– The market could chalk up further upside gains on growing confidence after IMF chief Christine Lagarde said that the long-awaited global economic recovery is taking hold and urged policymakers to seize the opportunity to create a more inclusive economy and broader, lasting prosperity.
– NFP data tonight, expecting Fed to increase interest rates
– Technically, the STI is likely to break out of its tight 3,230-3,265 range bounded by the 20 and 50-day moving averages.
– MKE estimates flash 3Q GDP to be near 4%, with strong manufacturing (+20%) leading a broadening recovery in the services sector.
– Full-year GDP growth could well exceed the government’s 2-3% and MKE’s 3% forecasts, with 8M17 core inflation creeping higher to 1.5%.
– This could prompt the MAS to normalize and tighten its neutral stance at its upcoming semi-annual policy meeting this month.
– Normanton Park has been sold en bloc to Chinese firm Kingsford Huray Development for $830.1m or 4% above its reserve price.
– Inclusive of development charges, this works out to a land price of $969 psf ppr for the 667,368 sf site, which can yield a total gfa of 1.4m sf accommodating 1,200 new homes.
– This is the 12th residential collective sale sealed this year, reflecting the mad scramble among land-hungry developers.
– Top picks are UOL (TP: $9.43), GuocoLand (TP: $2.75) and City Dev (TP: $12.05).
– Awarded a contract from Soilbuild Group to erect a 7-storey single-user general industrial factory development for $50.4m.
– Works expected to be completed by 3Q19 and will lift order book to $574.2m.
*Croesus Retail Trust
– Scheme of arrangement to take the Japanese mall landlord private at $1.17/unit has been sanctioned by the Court.
– Last day of trading will be on 10 Oct, with expected payment to unitholders will be no later than 26 Oct. Counter will be delisted on 27 Oct.
– Enlists CIMB Securities to place out 47.5m new shares representing 10% of its existing share capital at $0.255 apiece or 5.6% discount to the last close,
– Net proceeds of $11.9m will be used to for general working capital purposes.
– The steel engineering group is loss-making and trades at 0.44x P/B.
– Acquiring a second land plot, adjacent to its previous purchase, in Kuala Lumpur, Malaysia, for RM4.95m.
– The 99 year-leasehold site has an area of 1,533.5 sqm.
– Last traded at 35.81x trailing P/E.
– Proposed acquisition of 80% stake in each of Hebei Xingrun Shengwu Keji Gufen, Chengde Purun Shengwu Zhiyao and Benchmark Trade, for Rmb120m ($24.5m) or 25% below independent valuation.
– The three firms are involved in the development, manufacture and sale of animal feed and related products in China.
– The move will help the group expand and strengthen its foothold in the agribusiness and food industry in China.
– The pig farmer and pork processor has been loss-making for the past two years.
– Signs MOU with Temasek Polytechnic to collaborate on training and R&D, relating to aquaculture and biomedical sciences.
News for today 6/10/2017:
– Five Things You Need to Know to Start Your Dayhttps://www.bloomberg.com/news/articles/2017-10-05/five-things-you-need-to-know-to-start-your-day-j8f0juaj
– Oil rises 2%, boosted by potential Opec deal http://www.businesstimes.com.sg/energy-commodities/oil-rises-2-boosted-by-potential-opec-deal?xtor=CS3-25
– US stocks end at fresh record peaks; Nasdaq up 0.8 per cent http://www.straitstimes.com/business/companies-markets/us-stocks-end-at-fresh-record-peaks-nasdaq-up-08-per-cent?xtor=CS3-18
– US trade deficit narrows as exports hit 2.5 year high http://www.straitstimes.com/business/us-trade-deficit-narrows-as-exports-hit-25-year-high?xtor=CS3-18
– Trump jolts markets with remarks about erasing Puerto Rico’s massive debt http://www.straitstimes.com/business/companies-markets/trump-jolts-markets-with-remarks-about-erasing-puerto-ricos-massive-debt?xtor=CS3-18
– Fitch joins S&P in issuing Catalonia debt downgrade warning http://www.businesstimes.com.sg/government-economy/fitch-joins-sp-in-issuing-catalonia-debt-downgrade-warning?xtor=CS3-25
– Australian retailers suffer worst sales in 4½ years as hefty mortgages push up household debt http://www.straitstimes.com/business/economy/australian-retailers-suffer-worst-sales-in-412-years-as-hefty-mortgages-push-up?xtor=CS3-18
– Singapore, Thailand discuss e-payment alliance for digital push http://www.straitstimes.com/business/economy/singapore-thailand-discuss-e-payment-alliance-for-digital-push?xtor=CS3-18
– Model Factory to help SMEs test production line solutions http://www.businesstimes.com.sg/companies-markets/model-factory-to-help-smes-test-production-line-solutions?xtor=CS3-25
– ‘Gig economy’ cushioning impact of weak job market: Maybank Kim Eng report http://www.straitstimes.com/business/economy/gig-economy-cushioning-impact-of-weak-job-market-maybank-kim-eng-report?xtor=CS3-18
– Harnessing new blockchain tech for inter-bank payments http://www.straitstimes.com/business/banking/harnessing-new-blockchain-tech-for-inter-bank-payments?xtor=CS3-18
– Normanton Park sold en bloc for $830.1 million http://www.straitstimes.com/business/companies-markets/normanton-park-sold-en-bloc-for-8301-million?xtor=CS3-18
– Selling en bloc: Cairnhill Mansions jumps on bandwagon for the fifth time, with $362 million guide price http://www.straitstimes.com/business/property/cairnhill-mansions-jumps-on-en-bloc-bandwagon-for-the-fifth-time-with-362-million?xtor=CS3-18
– S’pore’s hotel market draws investors http://www.businesstimes.com.sg/real-estate/spores-hotel-market-draws-investors?xtor=CS3-25
– Second-liner property stocks now in play http://www.businesstimes.com.sg/companies-markets/second-liner-property-stocks-now-in-play?xtor=CS3-25
– 10 largest Catalist stocks beat blue chips: Report http://www.straitstimes.com/business/10-largest-catalist-stocks-beat-blue-chips-report?xtor=CS3-18; Some Catalist stocks shine, but traps lurk http://www.businesstimes.com.sg/stocks/some-catalist-stocks-shine-but-traps-lurk?xtor=CS3-25
Stocks to watch today 6/10/2017:
– Far East Group last close $0.081, 52wk high/low $0.11/$0.018- Company inks deal to buy S$22.5m property at Ubi Avenue 3 http://www.businesstimes.com.sg/companies-markets/far-east-inks-deal-to-buy-s225m-property-at-ubi-avenue-3?xtor=CS3-25
– OCBC last close $11.25, 52wk high/low $11.49/$8.33 – Bank joins fixed-rate home loan battle http://www.businesstimes.com.sg/banking-finance/ocbc-joins-fixed-rate-home-loan-battle?xtor=CS3-25
– SIA Engg last close $3.22, 52wk high/low $4.15/$3.15 – SIAEC struggles to recover from 6-year low despite buyback http://www.businesstimes.com.sg/companies-markets/siaec-struggles-to-recover-from-6-year-low-despite-buyback?xtor=CS3-25
– United Food Holdings last close $0.37, 52wk high/low $0.41/$0.025 – Company to buy 80% stakes in 3 animal feed-related companies for 120m yuan http://www.businesstimes.com.sg/companies-markets/united-food-to-buy-80-stakes-in-3-animal-feed-related-companies-for-120m-yuan
– Yongnam last close $0.27, 52wk high/low $0.31/$0.193 – Company to place S$12.1 million of shares at S$0.255 apiece for working capital http://www.businesstimes.com.sg/companies-markets/yongnam-to-place-s121-million-of-shares-at-s0255-apiece-for-working-capital?xtor=CS3-25
Oversea-Chinese Banking Corporation (OCBC SP/BUY/S$11.25/Target: S$13.38)
At A Glance
Addvalue Technologies: Partners to trial app for fishing vessels, eye market size of 500.
Micro-Mechanics: CEO gives S$435,000 of own shares to family charity.
SIA Engineering Company: Conducts largest one-day share buyback in a year as stock slumps.
United Food Holdings: To buy 80% stakes in 3 animal feed-related companies for Rmb120m.
Yongnam Holdings: To place S$12.1m worth of shares at S$0.255 apiece for working capital.
Click on the link for details.
Click on the link for details.