Towards Financial Freedom
DBS Equity Research: Wired Daily 30 Mar 2016
A technical rebound as Yellen signals caution to rate hikes
Sembcorp Industries - To supply power to Myanmar for 22 years
U.S. stocks rose, commodities gained while the USD and bond yields fell after FED Chair Janet Yellen signaled the central bank remains wary of raising interest rates amid threats to American growth from a slowing global economy. Yellen indicated that deteriorating world growth warrants a slow approach to tightening monetary policy. With the latest comments, consensus now expects the FED to hold rates steady in April and pegs just a 30% chance for a June rate hike, down from 40% a week ago. Expects stocks in Singapore to rebound following the comments by Yellen and the decline in the USDSGD.
Sembcorp Industrieshas signed a long-term power purchase agreement (PPA) with Myanmar Electric Power Enterprise (MEPE) for the supply of 225 megawatts of power for a period of 22 years. The power to be supplied will be produced by Sembcorp's upcoming power project in Myingyan, Mandalay.
Nam Cheonghas received a notice of termination /cancellation from Petra Offshore Limited (POL), a whollyowned subsidiary of Perdana Petroleum Berhad, purporting to terminate/cancel the contract in relation to the sale of one unit of accommodation work barge entered in June 2014. The purported termination/cancellation of the contract is expected to have an impact to the earnings of the Group for FY Dec 16.
Nera Telecommunicationshas received contracts of approximately S$13.8m in aggregate. The contracts are in relation to the supply, delivery, installation and maintenance of IP network equipment for a leading regional telecom and cellular operator in the Asia Pacific region.
Karin Technology announced that its 60%-owned subsidiary, KCF A Store (KCF) which engages in the selling of Apple products and accessories through its In-Smart retail shops has issued a termination notice to Apple Asia to terminate the Apple Authorised Reseller Agreement in relation to the selling of Apple products, with effect from 30 June 2016. Due to the current challenging business environment, the Group has decided to focus on other areas.
The controlling shareholder of Japanese integrated engineering and IT services provider Xyec Holdings is planning to take the company private. Tokyo-listed Mamezou Holdings, which owns 59.92% of Xyec, is offering 30 Singapore cents per share for all Xyec shares that it does not own. This represents a 50% premium over Xyec's last traded price of 20 Singapore cents on March 22.
Source: DBS
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