Oil-linked counters may see some interest following the sharp upswing crude prices from renewed efforts to shore up proposed production cuts, although investors remained wary about US president-elect Trump's incoming policies.
Regional bourses opened higher in Tokyo (+1%), Seoul (+0.8%) and Sydney (+0.2%).Technically, STI is hovering below its 200-dma at 2,815 with downside risk at 2,780.
Stocks to watch:
*Property: Non-landed private home sales (excluding ECs) spiked to 1,252 units in Oct (+146% y/y, +128% m/m), sparked by new launches by CDL (Forest Woods) and MCC Land (The Alps Residences). Last month's sales were the highest so far this year, and the best showing since Jul '15 (1,655 units).
*SIA: Group pax load factor slipped 2.1ppts to 76.7% in Oct as traffic (+0.8%) lagged capacity increase (+3.6%), with load factors declining across all regions due to softer demand amidst a competitive landscape. Cargo load factor grew to 66.2% (+1.2ppts) from higher carriage (+7.7%), on capacity growth of 5.7%. Subsidiary carriers Scoot (-10.1ppts to 75.1%), TigerAir (-0.7ppts to 79.1%) and SilkAir (-0.7ppts to 67.3) also recorded lower load factors. MKE last had a Hold call with TP of $9.70.
*SembCorp Marine: Disposing its entire 30% direct interest in Cosco Shipyard Group to China Ocean Shipping for Rmb1.06b ($220.68m), or 1.2x P/B. While the group will realise a net gain of $48.3m, this was against an earlier impairment of $171m made in FY15. Apart from improving liquidity, this divestment also removes any overhang of further writedowns/ losses to be incurred at the associate level. MKE maintains Sell with TP of $1.00.
*Rickmers Maritime: Failure to make an interest payment of $4.3m on its US$100m, 8.45% notes maturing in May '17 within the next five business days would trigger a default and affect its ability to continue as a going concern. It joins a growing list of debt-laden offshore marine companies such as Swiber, Technics Oil & Gas and Swissco, which are currently under judicial management, or about to file for one.
*GLP: Signed 204,000 sqm (2.2m sf) of leases in China, Japan, US and Brazil, with third party logistics service providers servicing the pharmaceutical, auto parts and consumer goods industries.
*CapitaLand: Serviced residence arm Ascott has added 10,000 units of apartment units across 51 properties in 2016, bringing its portfolio to 52,000 units globally.
*Silverlake: Intends to sell up to 20.8m shares of Global InfoTech (GIT) on ChiNext in the Shenzhen Stock Exchange from 6 Dec till Jun '17. According to Bloomberg, Silverlake's cost per share was Rmb27.04, above GIT's last closing price of Rmb24.51.
*Ramba Energy: Received forestry lease permit to explore and produce oil at Akatara Field in Lemang block, Sumatra. Initial production is expected to commence on 16 Nov, which is estimated to yield ~500bpd from the Akatara-2 well.
*TEE Land: Based on a preliminary assessment, the group disclosed that none of its two properties- Workotel and Thistle Guest House in Christchurch, New Zealand, suffered visible damage from the recent earthquake.
*AnnAik: 60% owned ChangXing HengYi Wastewater Treatment has entered into a built-operate-transfer water treatment project with the municipal government of Lijiaxiang in China. Total investment for the plant is estimated to be Rmb10m, with daily treatment capacity of 10,000 MT.
*Ley Choon: Re-applying for a proposed transfer to the SGX Catalist Board.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment