STI should keep above the 2980 immediate support in the current session as investors await the outcome of the ECB policy meeting tonight. Any rebound in coming sessions is likely to be capped at/below the 3040 immediate resistance.

Market expects Mario Draghi to announce plans to buy bonds (mainly of Spain and Italy); there is no target yield for these bonds (tough in theory, tougher in practice) and purchases come only after countries formally apply for aid and with strings attached. Our economist says this won't solve Europe's problem but will once again 'kick the can down the road' for another 3-6 months, giving European leaders a little more time to come up with a better solution. No light yet as to how this crisis will eventually turn out, just more time buying.

UOB regional platform is taking shape. UOB's regional aspirations became apparent from 2008 with groundwork in some operations starting from 2006. Singapore banks need to regionalise to enhance earnings. While UOB should be able to gain traction in its regional corporate banking segment, which is already showing results, its regional wealth management efforts may take more time, in our view. Maintain HOLD; TP S$21.00. UOB has been the best performing bank in Singapore with share price rising 35% YTD 2012. We believe positives are largely priced in and see limited upside at current levels.

Ezion has been reported to be looking to raise additional funds via the issuance of perpetual securities. The initial pricing is said to be around 8%; quantum of issue was not disclosed. We view this development positively as it indicates Ezion's still robust project pipeline. We believe these funds will be deployed to new projects that can yield >30% return on equity (ROE), in line with past projects secured.

Global Logistic Properties has signed a pre-lease expansion agreement for 74,000sm of GFA at GLP Park Wuqing in Tianjin with a leading global e-commerce retailer. The project is the second phase of GLP Park Wuqing, expected to complete later this year. This significant pre-lease contract demonstrates the still robust appetite for modern logistics warehouse space from sectors catering to domestic consumption in the country and highlights GLP's ability to provide logistics warehouse solutions to its tenants. We continue to like GLP for its strong leadership position in the China and Japan as well as strong earnings visibility coming from its landbank and land reserve pipeline. Maintain BUY, TP S$2.60.

CapitaMalls Asia is acquiring a new shopping mall in Wuhan, China ' its third in the city. The mall will enjoy good connectivity with a direct link from the basement to Zhou Jia Da Wan, station on Metro Line 4, which will be operational in 2013. On a completed basis, the total investment cost of the shopping mall is expected to be about RMB1,156m, or about RMB16,354 (S$3,229 /HK$19,996) per sq m of GFA.

Cambridge Industrial Trust has received several offers for the proposed en-bloc sale of 63 Hillview Avenue. However, no contract was eventually concluded. The group believes that CIT's interest at 63 Hillview Avenue, having freehold status, is a valuable piece of real estate and will continue to pursue strategies that are consistent with its objective of maximising unitholders' returns, including a possible en-bloc sale under the Collective Sale Agreement which expires on 1 May 2013.

Source: DBSV