SINGAPORE STOCK INVESTMENT MARKET UPDATE

Singapore shares opened higher on Thursday after a one-day local holiday and a mixed showing on Wall Street overnight.

The benchmark Straits Times Index rose 11.75 points to 3,261.72 at 9.01am.

Some 105.6 million shares worth S$190.9 million were traded, with gainers outnumbering losers 87 to 48.

The following stocks may be in focus today:

Frasers Centrepoint Limited: It marked a 42.2 per cent drop in net profit for the fiscal second quarter ended March 31 to S$71.2 million, on the back of lower revenue and an absence of a divestment gain compared to a year ago.

For the first half ended March 31, however, net profit was 16.6 per cent higher than a year ago at S$258.8 million and revenue grew 6.9 per cent to S$1.68 billion, underpinned by a higher level of settlement of residential projects in Australia compared to last year, as well as earnings recognition from the completion of Phase 3C1 of Baitang One Suzhou, China.

Hatten Land: The company reported a net loss of RM74.25 million (S$24 million) for the third quarter ended March 31, from a net profit of RM5.65 million in the year-ago period, dragged down by one-off expenses relating to its backdoor listing.

But revenue during the quarter surged 122.6 per cent to RM164.9 million, mainly due to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects.

The Trendlines Group: It sank deeper into the red in the first quarter ended March 31 with a S$1.7 million net loss, compared to a net loss of S$770,000 a year ago.

The fair value of its portfolio held steady at US$83.8 million at end-March, compared to US$83.7 million at end-2016 as the increase of its investments was offset by a write-off of three portfolio companies mainly due to business failure or lack of funding, the group said on Tuesday night.

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FEW STOCK INVESTMENT PICKS FOR MONDAY TRADING

Following stocks may in focus today:

OCBC Bank: It posted on Tuesday morning a 14 per cent rise in its first-quarter 2017 net profit to S$973 million, compared to S$856 million a year ago.

It attributed the strong performance to the sustained growth in wealth management income, higher profit from insurance operations as well as increased earnings in local currency terms from all of the group's overseas banking subsidiaries, particularly from Indonesia. Overall non-performing loans ratio was 1.3 per cent, unchanged from the previous quarter.

Fraser & Neave (F&N): The Company on Monday night reported a 67.1 per cent plunge in its second-quarter net profit to S$3.8 million from the previous year. For the three months ended March 31, revenue dropped 5.8 per cent to S$451.3 million from the year-ago period amid "weak consumer sentiment and the absence of contribution from Chinese New Year sales due to the earlier sell-in booked in the first quarter of 2017".

Two offshore-related companies warned of losses for their upcoming quarterly report.

Ezion Holdings: The offshore services group said on Monday that the depreciation of the US dollar in the first quarter ended March 31 had led to “material foreign exchange loss” on the group’s unsecured financial liabilities denominated in Singapore dollars, causing the group to make a net loss for Q1.

ASL Marine: The shipbuilder and vessel charterer said it expects to report a net loss for the third quarter of fiscal 2017, based on a preliminary review of its unaudited financial statements for the quarter and nine months ended March 31.

The firm explained that the net loss was due to a lower operational profit, increased administrative expenses, unrealised foreign-exchange losses and higher share of losses from its joint-venture and associated companies. The increased administrative expenses mainly stemmed from transaction costs relating to the consent solicitation exercise concluded in January this year with noteholders on its proposed debt restructuring.

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SINGAPORE MARKET OPENS HIGH AFTER MACRONS RALLY

Asian markets mostly rose on Monday following a Wall Street rally as dealers cheered a strong US jobs report but the euro failed to hold on to early gains after Emmanuel Macron beat far-right candidate Marine Le Pen in France's presidential election.

Singapore, Wellington and Taipei all enjoyed healthy gains, as did Manila and Jakarta.

Singapore shares opened slightly higher on Monday, extending the feel-good factor from Wall Street on Friday after US jobs data showed a rebound in payrolls and energy shares recovered.

At 9.02am, the benchmark Straits Times Index was up 8.46 points at 3,238.19.

Some 87.4 million shares worth S$107 million were traded. Gainers outpaced losers 92 to 45.

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FOR BREACHING LISTING RULES SINGPOST COMES UNDER FIRE

SGX has issued a public reprimand for SingPost.

The Singapore Exchange has issued a public reprimand for Singapore Post after a special audit found out the lack of robust internal controls at the latter's board.

The audit team also found out inaccuracies in deals and in the disclosure of the company's conflict of interest. 

In particular, SGX said SingPost breached Listing Rule 719(1), which requires an issuer to have a robust and effective system of internal controls, addressing financial, operational and compliance risks, as well as Listing Rule 703(4)(a), which requires that in complying with the Exchange’s disclosure requirements, the content of each announcement should be factual, clear and succinct.

"Listed companies should have clear, established disclosure policies and appropriate systems of internal checks and controls to assure compliance with disclosure obligations," SGX said. 

The breaches pertain to the inaccurate disclosure in the F.S. Mackenzie acquisition in relation to Keith Tay Ah Ke, the company's then sole director.

"At the relevant time, Mr. Tay (then an independent director) was the non-executive chairman and 34.5% shareholder of Stirling Coleman, the arranger for the FSM Acquisition. Based on the SAR Executive Summary, Mr. Tay had disclosed his interest in the FSM Acquisition and abstained from voting on the approval for the FSM Acquisition," SGX said.

It added, "The determination of whether the inaccurate disclosure needed to be corrected should have been a considered decision by the Board of SingPost where it related to a declaration of the interests of all its directors in the context of the discharge of directors’ fiduciary duties. It should not have been left to be resolved between the company secretaries and the director who was the subject of the inaccurate statement without proper escalation to the Board."

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PROFITABLE STOCKS FOR SHARE INVESTMENT

Stocks that may be in focus today:

STARHUB: Despite revenue inching up in the first quarter, StarHub's net profit fell more than a fifth for the three months ended March 31, 2017.

Sembcorp Industries: It will be undertaking a strategic review of its business, its new chief executive officer Neil McGregor said on Wednesday as the firm announced an 11.3 per cent year-on-year rise in net profit for the first quarter of this year.

First Ship Lease Trust: A US$20 million prepayment of secured bank loans wiped out the trust's Q1 distributable income. Income available for distribution was a negative US$18.26 million for the quarter, a reversal from a positive US$5.44 million for the year-ago period.

More Profitable Singapore Stocks of the Day:

• NOBLE
• CHASEN
• SEMBCORP IND
• SEMBCORP MARINE
• YUUZOO

Our recent Stock Recommendations:
KLSE INTRADAY SIGNAL: BUY RHONEMA AT 1.20 TARGET 1.25, 1.30 SL 1.14
Update: RHONEMA AT 1.25, OUR 1st TARGET DONE. GIVEN YESTERDAY FROM 1.20. 

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HOT SINGAPORE STOCKS TO WATCH FOR INTRADAY TRADING

NOBEL Design: A married deal has sparked a mandatory unconditional cash offer by Grand Slam RF18 Investments for the remaining shares in mainboard-listed Nobel Design Holdings that it does not already own, at S$0.51 apiece.

Sinostar PEC Holdings: It posted on Tuesday a more-than-doubled net profit of 26.4 million yuan (S$5.3 million) for its first quarter ended March 31, up from 11.5 million yuan a year ago.

Sunseap Group: The sustainable energy provider was valued in excess of S$200 million (S$40.4 million) following the first close of its third round of funding, the company said on Tuesday.

More Profitable Singapore Stocks of the Day:

• QT Vascular
• Moya Asia
• Chasen^
• ISR Capital

Our recent Stock Recommendations:
KLSE INTRADAY SIGNAL(01 May 2017): BUY SEACERA AT 1.37 TARGET 1.42, 1.47 SL 1.30
Update: SEACERAAT 1.47, OUR FINAL TARGET DONE. GIVEN ON 28-APR-17 FROM 1.37

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STOCKS & SHARES TO CONSIDER FOR DAY TRADING

Singapore stocks & shares opened 0.5 per cent higher on Tuesday, with the Straits Times Index gaining 14.89 points to 3,190.33 as at 9.02am. The blue-chip index was lifted after Wall Street advanced on Monday.

About 90.8 million shares worth S$116.7 million changed hands, which worked out to an average unit price of S$1.29 per share.

The most actively traded counter was Edition, which fell S$0.001 to S$0.010 with 19.7 million shares traded. Other actives included Addvalue Technologies and Golden Agri-Resources.

Gainers outnumbered losers 95 to 61, or about three up for every two down.

Stocks & shares to consider today:

SABANA Reit: The trust's unitholders on Friday overwhelmingly voted against removing its underperforming Reit manager and winding up the Reit vehicle.

First Ship Lease Trust: The shipping trust has got a lifeline from Navios Maritime Holdings, involving a mix of equity and debt financing. This includes a US$20 million second priority mortgage convertible loan.

Noble Group: Many shareholders of the commodity trader walked out of its special general meeting on Friday in protest against its share consolidation move, after their request to have the resolution postponed was rejected. Still, the resolution was passed, with 99.73 per cent of votes cast in favour of it.

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