MARKET UPDATES :
- SINGAPORE’s first manufacturing data point this new year was bad news for the sector. Falling to its lowest in close to two years, December’s purchasing managers’ index (PMI) pointed to industrial activity contracting. This, after three months of expansion, showed that Singapore has not after all defied waning production momentum across Asia. The overall PMI reading of 49.6 for last month, down from 51.8 in November, was worse than expected.
- Oil edged up on Tuesday, recovering from a five per cent plunge in the previous session that saw prices touch fresh 5-1/2 year lows in an oversupplied market. Growth in oil supplies showed no sign of abating, with output in Russia hitting a record high in 2014 and exports from Opec’s second largest producer Iraq the highest since 1980.
- SECURITIES trading value fell 25 per cent while derivatives trading volume rose to a record high in 2014, the Singapore Exchange (SGX) announced on Tuesday. Total trading value of securities fell to S$266 billion in 2014, compared to the year before. In 2014, new company listings jumped to 41 from 32 the year before, but total funds raised tumbled 45 per cent toS$3.9 billion. New bond listings increased to a record 521 from 465, and listing value surged 21 per cent to S$213 billion.
- Singapore Airlines – Slower growth well anticipated, lacking catalyst; maintain Neutral-There is no change in our view on Singapore Airlines (SIA) and we maintain our Neutral rating on the stock. We cut our FY3/15-17E EPS forecasts by 19%/17%/18% respectively after factoring in lower passenger yield assumptions and updating capital expenditure and fleet expansion strategy after SIA’s analyst briefing.
0 comments:
Post a Comment