A modest up session is seen for the STI today with US 10-yr bond yield pulling back slightly to 2.64% from 2.74% and the MSCI Singapore futures tracking a modest gain. It's still the same story, one of US recovery hopes offset by concerns about China's slowdown, liquidity crunch & overcapacity in various sectors. After the bell in US trade, Alcoa reported 2Q quarterly earnings that beat consensus estimates by a cent while top line also exceeded expectations. Meanwhile, China releases its June CPI (consensus +2.5% y-o-y) and PPI (consensus -2.6% y-o-y) at 9:30am.

Volume growth at Hutchison Port Holdings Trust terminals in HK has been below par so far in FY13, with the port workers' strike in April adding to the woes. But the worst should be over and even though Europe trade remains weak, US volumes show relatively positive signs and upcoming peak season should provide more visibility for investors. Our analyst has revised down FY13/14F DPU by 8%/6% to 5.3UScts/ 5.9UScts, given lower volume estimates. 1H13 DPU could be around 2UScts, and should improve in 2H13 in line with trade flows. Maintain BUY with lower TP of US$0.82 (Prev US$ 0.87). HPHT share price has corrected significantly in line with market sentiment, and we believe it has more than priced in lower DPU expectations.

Global Logistic Properties announced a new development costing an estimated S$199m in the Japanese city of Nishinomiya in Hyogo Prefecture. Construction on the fivestorey facility, GLP Naruohama, is expected to begin next May on a 48,000 square metre plot of land, and is planned for completion by June 2015. It will have a net lettable area of 92,000 square metres. GLP Naruohama is GLP's 21st facility in the Greater Osaka region.

Moya Asia has entered into an agreement to undertake the design, build, operation, maintenance and transfer (BOT) of a drinking water treatment plant, dam and distribution pipes as well as the sale of the treated water in Indonesia. The total investment value of the BOT project is estimated to be US$20m.

Mandatory unconditional cash offer for Viz Branz at S$0.78 per offer share after the controlling stake holder and concerted group own 58.09% of the total number of issued shares. The offer price represents a premium of 11.4% over the last traded price.

Sunpower Grouphas secured a RMB253.5m engineering procurement and construction (EPC) contract. Expected to be completed by 2015, this contract win is by far the largest that the China-based heat transfer technology company has secured for its energy saving and environmental protection systems business segment, following a recent RNB130m EPC.

Blumont Group has entered into a conditional agreement with Cokal to venture into the coal sector. It will take a 12.75% stake in Cokal for A$9.6m.

Mirach Energy has entered into a convertible loan agreement for a total loan of up to $36m. The loan bears a flat interest rate of 7% and matures two years from the date of the first drawdown. Mirach intends to use proceed to repay the $16.9m in principal amount of 3% senior convertible bonds due 2014 and the balance to expand the company's business.

Source: DBSV