SG Market: Singapore market may be buoyed by oil-related counters following the overnight jump in oil prices after US crude inventories posted a larger-than-expected drawdown.
Regional bourses opened in positive territory today in Tokyo (+0.1%), Seoul (+0.2%) and Sydney (+0.4%).
From a chart perspective, STI is trading within the 2,760-2,900 range.
Stocks to watch:
*OCBC: Acquires Barclays wealth and investment management business in SG and HK for US$320m, or 1.75% of AUM, in line with past private banking transactions. This raises OCBC's AUM to ~US$73.3b, elevating it to 7th largest in the Asia-Pacific, just behind DBS.
*Keppel Corp: Awarded its first contract win worth 500m reais ($190m) by repeat customer Modec Group to fabricate and integrate nine topside production modules, with expected completion by 3Q17. MKE maintains Sell with TP of $4.42.
*Sembcorp Marine: Served a notice of arbitration against Marco Polo Marine in relation to the termination of a US$214.3m rig contract.
*SGX: Mar total securities turnover reached $27.3b (+13% m/m, +9% y/y), although securities daily average value (SDAV) fell to $1.2b (-2% m/m, +9% y/y). Market watchers do not expect 3QFY6/16 SDAV average of $1.2b to be sustained and deem current valuation as expensive.
*Croesus Retail Trust: Proposed to acquire retail property Fuji Grand Natalie in Japan for ¥3.3b ($40.2m), 6.3% under its market valuation. The freehold suburban mall has net lettable area of 31,065 sqm that is fully occupied, with weighted average lease to expiry of 8.2 years. Pro forma FY15 DPU is estimated to rise 1.8% to 7.8¢.
*GuocoLand: Secured new tenant AccorHotels, which will be relocating its Asia Pacific HQ to Guoco Tower in the integrated Tanjong Pagar Centre project. The hotel group will also operate the new 5-star Sofitel Singapore City Centre at Tanjong Pagar Centre as one of its flagship hotel in Singapore.
*Cityneon: Entered into a non-binding term sheet with Beijing Starclouds Entertainment Development to exclusively host and operate the Transformers Experience touring exhibitions in China for two years. The first exhibition is expected to be open in Dec ‘16.
*Hong Fok: Proposed 1-for-10 bonus issue, intended to reward shareholders and increase the accessibility of an investment in the company to more investors.
*Hiap Seng Engineering: Clinched a three-year contract from Singapore Refining Company to provide plant maintenance services, effective from Apr '16 to Mar '19.
*QT Vascular: Management believes its internal assessment of cash flows and resources will allow for operations for the foreseeable future, after auditor KPMG drew attention to QT's going concern due to its net liability position of US$10.3m.
*PACC Offshore Services: Received complaint in Saudi Arabia by Makamin Offshore Saudi in relation to a time charter party.
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