Monday, January 9, 2017

SG Market (09 Jan 16)

Singapore market will likely push further upwards from continued optimism in the US economy, as investors take fresh cues to buy ahead of the US earnings season kicking off this week.

Regional bourses opened marginally positive in Seoul (+0.1%) and Sydney (+0.6%). The Japanese market is closed for public holiday.Technically, the STI faces immediate resistance at the 2,968 triple top, with next objective at 3,040, and support at 2,920 fibonacci level.

Stocks to watch:
*REITs: Industrial landlords could see headwinds for rental uplift this year, after national developer JTC gave 3-10% rental rebates to all its O&M tenants and lessees for 2017.

*Construction: The Building and Construction Authority is projecting total construction contracts to be awarded this year to reach $28-35b (2016: $26.1b), boosted by a surge in public sector construction demand to $20-24b (2016: $15.8b). However, industry consultant Rider Levett Bucknall sees tender prices falling a further 1-2% (2016: -4.1%) on continued competitive pressure.

*Sarine Tech: Delivered a record 24 Galaxy systems in 4Q16 (3Q16: 22, 2Q16: 20), bringing total 2016 deliveries to 84. There is currently a cumulative installed base of 299 units contributing to recurring income. MKE last had a Buy with TP of $1.97.

*Oxley/KSH Holdings: 27.5%/22.5%-owned Chinese associate Sino Singapore KAP Construction has expanded the scope of business activities from property development to include property and car park management, and related activities.

*Sembcorp Marine: Incorporated a 37.5%-owned logistics company BSW Marine to own and operate a push barge to transport the cargo of tenants at Batam and Bintan industrial parks.

*Cosco Corp: 51%-owned Cosco Shipyard Group have agreed with an Asian client to extend the delivery of a jackup drilling rig from 30 Mar '17 to 30 Mar '18.

*AA Group: Entered MOU with Poh Huat Heng to undertake exclusive negotiations over one-month on potential cooperation. JV or M&A with the latter's Engineering Manufacturing Services, which provides value-added general warehousing and logistics services, industrial and office space and workers' dormitory facilities.

*TA Corp: Acquired The Investment Firm for $2m. The entity is an investment holding, business and management consultancy firm that owns two commercial properties at Orchard Plaza, with 59 years of lease remaining.*Secura: Awarded a 3-year contract worth $6.7m by SBS Transit for the provision of unarmed security services at certain sites, effective from Mar '17 to Feb '20.

*GKE: Issued a profit warning for 2QFY17 due to 1) operating losses for the ready-mix concrete plant in Wuzhou, China, 2) significantly lower charter rates for the LNG vessel under its 50:50 JV and 3) lower profit contribution from warehousing & logistics business division.

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