STI fell below our stated near-term support at 3270 yesterday to end at 3243. With that, it's now at the average 12-mth forward PE level; any weakness from here would start bringing it below. Thus, valuation is no longer expensive. Technically, further weakness from here should find support @ just a tat above 3200, which is where the 200-day exponential moving average is.

Our analyst has raised FY14/15F earnings for Ezion by 3/15% after imputing an additional 4/8 vessels to fleet. The group is poised to ride on the rising demand for liftboat/service rigs in Asia and robust activities in United States Gulf of Mexico (GOM). Ezion offers growth + visibility. It has a unique business proposition that offers fascinating growth and high earnings visibility, with about 90% of its revenue derived from long-term contracts, coupled with an impressive EPS CAGR of 56% in FY12-15F. Maintain BUY, TP raised to S$3.00 (Prev S$ 2.52).

OUE has received the "eligibility to list" for its proposed hospitality and retail real estate investment trust (Reit) IPO. It has not confirmed the size of the listing, though media reports have previously put it at US$600m to US$800m.

Midas announced that its 32.5% owned JV company Nanjing Puzhen (NPRT) and its consortium partners has won a RMB1.1bn metro train contract to supply 174 train cars to Nanjing Metro Line 4 Phase 1 Project, for delivery between 2014 and 2016. This follows a recent win announced on 29 May that NPRT had also won a 56-train car supply project to Shenzhen Line 4 worth RMB420m, for delivery in 2013 and 14. We estimate that these wins would push NPRT's order book to c. RMB9.5bn, which should lead to strong earnings for the JV from this year onwards. At the same time, these recent wins of over 200 train cars for NPRT should also lead to supply contracts for Midas' core business, which we estimate at RMB100m, to add to its current c. RMB700m order book, leading the way for an expected earnings recovery for Midas in 2H13. Maintain BUY, TP S$0.60.

UE E&C has been awarded a sub-contract for electrical services installation and sanitary, plumbing & gas services installation. The total contract sum is about S$21.0m. The contract period is for 30 months and the project is expected to be completed by September 2015.

United Fiber System (UFS) is starting afresh its bid to acquire Jakarta-listed coal miner PT Golden Energy Mines (Gems) through a reverse takeover deal. This follows the termination on May 31 of the original share purchase agreement for UFS to acquire stakes of about 67% and 30% in Gems from PT Dian Swastatika Sentosa Tbk (DSS) and GMR Coal Resources (GMR) respectively. UFS group's financial and operational state of affairs have "materially altered" since the deal was first announced last July; UFS was hit by losses from its construction unit, Poh Lian Construction, which has since been placed under judicial management.

CCM Group is proposing to place 44m new shares at S$0.092 per share, a discount of approximately 9.3% to the last volume weighted average price, to raise gross proceeds of S$4.05m for general working capital purposes.

Hiap Tong is proposing to place up to 50m new shares at S$0.217per share, a discount of approximately 6.4% to the last volume weighted average price. The net proceeds of S$10.6m will be used to fund its capital expenditure and marketing expenses and for general working capital purposes.

US markets fell as uncertainties about when the FED will cut bond purchases continued to weigh on investors' sentiment heading to Friday's job numbers. Last night's ADP employment change was lower-than-expected (actual 135k, consensus 165k) but ISM services came in better (actual 53.7, consensus 53.5). Still our economist notes that the labour sub-component fell 2 full points. This, coupled with the weak ADP employment figure could mean a weaker-than-expected non-farm payroll figure this Friday versus the 162k consensus.

Source: DBSV