The conclusion of Iran's nuclear deal has path the way for Iranian oil to re-enter the global market after nearly 2 decades of sanctions. Oil price rebound a little higher despite this to USD58.5pbl on speculation Iranian oil will come into the market at a gradual pace. Iran will be able to add 300k-500k pbd to the market within 6 to 12 months, this according to a former sanctions official at the U.S. State Department. Technically, we see Brent cap between USD50- 53pbl as downside support to USD60-61pbl as upside resistance in the weeks ahead. The muted oil price continues to be positive for airlines (SIA and Tiger Airways) which are also earnings recovery plays. 

With Grexit worries out of the way and China markets stabilized, attention returns to US interest rates, corporate earnings and economic data. For Asia this morning, attention turns to China 2Q GDP (consensus forecast 6.8% y-o-y), retail sales and industrial production. 

CapitaLand (CAPL) announced the divestment of Bedok Mall for S$780m to its managed REIT, CapitaLand Mall Trust (CMT). The agreed price is close to the latest valuation of S$775m (by CBRE) as of 30th Jun'15. The divestment price implies an exit per square foot (psf) price of c.S$3,500 and an exit yield of 5.1%, which we believe is attractive. CAPL will receive net proceeds of c.S$464m including 72m new units of CMT post repayment of existing debt. We understand that the group is also expected to reap net gains of c.S$30m from this divestment. Maintain BUY, TP S$4.11, based on 20% discount to RNAV. CAPL's ability to actively reconstitute its portfolio through active asset management and strategic divestments of assets into its managed REITs or managed funds will be a key driver for the company to maintain a lean and robust balance sheet going forward.

Sembcorp Marine (SCM) has entered into an Engineering and Construction contract worth approximately US$1bn with Heerema Offshore Services B.V. (HOS) to build a new semisubmersible crane vessel (NSCV). This follows an earlier exclusive letter-of-intent signed between SCM's wholly owned subsidiary Jurong Shipyard and HOS in March this year for the NSCV. The vessel is scheduled for delivery in the fourth quarter of 2018. 

Viva Industrial REIT has entered into a non binding memorandum of understanding (MOU) with GKE Warehousing & Logistics for the proposed acquisition of the property located at 30 Pioneer Road. The proposed acquisition shall be at a price and on terms to be agreed between the parties.

Spackman Entertainment Group has entered into a Business Partnership Agreement with National Arts Entertainment and Culture Group, with a common objective to collaborate on and promote each other's entertainment‐related businesses. 

Oil & gas engineering solutions provider NauticAWT launched its initial public offering (IPO) for a Catalist listing to raise funds to expand its operations, and to boost its regional standing to pursue new global projects. NauticAWT is offering 28m shares, with one million shares under a public offer and 27m shares for placement. The shares, at 20 Singapore cents each, are priced at a historical price-earnings ratio of approximately 5.87 times.