SGX Singapore Opening Market Update : Epic Research Singapore

SINGAPORE share prices opened higher on Monday with the Straits Times Index up 8.61 points or 0.29 per cent to 2,953.96 as at 9.10am, following a Wall Street rebound on Friday.

US stocks had rebounded after dipping on Thursday following a nine-day march. Telecom and utilities sectors, each rising 1.3 per cent, had led the Wall Street march on Friday.

US crude fell 56 cents or 1.2 per cent to settle at US$44.18. Brent was down 51 cents or 1.1 per cent at US$45.69.

Some 64 million shares worth S$85 million changed hands on Singapore bourse, with gainers outnumbering losers 102 to 56.

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ZICO unit granted capital markets services licence by MAS

ZICO Holdings Inc. announced that ZICO Capital has been granted a capital markets services (CMS) licence by the Monetary Authority of Singapore on July 13.

The licence will allow ZICO Capital to conduct the regulated activity of advising on corporate finance.

Among other responsibilities, ZICO Capital may give advice to persons on compliance with laws or regulatory requirements, including the listing rules of Singapore Exchange relating to the raising of funds

ZICO Capital can also provide advice to persons making an offer to subscribe for or purchase of securities or to sell or dispose of securities and advise on arrangement, reconstruction or take-over of a corporation or of any of its assets or liabilities.

The grant of the CMS licence is not expected to have any material impact on the group’s earnings per share and net tangible asset per share for the financial year ending December.

ZICO Holdings closed flat at 28 cents.

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Lum Chang unit wins $61 mil contract from Mapletree

Lum Chang Holdings announced wholly owned subsidiary, Lum Chang Building Contractors, has won a contract to build a 14-storey high-specification industrial building and provide asset enhancement woks to three existing buildings.

The contract valued at $60.8 million, was awarded by DBS Trustee on behalf of Mapletree Industrial Trust. Located at the junction of Boon Keng Road and Kallang Place, the new building will have a 14-storey multi-user block and a two-storey carpark. The upgrading works for the three existing buildings will include lift lobbies and corridors, and the modernisation of lifts and lift car replacements.

The contract period is for 19 months and will be carried out over seven phases. Work will start next month.

Lum Chang says the latest contract is not expected to have a material financial impact on the group's profits for the current financial year but will bring Lum Chang's total outstanding value of construction projects still in progress to $558 million.

Shares of Lum Chang closed unchanged at 36 cents.

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SGX Singapore Closing Market Update : Epic Research Singapore

WALL Street's consecutive all-time highs between Monday and Thursday provided the backdrop for a firm week for the Straits Times Index (STI) during which it gained 20 points or 0.7 per cent at 2,945.35, of which 4.87 points came on Friday. The index has now gained 2.2 per cent for the year so far.

Turnover on Friday was below average at 1.1 billion units worth S$949.4 million, the week's high coming on Wednesday when S$1.2 billion was transacted. Excluding warrants, Friday's advance-decline score was 167-184 so the session was more mixed than the index's reading might indicate.

Much of the index's support during the three-week rally that surprisingly ensued after "Brexit" or Britain's vote to exit the European Union, has come from Singtel and Thai Beverage, with help from the Jardine Group. Friday's gain for instance, came largely thanks to a S$0.07 jump in Singtel to S$4.30 that came with 21.7 million traded, a jump that added about seven points to the STI.

Elsewhere within the index, palm oil firm Wilmar International's Wednesday profit warning - though not wholly surprising since the company had earlier said that it expected a difficult quarter - nevertheless brought the sellers out in droves. Wilmar started the week at S$3.31 but ended at S$3.08, a loss of S$0.23 or 7 per cent that came in heavy trading throughout.

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SGX Singapore Closing Market Update : Epic Research Singapore

WALL Street's consecutive all-time highs between Monday and Thursday provided the backdrop for a firm week for the Straits Times Index (STI) during which it gained 20 points or 0.7 per cent at 2,945.35, of which 4.87 points came on Friday. The index has now gained 2.2 per cent for the year so far.

Turnover on Friday was below average at 1.1 billion units worth S$949.4 million, the week's high coming on Wednesday when S$1.2 billion was transacted. Excluding warrants, Friday's advance-decline score was 167-184 so the session was more mixed than the index's reading might indicate.

Much of the index's support during the three-week rally that surprisingly ensued after "Brexit" or Britain's vote to exit the European Union, has come from Singtel and Thai Beverage, with help from the Jardine Group. Friday's gain for instance, came largely thanks to a S$0.07 jump in Singtel to S$4.30 that came with 21.7 million traded, a jump that added about seven points to the STI.

Elsewhere within the index, palm oil firm Wilmar International's Wednesday profit warning - though not wholly surprising since the company had earlier said that it expected a difficult quarter - nevertheless brought the sellers out in droves. Wilmar started the week at S$3.31 but ended at S$3.08, a loss of S$0.23 or 7 per cent that came in heavy trading throughout.

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CapitaLand Mall Trust's 2Q DPU up 1.1% to 2.74 cents

CapitaLand Mall Trust (CMT) on Friday reports distribution per unit (DPU) rose 1.1% to 2.74 cents compared to 2.71 cents in the same period last year.

2Q16 distributable income increased 3.3% to $97.1 million, on the back of higher gross revenue and net property income (NPI), which grew 7.1% and 6.0% respectively.

In an SGX filing before trading opened on Friday, CMT said this was mainly due to a contribution of $14.5 million to gross revenue from Bedok Mall which was acquired on 1 October 2015, and higher rental revenue achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza after their asset enhancement initiatives.

Gains were partially offset by the absence of recurring income following the divestment of Rivervale Mall in December 2015, and lower gross revenue from Funan DigitaLife Mall as the mall wound down its operations for redevelopment.

For the first half of 2016, DPU grew 1.5% to 5.47 cents while distributable income rose 3.7% to $193.9 million.

“Despite a soft retail market, CMT continued to produce steady operational results in the first half of 2016,” says Wilson Tan, CEO of CMT’s manager, CapitaLand Mall Trust Management Limited.

“Backed by our portfolio of well-located shopping malls and extensive network of retailers, CMT registered year-on-year increases of 3.6% and 2.3% in shopper traffic and tenants’ sales per square foot respectively. As at 30 June 2016, portfolio occupancy remained high at 97.9%.” Tan adds.

Looking ahead, Tan says Funan DigitaLife Mall, which closed from 1 July 2016, will embark on three years of redevelopment works to enhance its attractiveness as a lifestyle destination in the revitalised Civic and Cultural District.

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Keppel, SATS, CMT, Suntec REIT, A-REIT, CIT

Here are some stocks that could move the market this Friday morning:

Keppel Corporation saw its second quarter profit slump by 48% to $205.78 million, on the back of lower revenue contributions from its offshore and marine and infrastructure divisions. Second quarter revenue was down 37% to $1.63 billion, on $860 million decline in offshore and marine's revenue to $720 million, and $137 million decline in infrastructure's revenue to $404 million. Shares in Keppel Corp closed at $5.58 on Thursday, down two cents.

SATS’s, the airport groundhandler, saw earnings grow 29.2% in the first quarter, boosted by a one-time gain from the sale of property. The firm recorded net profit of $64.1 million for the three months ended June 30, up from $49.6 million a year ago. Group revenue inched up 1.8% to $424.2 million, on the back of stronger volume growth across stations in key locations. SATS made a gain of $9.3 million on the disposal of its Senoko property which was completed on June 30. SATS closed 0.5% higher at $4.35.

Capitaland Mall Trust (CMT) reported a 3.3% rise in its second-quarter distributable income to $97.1 million, lifted by higher revenue. Distribution per unit (DPU) for the three months ended June 30, 2016, was 2.74 cents. Revenue in Q2 came in at $170.9 million, up 7.1% year on year, mainly due to a contribution of $14.5 million from Bedok Mall which was acquired last October, and higher rental achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza, after completion of asset enhancement initiatives in FY2015. CMT closed 1.4% higher at $2.22.

Suntec REIT on Thursday reported distribution per unit (DPU) of 2.501 cents for the second quarter ended June 30, almost unchanged from 2.5 cents a year ago, buoyed by proceeds from the disposal of Park Mall. Gross revenue slipped 3.1% to $78.94 million while net property income fell 7.5% to $52.67 million. Suntec REIT closed flat at $1.78.

Ascendas REIT on Thursday posted a distribution per unit (DPU) of 3.996 cents for its first quarter ended June 30, 2016. This was 4% higher than the 3.841 cents it paid out in the corresponding quarter a year ago. Gross revenue rose 15% to $207.6 million due to the acquisition of the Australian portfolio and One@Changi City, while net property income rose 20.3% to $149.5 million. The REIT finished unchanged at $2.49 on Thursday.

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Ezra’s EMAS CHIYODA Subsea wins US$1.6 bil Saudi Aramco contract

Ezra Holdings says EMAS CHIYODA Subsea has jointly won  a contract by Saudi Aramco with Larsen & Toubro Hydrocarbon Engineering (LTHE).

The contract, valued at over US$1.6 billion ($2.2 billion), will see EMAS CHIYODA Subsea and LTHE provide integrated Engineering, Procurement, Construction and Installation (EPCI) services for the development of the second phase of the Hasbah Offshore Gas field.

EMAS CHIYODA Subsea is a 50:50 joint venture company owned by Ezra and Chiyoda Corporation. EMAS CHIYODA Subsea’s scope takes up close to 40% of the contract value.

The consortium will be involved in the main construction of two streams of three wellhead platform topsides, one tie-in platform with flare platforms and bridges tied together by umbilicals and in-field pipelines.

Situated off the coast of Saudi Arabia, the project is scheduled to be completed over a period of three and half years and will serve Saudi Aramco’s strategy to supply an additional 2,500 MMSCFD of clean natural gas through the Fadhili Gas Plant to meet Saudi Arabia’s growing domestic energy demand.

The onshore engineering and fabrication component of the project has started and the offshore execution phase is expected to start in the fourth quarter of calendar year 2017.

Shares of Ezra last traded at 6 cents.

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SGX Singapore Opening Market Update : Epic Research Singapore

SINGAPORE stocks opened on a downbeat note on Friday following Wall Street's tumble overnight.

The benchmark Straits Times Index opened down 8.91 points or 0.3 per cent at 2,931.57.

Three minutes into morning trade, some 49.3 million shares worth S$72.2 million had changed hands, with losers outnumbering gainers 71 to 37.

Among the most active counters were Geo Energy, Ezra Holdings and Sembcorp Marine.

US equity markets have soared the last three weeks as they shook off worries about the British vote to leave the European Union.

But the rally ended on Thursday as US stocks tumbled, pulled down in part by disappointing earnings reports from Dow members Intel and American Express.

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SGX Singapore Closing Market Update : Epic Research Singapore

Singapore shares close mixed - STI down but nearly even gains/losses in broad market

THE Straits Times Index (STI) drifted within a narrow band for most of Thursday's session before finishing with a 5.26-point loss at 2,940.48. Turnover amounted to 966 million units worth S$1.05 billion which was lower than the previous S$1.2 billion, and excluding warrants there were 215 rises versus 209 falls throughout the market.

Market observers said the index, having jumped more than 7 per cent since the UK voted to leave the European Union on June 23, is now at a crossroads of sorts and likely to "consolidate" given that bond yields are at all-time lows versus US stocks at all-time highs.

Wall Street ended Wednesday with the seventh all-time high for the Dow Jones Industrial Average and the sixth for the S&P 500 in eight sessions, performances largely attributed to hopes of better-than-expected earnings but more likely because the US Federal Reserve has signalled it will keep interest rates depressed for longer than previously thought.

There are also worries that the post-Brexit bounce in equities globally has come largely because central banks had promised liquidity support and not because of improved fundamentals.

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Epicentre in placement agreement to raise at least $11.5 mil

Catalist-listed Epicentre Holdings, the retailer of Apple computers and products, on Wednesday entered into agreement with placement agent KGI Fraser Securities to find buyers for up to 45.8 million new shares of the company on a “best efforts basis”.

Given that the issue price will not be less than 25 cents per new share, the total amount raised would be at least $11.45 million. The placement shares, if subscribed in full, represent 49.1% of the current share capital of the company.

Half of the net proceeds will be used to support business development and provide liquidity for business expansion while the other half will be used as general working capital purposes.

In March, EpiCentre became the first in Singapore to raise at least $1 million through the crowdfunding platform MoolahSense. The loss-making company raised debt for inventory purchases and general working capital, at an interest rate of more than 10%. The debt will be repaid through the sale of merchandise, EpiCentre told the investors.

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SMRT, Vard, ST Engineering, Ascott REIT, Keppel T&T, CacheLog Trust

Here are some stocks that could move the market this Thursday morning:

SMRT has received an offer of privatisation from state-owned investment holding company Temasek Holdings. Belford Investments, a wholly-owned subsidiary of Temasek, is offering $1.68 in cash for each share, 9.1% higher than SMRT’s last traded price of $1.54 on July 15. With an outstanding issued share capital of about 1.53 billion shares, the offer price values SMRT at about $2.6 billion. As Temasek already owns some 54% of SMRT, the takeover would cost it nearly $1.2 billion. There will be no special dividend arising from the sale.

Offshore and specialised vessels manufacturer Vard Holdings posted a NOK53 million ($8.5 million) loss in earnings in 2Q16 ended June compared to a gain of NOK58 million in the same period last year. The loss was due to the recognition of NOK38 million in restructuring costs incurred in relation to statutory payments pertaining to temporary lay-offs and termination benefits, mainly at Vard Niterói. Vard Holdings closed 0.6% higher at 16.3 cents on Wednesday.

ST Engineering has secured a total of about $650 million worth of contracts in 2Q16 via its electronics arm, ST Electronics. Lee Fook Sun, president of ST Electronics, says the company’s recent 2Q contract wins add up to a total of $1.16 billion of new orders in the first half of 2016 for the company. Shares of ST Engineering closed 1.19% higher at $3.4.

Ascott Residence Trust (ART) posted a 2% rise in distribution per unit (DPU) of 2.13 cents for the 2Q16 ended June compared to 2.09 cents in the same period of last year. Revenue for 2Q16 increased 21% to $119.4 million mainly due to the additional revenue of S$27.8 million from ART’s acquisitions in 2015 and in 2016, which included the Sheraton Tribeca New York Hotel. Ascott Residence Trust closed 0.9% higher at $1.145.

Keppel Telecommunications and Transportation's (Keppel T&T) saw 2Q ended June earnings rise 18.5% to $18.81 million from a year ago. This came on the back of a 2.1% rise in revenue to $50.18 million. Separately, Keppel Data Centres, a subsidiary of Keppel T&T has secured more than $144 million in contracts at two of its data centres, Keppel DC Singapore 3 and Keppel DC Singapore 4. Keppel T&T closed 1.1% higher at $1.42.

Cache Logistics Trust posted a 7.1% decline in distribution per unit (DPU) of 1.989 cents for the 2Q16 ended June compared to 2.14 cents in the same period of last year. This was due to an enlarged units base and a one-off capital distribution of 0.185 cents per unit from the divestment proceeds of Kim Heng Warehouse in 2Q15. Units of Cache Logistics Trust closed 0.6% lower at 87.5 cents.

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Market highlights

1 American bank Morgan Stanley reported a fall in adjusted second-quarter profit to US$1.43 billion (S$1.94 billion) as cost-cutting failed to offset a decline in sales from trading and investment banking, Reuters said.

2 Huan Hsin Holdings is selling its stake in Ideal Project Consultant, which owns an industrial site in Shanghai, to Link JV. Huan Hsin, which is on the Singapore Exchange watch list, is raising money to pay off debt.

3 Nordic Group, which needs to meet the minimum trading price requirement of 20 cents per share, said the six-month average price has been maintained above this level since July 8.

4 Wilmar International bought back two million of its own shares at between $2.97 and $2.99 each. The total amount paid was $5.96 million .

5 ST Engineering 's electronics arm ST Electronics secured about $650 million worth of contracts in the second quarter.

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SGX Singapore Opening Market Update : Epic Research Singapore

FOLLOWING gains on Wall Street and in Europe, the Straits Times Index picked up 5.77 points or 0.20 per cent to 2,951.51 at the start of trading on Thursday.

At 9.02am, 52.8 million shares worth S$75.2 million had changed hands, with gainers outnumbering losers 72 to 51.

Gainers included Hongkong Land, SMRT Corp, Jardine Cycle & Carriage, UOB and DBS Bank.

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SGX Singapore Closing Market Update : Epic Research Singapore

GAINS in Singtel, Thai Beverage and the banks helped propel the Straits Times Index (STI) up 26.2 points or almost one per cent to 2,945.74 on Wednesday.

Turnover rose from Tuesday's S$935 million to 1.2 billion units worth S$1.2 billion, boosted not just by active trading of Singtel but also heavy selling of Wilmar International, which said it expects a loss of US$230 million for its second quarter ended June 30.

Although the STI turned in a strong showing, the broad market did not, recording an advance-decline score of 238-150 excluding warrants.

Wall Street's sixth consecutive all-time high on Tuesday probably played some part in elevating sentiment here, although the Dow futures on Wednesday traded marginally in the red.

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SGX Singapore Opening Market Update : Epic Research Singapore

THE Straits Times Index opened 13.74 points or 0.47 per cent higher at 2,933.28 on Wednesday, after the Dow Jones Industrial Average set a new record for the sixth consecutive day on Tuesday.

As at 9.02am, some 72 million shares worth S$72.6 million had changed hands, with gainers outnumbering losers 67 to 43.

Actively traded counters (by value) at the start of trading included Wilmar International, Thai Beverage, Singapore Press Holdings and Singtel.

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SGX Singapore Closing Market Update : Epic Research Singapore

AFTER having bounced 193 points or 7.1 per cent in the 15 trading sessions since the June 23 Brexit referendum, the Straits Times Index on Tuesday ended with a 9.22-point loss at 2,919.54, dragged lower in line with losses in Hong Kong and the Dow futures.

In the case of Hong Kong, the weakness was reportedly because of concerns over China's growth.
Turnover was a moderate 1.3 billion units worth S$935 million and excluding warrants, there were 158 rises versus 232 falls throughout the whole market.

Within the index, traders noted strong support for Jardine Cycle & Carriage, which ended S$1.03 higher at S$37 on volume of 412,800 shares.

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SGX Stock Recommendations : Epic Research Singapore

MARKET UPDATES :

• The Straits Times Index (STI) ended 3.41 points or 0.12% higher to 2928.76, taking the year-to-date performance
  to +1.60%.

• The top active stocks today were SingTel, which declined 0.94%, DBS, which gained 0.43%, SPH, which declined 5.41%, UOB, which gained 1.01% and OCBC Bank, with a 0.78% advance.

• The FTSE ST Mid Cap Index gained 0.10%, while the FTSE ST Small Cap Index declined 0.08%.

• The outperforming sectors today were represented by the FTSE ST Technology Index, which rose 1.86%. The two biggest stocks of the Index – Silverlake Axis and CSE Global – ended 2.56% higher and 1.08% lower respectively.

• The under performing sector was the FTSE ST Consumer Services Index, which slipped 1.68%. ComfortDelGro Corp shares declined 3.65%and Singapore Press Holdings declined 5.41%..

• The three most active Exchange Traded Funds (ETFs) by value today were:IS MSCI India 100 (-0.28%), STI ETF (+0.68%), DBXT MSCI Indonesia ETF 10 (+0.43%).

• The three most active Real Estate Investment Trusts (REITs) by value were : CapitaCom Trust (+0.64%), CapitaMall Trust (+0.93%), Ascendas REIT (+1.64%).

• The most active index warrants by value today were : HSI21800MBeCW160830 (-5.00%), HSI23800UBeCW161229 (+6.74%), HSI20400MBePW160830 (-10.77%)

• The most active stock warrants by value today were : OCBC Bk MBeCW161004 (+7.41%), DBS MB eCW161031 (+5.38%), UOB MB ePW161003 (-8.60%).

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Asian Stocks Retreat After Six-Day Rally as SoftBank Tumbles

Asian stocks fell from the highest level in three months as Softbank Group Corp. led a slump for phone companies and investors judged the rally spurred by a global equities recovery was overdone.
The MSCI Asia Pacific Index lost 0.2 percent to 133.62 as of 10:08 a.m. in Hong Kong, set to halt a six-day, 4.4 percent gain that sent valuations to near the highest level in almost a year. Softbank tumbled the most in three years in Tokyo after agreeing to buy U.K. based ARM Holdings Plc for $32 billion. A gauge of mainland Chinese shares traded in Hong Kong snapped the longest winning streak in more than a month and Korean shares declined for the first time in seven days.
“The market is taking a pause,” Tony Farnham, a strategist at Paterson Securities in Sydney, said by phone. “There isn’t much of a catalyst out there. People are starting to question if there’s still value in the market following the post-Brexit rally.”
The recent rally boosted the value of shares on MSCI Asia Pacific Index to 13.3 times its 12-month projected earnings, near the the most expensive level since August. Global equities recovered from a rout that wiped out more than $4 trillion in market value since June’s shock U.K. vote to leave the European Union amid expectations policy makers will boost growth. The S&P 500 Index closed at a record for the fifth time in six days, as investors shrugged off concerns over a thwarted coup attempt in Turkey.
“On current sentiment, it seems likely that any pullbacks will be shallow and a buying opportunity,” said Chris Weston, chief market strategist at IG Ltd. in Melbourne. “We will need to see good earnings, or the market is at risk of rolling over.”
Central banks remain in focus as New Zealand’s plan to curb speculation in the housing market boosted chances for an interest-rate cut, while a professor who has collaborated on research with Governor Haruhiko Kuroda said the Bank of Japan has no need to further increase monetary stimulus. The odds the Federal Reserve will tighten monetary policy this year remains low, with traders predicting 41 percent chance rates will rise in December.
Hong Kong’s Hang Seng Index slipped 0.7 percent, halting a six-day rally that brought the benchmark index to the highest close this year on Monday. The Hang Seng China Enterprises Index of mainland stocks traded in the city declined 1 percent, retreating from a three-month high. The Shanghai Composite Index lost 0.6 percent.

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Asia markets mostly up, shrugging off concerns over failed coup in Turkey

Markets in Asia traded mostly up on Monday, ahead of a relatively data-light week in the region, shrugging off the failed military coup in Turkey.

In Australia, the benchmark ASX 200 closed up 28.93 points, or 0.53 percent, at 5,458.50, with most sectors finishing in the green. The materials sub-index, however, closed down 0.13 percent, with major miners falling behind. Shares of Rio Tinto closed down 0.81 percent, Fortescue fell 2.6 percent and BHP Billiton shed 0.74 percent.

South Korea's Kospi index added 3.85 points, or 0.19 percent, to 2,021.11. In New Zealand, the NZX 50 finished up 33.07 points, or 0.46 percent, at 7,105.95.

Hong Kong's Hang Seng index gained 0.66 percent, or 143.93 points, to 21,803.18. Chinese mainland markets fell behind their regional peers, with the Shanghai composite closing down 10.38 points, or 0.34 percent, at 3,043.90, while the Shenzhen composite ended lower by 10.85 points, or 0.53 percent, at 2,027.87.

Markets in Japan were closed for the Marine Day public holiday.

A failed military coup in Turkey to oust President Recep Tayyip Erdogan, which played out over the weekend, sent the Turkish lira tumbling against the dollar and the euro. The dollar was fetching 2.93 lira, after spiking as high as 3.0476 lira, compared with levels below 2.90 lira before the incident.

"Mr. Market woke from the weekend and decided that Turkey's failed coup was a domestic affair which will blow over quite fast. Turkey's still too dependent on foreign funding for comfort and the lira bounce can't go that much further, but the broader market implications are limited," Kit Juckes, a global fixed income strategist at Societe Generale, said in a note Monday.

The Straits Times index in Singapore appeared to have shrugged off the city-state's latest round of export data, edged up 0.06 percent by 4:35 p.m. HK/SIN.

In Singapore, non-oil domestic exports (NODX) fell 2.3 percent on-year in June, compared with an expected 3 percent drop in a Reuters poll. In May, overseas shipments from Singapore unexpectedly jumped 11.6 percent on-year, fueled by gold and pharmaceuticals sales, reported Reuters.

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