Towards Financial Freedom
DBSV S'pore Wired Daily 13 December 2013
STI - Technical support at 3015-3040 presents a buying opportunity
The positive outlook for 2014 will be tempered by QE tapering talks, which is likely to be a long-drawn-out event. Risk appetite will stay modest with no re-rating for Asia markets in sight. However, below-historical-average valuations should support markets and stock picking opportunities should be available throughout the year. We expect Asia markets to return 16% in 2014. Overall, our regional strategist thinks that North Asia markets will likely outperform in 1Q14 while Singapore market maintains at Neutral.
For the STI, the technical support at 3015-3040 presents a buying opportunity. This support level, which was briefly tested yesterday, is just below the -0.5 SD FY14F level of 3043. The -0.5SD level was only breached once last year in June, also on the uncertainty over QE3 tapering.
Sheng Siong Group acquires the commercial premises situated at Block 71 Kallang Bahru #01-531 for S$13.5m. The property has a floor area of approximately 779 sq m and is located within a two storey shopping complex. The Group intends to use it for the operation of a supermarket following the expiry of an existing tenancy.
Yomahas set up a second after-sales service centre for Mitsubishi vehicles in Myanmar. The announcement came shortly after the company also announced its involvement in building telecommunications towers and a new property deal. This after-sales service centre allows Yoma's joint venture with Mitsubishi Motors Corp, Mitsubishi Corp and First Myanmar Investment Co to service almost 80% of Mitsubishi vehicles in the country.
Frasers Centrepoint Trust (FCT) has issued S$60m 2.535% Notes due 2017. The Notes have been assigned a rating of "BBB+" by Standard & Poor's Rating Services. The Notes will mature on 12 December 2017 and bear a fixed interest rate of 2.535% per annum payable semi-annually in arrear. The proceeds will be used to refinance existing borrowings, to finance/refinance the investments of FCT and any asset enhancement works and also for general working capital purposes.
Keppel Reit has achieved full occupancy at its five Singapore properties, after Ocean Financial Centre (OFC) became fully leased. Both the office and the newly completed retail space at OFC have been completely taken up.
JES International kickstarts its maiden offshore project with the commencement of the steel cutting for its first two Platform Support Vessels (PSV) at its shipyard located in Jingjiang City, China. The two PSVs will be delivered in 4Q2014 and 1Q2015.
KSH Holdings has been awarded a S$42.5m construction contract by United World College of South East Asia (UWCSEA). Under the contract, the Group will carry out work on the proposed addition of 1 block of five-storey building with other ancillary works to the existing UWCSEA campus at Dover Road. Construction is expected to commence in December 2013, with completion expected within 20 months. Year-to-date, KSH has won construction projects amounting to S$343.6m in Singapore and RMB157m in Beijing, China. KSH's existing construction order book, which stands at more than S$430m, is expected to contribute to the Group's financial results up till FY2016.
ITE Electric expects to record an increase of loss and asset impairment for FY13 as compared to FY12, primarily attributable to trading losses and declines in the value of its financial assets.
In US, stocks eased despite better than expected retail sales. Initial jobless claims rose to 368,000 last week, higher than what economists were expecting.
Source: DBSV
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