Singapore market is expected to trade within a tight band amid renewed concerns of near term US interest rate hike and speculation over ECB's early tapering of its QE programme. Counters that benefit from a stronger USD include Venture, Innovalues, ST Engineering, SIA Engineering, Riverstone and UG Healthcare, while yield stocks could come under pressure.
Regional markets opened mixed in Tokyo (+0.3%), Seoul (-0.8%) and Sydney (-0.7%).Technically, topside resistance for the STI is now seen at 2,910, with immediate support at 2,880.
Stocks to watch:
*Sembcorp Marine: Further extends the standstill agreement with North Atlantic Drilling for a harsh environment semisub drilling rig to 6 Jan 2017, reflecting the dire state in the offshore drilling market. The development proves it is not time to turn positive on the rigbuilders yet, despite the recent rise in oil price. Last call on counter was Sell with TP of $1.00.
*Q&M: Expanded its footprint after completing the acquisition of British Dental Surgery for $0.6m ($0.5m in cash, $0.1m via issuance of new shares at $0.72/share), which came with a profit guarantee of $0.6m over an 8-year period. MKE last had a Buy with TP of $1.08.
*Jumbo: Announced the expansion of its Riverside seafood outlet (addition of 150 seats to boost capacity to 450) and the opening of its fifth Ng Ah Sio bak kut teh outlet at RWS. MKE has a Buy call on Jumbo with TP of $0.78.
*Wilmar: Formed 50:50 JV, Raisen & Wilmar Sugar (RAW) with Brazilian energy company Raizen Energia to export high polarization (VHP) sugar globally. Raisen's VHP sugar output of 3m tonnes combined with Wilmar's existing sugar supplies in Brazil, will make RAW into one of the largest exporters of Brazilian sugar, with an annual volume of 4.5m tonnes.
*YuuZoo: YuuGames, the Chinese JV between YuuZoo and Alisports, has signed a 5-year extension to its initial 1-year agreement to manage all its Alisport's eSports Arenas in China. Management believes the extension is expected to generate a steady revenue stream via gaming, e-commerce and social network services for the huge gaming market in China with an estimated 450m gamers and online market size of Rmb150b.
*Astaka: Entered into a 51:49 JV agreement with Saling Syabas to undertake a proposed property development project in Kota Tinggi, Johor. The group is currently seeking approval on a change in land use of the 258.5-acre land site from agriculture to commercial.
*Thai Bev: Thailand credit rating agency TRIS Rating upgraded the company rating one notch from AA to AA+, with stable outlook.
*mm2 Asia: Counter will go ex for its share split on 10 Oct.
*Sino Grandness: Substantial shareholder Chalermchai Mahagitsir, CEO of Thoresen Thai Agencies, disposed 1.6m shares at $0.37269 apiece on 3 Oct, reducing its stake from 14.01% to 13.78%.
*ISOTeam: Revised its dividend policy to distribute at least 20% of core net profit.
*Triyards: Vietnam facility Saigon Offshore Fabrication and Engineering became the first in the country to receive the API-2C Monogram Certificate from American Petroleum Institute.
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