Stocks to Watch
*Keppel Corp: Inked a term sheet agreement for the proposed sale of its Rotterdam-based Keppel Verolme shipyard to Dutch builder Damen Shipyards for an undisclosed amount following a strategic review This is in line with the group's efforts to optimise operations and rationalise its global network of yards. MKE last had a Sell with TP of $4.57.
*SGX: Launched SGX Developed Asia ex Japan Quality Index, its first smart beta index that features a factor-selection method with a bottom-up approach to selecting its constituents. Separately, SGX appointed six and two new members to its Disciplinary and Appeal Committees, respectively, to replace retiring members.
*Super Group: Offeror Jacob Douwe Egberts does not intend to revise the offer price of $1.30 for the instant cereal manufacturer. Closing date of the offer is on 25 Apr.
*Midas: 32.5% owned associate Nanjing Puzhen Rail Transport secured a Rmb543m metro train car supply contract from Shanghai Rail Transit Line Two Development. Delivery is scheduled in 2018.
*Rotary Engineering: Secured two EPC projects worth US$120m in Dubai and Thailand, to build tank storage for the oil refineries of Emirates National Oil Company and Thai Oil Public Company.
*Civmec: 50% owned JV Amec Foster Wheeler Civmec has clinched a contract for the Gruyere Gold Project in Yamarna greenstone belt, Australia. Works include the design and installation of a process plant, admin office, workshop, warehouse, water pipelines and power lines, and are scheduled between Jul '17 and Dec '18. The group's 50% share of the contract will lift order book to $526m (Dec '16: $425m).
*Roxy-Pacific: Entered into heads of agreement with third parties for the proposed sale of a freehold property at 59 Goulburn Street in Sydney, Australia, for A$158m.
*Spackman: Issued positive profit alert for 1Q17, following losses incurred in 1Q16 and FY16. This is due to recognition of revenue from the film "Master", for which its costs were booked last year, production revenue from upcoming thriller "Golden Slumber" and lower opex following disposal of loss-making Opus Pictures in Aug '16. 1Q17 results will be released on 15 May.
*Citic Envirotech: Secured credit facilities of up to Rmb20b for five years from China Merchants Bank, to fund projects in the water and environmental sector.
*GCCP Resources: Auditor Ernest & Young has drawn attention to uncertainty related to the group's ability to continue as a going concern, in light of FY16 loss of RM10.3m and negative operating cash flow of RM1m. In addition, it has loans worth RM10.2m that will be due for repayment this year.
*Hoe Leong: Auditor KPMG has drawn attention to uncertainty related to its ability to continue as a going concern following its FY16 loss of $46.9m, as well as the net current liability position of $47.9m which has resulted in additional loans due in 2017. The group now needs to repay $80.7m in 2017, or 6.8x its current market cap.
- IMF more upbeat about global economy this year than in 2016http://www.straitstimes.com/business/economy/imf-more-upbeat-about-global-economy-this-year-than-in-2016?xtor=CS3-18
- Oil shares gain as Tesla overtakes GM in market value http://www.channelnewsasia.com/news/business/international/oil-shares-gain-as-tesla-overtakes-gm-in-market-value/3668326.html
- $685m bid triggers sale of Queenstown residential site http://www.straitstimes.com/business/property/685m-bid-triggers-sale-of-queenstown-residential-site?xtor=CS3-18
- Debt restructuring still a big hurdle for offshore marine firms http://www.straitstimes.com/business/companies-markets/debt-restructuring-still-a-big-hurdle-for-offshore-marine-firms?xtor=CS3-18
- Alliance Mineral last close $0.35, 52wk high/low $0.425/$0.057 - Alliance Mineral Assets inks lithium rights JV deal with Lithco http://www.businesstimes.com.sg/companies-markets/alliance-mineral-assets-inks-lithium-rights-jv-deal-with-lithco
- Midas Holdings last close $0.23, 52wk high/low $0.29/$0.205 - Midas Holdings JV secures 543m-yuan metro train car contract in China http://www.businesstimes.com.sg/companies-markets/midas-holdings-jv-secures-543m-yuan-metro-train-car-contract-in-china
- Rotary Engineering last close $0.425, 52wk high/low $0.445/$0.35 - Rotary Engineering wins projects worth over US$120m in UAE, Thailand http://www.businesstimes.com.sg/companies-markets/rotary-engineering-wins-projects-worth-over-us120m-in-uae-thailand
- Roxy-Pacific last close $0.52, 52wk high/low $0.56/$0.385 - Roxy-Pacific finds buyers for Sydney office building for A$158m http://www.businesstimes.com.sg/companies-markets/roxy-pacific-finds-buyers-for-sydney-office-building-for-a158m
- Sembcorp last close $3.14, 52wk high/low $3.38/$2.44 - Sembcorp wins India wind power project http://www.straitstimes.com/business/companies-markets/sembcorp-wins-india-wind-power-project?xtor=CS3-18
- Spackman last close $0.176, 52wk high/low $0.199/$0.076 - Company issues positive profit guidance for Q1 FY2017 http://www.businesstimes.com.sg/companies-markets/spackman-issues-positive-profit-guidance-for-q1-fy2017
- SPH REIT last close $0.975, 52wk high/low $1.005/$0.905 - SPH Reit Q2 net property income rises 5.2% http://www.businesstimes.com.sg/companies-markets/sph-reit-q2-net-property-income-rises-52?xtor=CS3-25
- Tuan Sing last close $0.34, 52wk high/low $0.35/$0.275 - Company buys Sime Darby Centre for $365m http://www.straitstimes.com/business/property/tuan-sing-buys-sime-darby-centre-for-365m?xtor=CS3-18
- UnUsUaL last close $0.435, IPO Price $0.20, 1-Day high/low $0.455/$0.40 - Company strikes sweet note in debut Catalist trading http://www.straitstimes.com/business/companies-markets/unusual-strikes-sweet-note-in-debut-catalist-trading?xtor=CS3-18