Friday, January 6, 2017

SG Market (06 Jan 16)

Regional bourses opened mixed, with Tokyo (-0.7%) weaker, and Seoul (+0.3%) and Sydney (+0.1%) firmer.

Technically, the STI has covered the 2,953 breakdown gap, and will take another crack at the 2,968 triple top. Immediate support is seen at 2,920 fibonacci level.

Stocks to watch:
*SingPost: Obtained shareholder’s approval to issue an additional 5% new shares to Alibaba. The e-commerce giant will increase its stake to 14.4% and inject $184m net proceeds to fund growth in e-commerce logistics. MKE has Hold with $1.75 TP.

*GLP: Confirmed news reports that it is in preliminary discussions with various parties in connection to a possible buyout but has not entered into any definitive transaction. Stock is currently trading at 0.92x P/B vs US peer Prologis 1.93x.

*United Engineers: Major shareholders OCBC and Great Eastern have jointly-appointed Credit Suisse as the financial adviser for a strategic review in United Engineers and WBL Corp.

*CapitaLand: Serviced-residence arm Ascott’s attempt to replace a 100-year-old art gallery in its premises in The Cavendish with retail stores has hit a snag, and needs to appear before court on 16 Jan to explain why it has grounds to evict Franses Gallery.

*Triyards: 1QFY17 net profit plunged 66% y/y to US$2.1m, despite a 17% increase in revenue to US$91.2m, from contributions from 12 vessels, as well as from the Strategic Marine Group for the construction of aluminium crew boats and wind farm vessels. Bottom line was weighed by a 7.2ppt drop in gross margin to 11.5% from product mix difference, as well as from increased admin and financial expenses. NAV/share at US$0.6952.

*ISOTeam: To acquire Rong Shun Engineering & Construction for $6.5m from Ting Guak Choo. Rong Shun provides building construction, renovation services and electrical works and will help expand its ability to offer a full suite of engineering services and solutions.

*Vallianz: Streamlining operations. Ended the business of providing crew management services to external parties and travel services to offshore O&G industry, to focus on the core vessel chartering business.

*Cacola: Placing out 142m shares to raise $0.6m to four private investors for working capital.

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