Monday, January 16, 2017

SG Market (16 Jan 17)

The Singapore market may be range-trade bound as investors grapple with the lack of details on Trump's trade policies and search for signs of an earnings rebound with the start of the 4Q results season this week.

Regional bourses saw mixed trading today in Tokyo (-0.3%), Seoul (+0.1%) and Sydney (+0.6%).Technically, STI is overbought with immediate resistance at 3,040 and underlying support at 2,968.

Stocks to watch:
*SPH: 1QFY17 net profit plunged 43.8% to $45.7m, forming just 18% of full year estimates, hurt by staff layoff expenses, impairment charges on a press line and video business associate and fair value loss on FX hedges for its portfolio investments. Revenue declined 6% to $278.3m, as the core media business (-9.5%) was dragged by weaker advertising sales, but partly mitigated by smaller property (+1.3%) and others (+17.9%) segments. NAV/share at $2.16. The group continues to guide for challenging times in view of economic and structural headwinds confronting the media industry.

*TEE Int’l: 2QFY17 net profit sank 85.6% to $0.4m, as results from associates/JV swung into loss of $0.5m (2QFY16: $2.5m profit). Revenue rose 6.6% to $64.7m on higher progressive recognition from development properties. Backed by Total engineering order book stood at $302m but business prospects continue to face challenges amid weaker economic outlook and rising geopolitical uncertainties. Cuts interim DPS to 0.12¢ (2QFY16: 0.15¢). NAV/share at $0.118.

*GKE Corp: Swung to a 2QFY17 net loss of $0.6m (2QFY16: $0.4m profit) due to consolidation of expenses from recently-acquired marine logistics service provider, Marquis Services, and its China ready-mix concrete manufacturing plant, as well as higher warehouse rental. While revenue rose 45.3% to $11.9m, gross margin contracted 9.2ppt to 15% on a change in sales mix. Bottom line was further dragged by an absence of a disposal gain (2QFY16: $1.2m). NAV/share at $0.1255.

*Jumbo: Substantial shareholder Temasek pared its stake from 6.237% to 1.237% to Ron Sim, who doubled his stake to 10%, via a married deal of 32.1m shares at $0.665/share. MKE last had a Buy with TP of $0.78.

*Frencken: Disposing wholly-owned subsidiary Precico for RM128m, which would have increased pro forma FY15 EPS to 5.26¢ from 2.28¢.

*Asiamedic: Disclosed that it received expressions of interest on a potential commercial opportunity, although no definitive agreement has yet been entered. The group is also reviewing several capex plans including the possible relocation of clinics and upgrading of medical equipment.

*CNMC Goldmine: Expects to report a 4Q16 loss due to net unrealised FX loss from the RM depreciation, as well as a decline in revenue from lower ore grades.

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