Towards Financial Freedom
DBS Equity Research: Wired Daily 4 Apr 2016
STI - Short-term support levels marginally tweak to 2785 & 2730, otherwise no change in view
We maintain our view that STI's rally has stalled at 2910 and the short-term trend has turned sideways in the weeks ahead. We marginally tweak pullback support to 2785 and 2730 and keep resistance at 2920. The 2 events to watch this week are the release of the Singapore Manufacturing PMI for March today and the FED minutes of the March FOMC meeting on Wednesday.
On Friday, US stocks rallied after March non-farm payrolls came in better-than-expected at 215k (consensus 205k) while the unemployment rate inched up to 5% from 4.9% as more Americans returned to the labour force, which is a sign of confidence in the jobs market.
Cash company Jaya Holdings announced that it has entered into a non-binding term sheet for the proposed acquisition of Papua New Guinea-based financial institution Heduru Moni's entire equity interest for S$237.6m. Heduru Moni is the largest micro-lender in the country, engaging in the provision of personal loans, asset financing, term deposits and foreign currency payments. Jaya plans to finance the acquisition through the allotment and issuance of 297m new shares at the issue price of S$0.60 per share. Jaya became a cash company following the sale of its offshore fleet and shipyards in June last year.
Private equity (PE) deals in the Asia-Pacific market have set new records in 2015 despite the turbulent global economy, an annual report by Bain & Company showed. Deal value spiked 44% last year to an all-time record of US$125 bn - twice the five-year average - with Greater China (China, Hong Kong and Taiwan) accounting for about half of the region's total, growing 56% to US$69 bn. The Internet sector was the most popular, drew a record US$36 bn into 371 Internet-related deals, followed by another US$15 bn in 141 technology companies.
Two separate surveys have indicated that China's manufacturing sector improved in March, as the efforts by the Chinese government to stabilise growth kick in. China's official manufacturing Purchasing Managers' Index (PMI) came in at 50.2 last month, the first expansion in seven months. The Caixin PMI, which is more geared towards small private firms than the official survey, edged up to 49.7 from 48.0.
Source: DBS
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