• M1 - +40% Reward vs -5% Risk 
• Cityneon Holdings - 'Avengers' showcasing in the Land Down Under 
• Model Portfolio - Add M1 in Conservative and Dividend categories 
• STI - Guarded rise ahead of BREXIT referendum, nearterm resistances 2835 and 2900 
• US May non-farm payrolls of 38k lowest in nearly 6 years 
• SGX Plans first ETF for Singapore REITs 
• Global Testing proposes dividend of S$0.10/share & capital reduction exercise 
• Ley Choon wins S$2.8mil PUB contract 

Market 

STI - Guarded rise ahead of BREXIT referendum, near-term resistances 2835 and 2900
STI's gradual rise from 2700 to 2800 over the past 3 weeks is in line with our expectation for a 2700 to 2835 range. STI's rise will likely stay guarded pending the 15 June FOMC meeting and 23 June BREXIT referendum outcomes. We see near-term technical resistances at 2835 and beyond that 2900. Expect the STI to be capped below 2900 pending the outcome of the BREXIT referendum.

News 

US May non-farm payrolls of 38k lowest in nearly 6 years 
US non-farm payrolls for May came in at just 38k (April 123k), the lowest figure in almost 6 years. The figure was much weaker than consensus forecast for 160k and raises concern about US growth that may see the FED delaying an increase in interest rates. The report showed a broad hiring slowdown with payrolls decline in construction, manufacturing and mining. Job growth at private service producers slowed with employment climbing by just 61k. Meanwhile, the jobless rate dropped to 4.7%, the lowest since November 2007 as Americans left the labour force. Consensus expectation for a FED rate hike in June crashed to just 4% (from 20% last week) and the expectation for a hike in July fell to 31% (from 69% last week). Attention turns to FED Chair Janet Yellen that will be making a speech about the US economy tonight.

SGX Plans first ETF for Singapore REITs 
SGX is aiming for an ETF for Singapore SReits to be launched in 2H 2016, this according to the head of research and products Chan Kum Kong in an interview with The Business Times. The ETF will track the performance of the SGX S-Reit 20 Index launched last December and aims to provide (through the ETF) a retirement solution for retail investors here. The proposed ETF has yet to secure regulatory approvals.

Global Testing proposes dividend of S$0.10/share & capital reduction exercise 
Global Testing Corporation is proposing a dividend of S$0.10 per share. It is also proposing a round of capital reduction and cash distribution, both at S$0.10 per share. The capital reduction is in the best interests of the company as the cash distribution comprises the issued and paid-up capital in excess of the immediate requirements of the company, this according to a company filing.

Ley Choon wins S$2.8mil PUB contract 
Ley Choon Group Holdings secured a S$2.8mil contract from PUB for the maintenance and servicing of installations in the water supply network in Singapore. The contract will run from 2016 to 2018 and is not expected to have any material impact on the Company's earnings or the net tangible assets for the current financial year ending 31 March 2017

Source: DBS