Kreuz has secured a subsea installation contract worth approximately US$25m. The project will be executed in Southeast Asia and is scheduled for immediate commencement with estimated completion by 4Q13. This is a second new contract for the year, bringing YTD win to US$40.5m. This represents 23% of our full year assumption of US$174m. Maintain BUY, TP: S$0.58.

Our analyst has downgraded StarHub to Hold as the stock has risen about 17% since our upgrade in November last year, and has exceeded our TP of S$4.30. At current price, positives are already priced in. Negotiations for English Premier League (EPL) rights are underway; but StarHub would need to stem the decline in pay TV customer base. Any potential rise in annual DPS to 22Scts would imply only a 5% yield.

Hongkong International Terminals (HIT), whose port assets are part of the portfolio of Singapore- listed Hutchison Port Holdings (HPH) Trust, says it is losing HK$5m (S$800,000) daily because of the continued impasse between striking dock workers and their contractors. HIT could also face claims from shippers, according to its managing director. Vessels calling at HIT are expected to face delays of up to 60 hours, up from the usual three hours as the stand-off between workers and their contractors continues.

ISDN Holdings has entered into a non-legally binding Memorandum of Understanding with Tun Thwin Mining (TTMCL) to explore joint partnerships in energy opportunities in Myanmar. TTMCL is a Myanmar-based company engaged in the business of coal mining, processing and supply.

Boustead Singaporehas sold a failed manganese mining investment for a slight profit. Boustead said it sold its entire shareholding of 50m shares in OM Holdings via a married deal at 37 Australian cents per share for a total consideration of A$18.5m (S$23.5m). Boustead bought those shares in February 2012 at 35 Australian cents apiece, or A$17.5m in total.

WE Holdings is proposing a renounceable non-underwritten rights cum warrants issue of up to 678.4m new shares at an issue price of S$0.015 for each Rights Share, with up to 678.4m free detachable warrants on the basis of one (1) Rights Share with one (1) Warrant for every one (1) existing share held. Each Warrant carries the right to subscribe for one (1) new share at an exercise price of S$0.030 for each Warrant Share. The proceed is intended to be used towards repayment of bank borrowings, funding the growth and expansion of the company through its proposed new resources businesses in Myanmar, as well as improving the company's general working capital position.

KSH Holdings has been awarded a construction contract worth approximately S$59.9m by Jurong Town Corporation (JTC), for a construction project at Ayer Rajah Avenue. Construction will commence in April 2013 and is expected to be completed by January 2015. With this new project, the existing order book of the Group's construction business continues its uptrend to approximately S$489.0m.

Shares of BreadTalk Group have gained 22% over the past week. The current rally has its roots in Thailand's Minor International (Mint) paying about $8.5m since Jan 9 to raise its stake to 8.9% as at March 21. Mint's restaurants are already in some of the same markets in which BreadTalk operates. Mint owns the ThaiExpress chain of Thai restaurants in Singapore and recently bought the Riverside casual dining chain in China.

Good US economic data this time in factory orders (actual +3%, consensus +2.9%) and more time granted by the 'troika' to Cyprus till 2018 to implement their bailout measures lifted equities overnight. The ADP employment data (consensus 200k) will be released tonight ahead of Friday's employment numbers. In Europe, a slight uptick in final March PMI-manufacturing at 46.8 (flash: 46.6) was nothing to shout about. Our economist believes it only confirm fears that activity in the sector might be turning downhill after a relatively firm January-February.

Source: DBSV