong, and Thomson Impressions by Nanshan Group and Vivo Construction, accounting for 35.3% of total units sold. Property consultants however highlight that the overall private residential market remains subdued and developer sales activity is expected to be sluggish in Nov and Dec.
*Noble: Rating agency Moody’s has placed the group on review for a possible downgrade to junk status, given its weaker0than-expected liquidity profile and still high leverage.
*SIA: Oct's passenger traffic increased 3.4% y/y against a 1.3% expansion in capacity, thereby lifting passenger load factor (PLF) by 1.6ppt to 78.8%. Despite a higher PLF for all region except East Asia, the group opines that operating environment remains challenging. PLF for Scoot (+2.8ppt to 85.2%) and TigerAir (+0.6ppt to 79.8%) also improved, while SilkAir's PLF deteriorated 2.3ppt to 68%. Overall cargo load factor rose 0.4ppt to 65% as cargo traffic improved 9.8% against a capacity growth of 9.2%.
*City Dev: Deputy Chairman and Executive Director, Mr Kwek Leng Joo, passed away on 16 Nov ‘15 due to a sudden heart attack, which occurred during his sleep.
*First Resources: Reported a jump in FFB harvest to 296k tonnes (+19.2% y/y) with a slightly higher FFB yield of 2 tonnes/ha. CPO production grew 9.3% to 68.6k tonnes despite CPO extraction rate slipping 0.8ppt to 22.4%.
*Aspial/ Fragrance Group/ LCD Global: Interested party transaction whereby Koh Wee Meng's Fragrance will use shareholder's funds to buy over his brother Koh Wee Seng's stake aggregate 28.9% stake in LCD Global, comprising shares owned by Aspial (9.5%), himself (14.4%) and his wife (5%), at an average $0.243 apiece.
* Pacific Radiance: Setting up a 49/51 Malaysian-based JV Co (Duta Maritime Alliances) with Duta Marine, to operate a business in ship owning, chartering and provision of offshore marine related services. Separately, the group and The Cross Energy have mutually agreed to terminate the setup of a JV in Ghana, previously announced in Apr '15.
*China New Town: Agreed to sell 30% of the share capital of Changchun New Town via a share transfer agreement, at a consideration of Rmb66.3m. Following the disposal, China New Town’s stake in Changchun New Town will fall to 50% from 80%.
*SMJ: Appointed the exclusive distributor for a selected range of carpets from Mohawk Group in Singapore, Malaysia, and Indonesia. SMJ will cease supplying Mohawk’s rival, Shaw Contract’s brand of carpets as a result of the appointment.
*NauticAWT: Awarded a $3.5m engineering contract from SembCorp Marine to design living quarters for an offshore platform.
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