CapitaLand (CAPL) aims to launch 5-6 private equity funds with assets under management (AUM) of S$8-10bn by 2020. Leveraging on its established fund management competencies, CAPL will partner with increasingly sophisticated capital partners who are looking to deploy capital in the region. We believe that CAPL is in a position of strength to deliver, given its entrenched real estate management platform totaling S$43.5bn AUM across 16 non-listed real estate funds and five REITs. Ascott Limited also announced a 50/50% US$600m joint venture fund with Qatar Investment Authority (QIA). Total AUM for this fund is estimated to be US$1.2-1.5bn, assuming a 50-70% leverage. The stock trades at an attractive 0.8x P/Bk and we see the gap closing on the back of the group reporting strong results. Maintain BUY call and TP of S$4.11. 

We reiterate our view that Tiger Airways is poised to see its earnings recover firmly this year, driven by higher yields on capacity discipline, and lower jet fuel costs. Having jettisoned its loss making associates and taken painful write-offs, and with the support of parent SIA, we project Tigerair to return to a full-year profit of S$39m and S$55m in FY16 and FY17 respectively, after four consecutive years of losses. BUY Tigerair for its earnings recovery story, with >40% upside to our TP of S$0.42. 

Nam Cheong is issuing S$75m worth of 6.5% three-year fixed rate notes at par under its S$600m multi currency medium term note programme. The notes are expected to be issued on July 23, 2015, and to mature on July 23, 2018. Net proceeds from the issue will be used to partly refinance Nam Cheong's S$110m 6% fixed rate notes due Nov 5, 2015. 

Roxy-Pacific issues the first set of notes from its recently established S$500m debt issuance programme. It will issue S$60m 4.5% three-year notes at par on July 20, 2015, which mature on July 20, 2018. Net proceeds of these Series 1 notes will be used for general corporate purposes, such as repayment or refinancing of existing borrowings, financing investments, general working capital or capital expenditure. 

Singapore quartet of listed developers join forces to acquire a prominent site in Leeds, UK. The consortium, led by Heeton, comprises three other partners - KSH, Lian Beng and Ryobi Kiso. Heeton will hold an effective interest of 55% while KSH, Lian Beng and Ryobi Kiso will have effective interests of 15% each, respectively. The approximately 2.45 acres or 106,722 (sq ft) site located near Leeds City Centre is approved to build over 1 million sq ft of mixed-use development. This development will be a long term project and will be executed in phases. This marks the consortium's second venture in UK, following its maiden acquisition in Hammersmith, London, in March 2015. Going forward, the quartet will continue to look for more opportunities and expand its UK portfolio further. 

Singapore Windsor Holdings proposed to place 11.25m new shares at an issue price of S$0.3555 per Placement Share, amounting to an aggregate consideration of approximately S$4m. The proceeds will be used to fund the construction of telecommunications towers for Ooredoo Myanmar and for general working capital purposes. 

Singapore's 2Q GDP grows 1.7% y-o-y, below market expectations of a 2.4% growth. This was also slower than the 2.8% growth seen in 1Q. Growth in the manufacturing sector contracted 4% y-o-y, a worse performance from Q1's 2.7% decline. This was largely due to a fall in output in the biomedical manufacturing and transport engineering clusters. Services eased to 3% on a year-on-year basis, lower than the 4.2% growth in the previous quarter. This was mostly due to slower expansion in the wholesale & retail trade and business services sectors, as well as a contraction in the transportation & storage sector. On a seasonally-adjusted quarter-onquarter annualised basis, overall GDP contracted 4.6%, a reversal from the annualised 4.2% growth in the preceding quarter. The market had been expecting a quarter-on-quarter contraction of 1.5%. 

China trade rebounded in June with exports in positive territory for the first time in four months, but overall trade figures for the first six months of the year point to sluggish global shipments. Exports were up in June 2.1% after three months of contraction, while imports fell 6.7%, a smaller drop than the previous month. For June, China had a trade surplus of US$46.5 bn, down from May's US$59.5 bn due to better than expected imports. 

US markets rallied in reaction to news that Greece finally reached an agreement with its creditors. Greek Prime Minister surrendered to European demands for immediate action to qualify for up to €86bil of aid he needs to keep his country in the Eurozone. The Greek parliament has until Wednesday to pass into law key creditor demands including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs. Fed chair Janet Yellen delivers her semiannual testimony to Congress on Wednesday and Thursday. She had said last week she still expects to raise interest rates this year and repeated that the subsequent pace of increases will be gradual.