Singapore STI Market Review & Forecast for 30 Sept

    Singapore’s benchmark Straits Times Index opened on Tuesday morning at 2,754.35 points, down 1.35 per cent or 37.57 points as overnight US losses dragged down morning trading in Asia and ended 4.0 points or 0.14% lower to 2787.90. STI came off from its intra-day peak of 22790.60 and low of 2740.36.

Singapore stocks were down midday as commodity-related companies led a sell-off over concerns of weaker raw materials prices amid China's economic slowdown.

LOCAL BOURSE

Singapore's manufacturing sector continues to be a negative in the economy in third quarter of 2015.

Singapore's full-year 2015 GDP growth to 2.2% from 2014's 2.9%. It had earlier projected Singapore's 2015 GDP growth at 2.5%.

Singapore property auction market saw S$27.6 million of deals in the third quarter of the year, more than double the S$10 million seen in the second quarter though slightly below the S$31.7 million seen a year ago.

Singapore dollar (SGD) fell through S$1.43 on Tuesday, to a fresh six-year low, on increased concerns over global growth.

Market forecast:

STI is expected to consolidate. STI has broken the support level of 2757. STI has its resistance at 2800. If it breaks this level it might go up to 2830. Investor sentiments are cautious over the early rate hike of U.S. By FED and slowdown of china’s economy.

STI LEVELS
Support 1	2733
Support 2	2715
Support 3	2700
Resistance 1	2806
Resistance 2	2830
Resistance 3	2860

STI COUNTER SPECIFIC NEWS

• Croesus Retail Trust is acquiring Torius Property, a retail property located in Fukuoka, Japan, for a purchase consideration of JPY8 billion ($95.2 million), through debt and equity financing. The consideration represents a 3.7% discount to valuation of JPY8.3 billion.
• Huationg Global, the full-service integrated civil engineering solutions provider, it has secured new civil engineering contracts worth a total of $81.3 million.
• Rex International Holdings' subsidiary, Rex International Investments (RII) will subscribe to one million new Lime Petroleum Norway AS shares at a nominal value of NOK 100 per share for a total transfer price of NOK 100 million ($16.8 million).

GLOBAL FACTORS AND WORLD INDICES:

• Hong Kong stocks tumbled 3 per cent to a two-year low on Tuesday as growing fears of a sharp slowdown in the world economy sparked heavy selling, particularly in energy and commodity related shares. The benchmark Hang Seng index fell 3.0 per cent to 20,556.60 points, its lowest close since July, 2013.
• The Nikkei 225 at the Tokyo Stock Exchange dropped 714.27 points to 16,930.84 by the close, erasing all of its gains for the year. The index is down 18 per cent since authorities shocked world markets by devaluing China's yuan currency in mid-August.
• European shares fell for the second day in a row on Tuesday as weakness in the commodities sector hit markets, though battered miner Glencore halted its slide after a bruising sell-off on Monday. The pan-European FTSEurofirst 300 index and the euro zone's blue-chip Euro STOXX 50 index both fell 1.6 per cent.
• Malaysia's ringgit fell, headed for its biggest quarterly loss since 1997, as the relatively low level of import cover afforded by the nation's foreign-exchange reserves makes the currency more vulnerable to an emerging markets selloff.
• The Reserve Bank of India (RBI) lowered the benchmark repo rate - the level at which it lends to commercial banks - to 6.75 per cent, a larger cut than expected.
• China's foreign exchange regulator is stepping up its risk controls against corruption, it said in a statement released on Tuesday via the ruling Communist Party's anti-graft watchdog.
• Indonesia will announce later on Tuesday the second installment of a stimulus package aimed at supporting the rupiah and reviving growth in Southeast Asia's largest economy.
• Oil traded below US$45 as investors await data that may signal the strength of demand in the world's two biggest consumers. Futures in New York were little changed after falling 2.8 per cent Monday as China reported industrial-company profits declined 8.8 per cent in August.

Singapore Stock Market Technical Analysis and Forecast

STI MARKET REVIEW : Singapore share prices opened higher on Tuesday with the Straits Times Index (STI) up 11.13 points or 0.39 per cent to 2,890.11 and ended 12.58 points or 0.44% higher to 2869.69. STI came off from its intra-day peak of 2890.11 and low of 2862.72.

Singapore equities inched up at noon, with no clear direction to trading and little in the way of local new cues. STI rose 0.42% to 2,894.40. Market breadth was positive. However, later in the day STI was dragged in red through heavy selling in the market.

LOCAL BOURSE 

 Singapore's GDP grew at a slower pace of 1.8% on-year in the second quarter, from 2.8% in the first quarter. On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted by 4.0%, a reversal from the 4.1% growth in the preceding quarter.

Singapore is experiencing hazy conditions on Tuesday, with the Pollutant Standards Index (PSI) staying at the high end of the moderate range. PSI was 79 to 91. The three-hour PSI, which is not linked to any health advisory, had been rising since morning.

Market forecast: STI is expected to take side ways trend. It has support level at 2850, if it breaks this level it may down till 2830. It is trading within the range of 2830 - 2905. It has its resistance at 2905. If has its resistance at 2900. Investor sentiments are cautious as FED has shown some expectation to increase profit by the end of this year.

STI COUNTER SPECIFIC NEWS

• A subsidiary of Magnus Energy is forking out A$1 million (S$1 million) in cash to subscribe for 8 million shares in a new Australian oil and gas company.
• Neptune Orient Lines (NOL) on Tuesday said that besides reports that surfaced in July saying Singapore state investment firm Temasek Holdings has put it up for sale, it was not aware of anything else which might explain the trading in its shares.
• DBS has ambitions to introduce cashless options through a first-of-its-kind mobile application to hawker centers and quick-serve restaurants in Singapore, a senior bank executive said on Tuesday.

GLOBAL FACTORS AND WORLD INDICES:

• Shares in Hong Kong rose Tuesday following gains in New York after top Federal Reserve officials moved to reassure dealers about the US economy after being spooked by last week's decision to hold interest rates. The Hang Seng Index climbed 0.18 per cent, or 39.65 points, to close at 21,796.58.
• China stocks rebounded for the second day on Tuesday, in a further sign of improving investor sentiment that may help the market gradually stabilise after the rout since mid-June.
• Asian shares rose on Tuesday and the dollar held steady as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further.
• Taiwan stocks rose on Tuesday mostly following overseas markets and some bargain hunting after the previous day's losses, but further gains were capped due to uncertainties ahead of the central bank's policy meeting.
• The introduction of a new accounting standard for financial instruments will be challenging for the banking industry, especially when it comes to modeling for expected losses, the European Central Bank's supervisory chief said on Tuesday.
• The dollar advanced against the euro and other leading currencies Monday on comments from US central bankers who continue to eye a 2015 interest rate increase.
• US home resales fell more than expected in August, a cautionary sign for the US housing market which has recently looked on stronger footing. The National Association of Realtors said on Monday existing home sales dropped 4.8 per cent to an annual rate of 5.31 million units.
• Gold steadied below a near three-week high on Tuesday, retaining overnight losses as Asian equities and the dollar edged higher and as investors worried over the possibility of a US interest rate hike later this year.
• Oil prices rebounded on Monday , looked like a technical correction from heavy losses last week as the basic global oversupply picture remained intact.

Weekly Wrap of STI : Singapore Stock Market

Straits Times Index (STI) opened at 2887.41 and ended -8.44 points or 0.29% lower to 2879.59 this week. STI came off from its weekly peak of 2919.77 and low of 2837.59.

STI was up 0.1% at 2,898.27 shortly after the open, showing the muted reaction of investors to the US Federal Reserve's overnight decision to leave its benchmark interest rate unchanged.

Singapore's industrial production for August is forecasted to fall by 5% on-year mainly as demand weakens due to economic slowdown in China. The pace of downward revisions for corporate earnings in Singapore and Asean has slowed this month. Consensus downward revisions have slowed to 0.2% for MSCI Singapore companies, from 1.5% average downward revisions for earnings in August.

STI was in consolidation this week. As FED did not increase the US ineterst rate, the market is expected to be positive next week. It is expected to m,ove in the range of 2800 - 2930. However, if it breaks the resistance level of 2930, it is expected to go up till 3000.

STI COUNTER SPECIFIC NEWS

• Sembcorp Industries has tied up with the Singapore Economic Development Board (EDB) to be the country's first industrial "living laboratory". It will grant technology providers access to its proprietary wastewater treatment and waste-to-energy facilities on Jurong Island for late-stage test-bedding and co-innovation of water and environmental technologies.
• Ascendas Real Estate Investment Trust (A-Reit) is looking to make its maiden acquisition of 26 logistics properties in Australia for A$1.013 billion from GIC and Frasers Property Australia.
• Singapore Press Holdings (SPH) announced on Thursday that the executive vice-president of its Corporate Development Division (CDD), Deborah Lee, 58, will be leaving the company to pursue personal interests with effect from Dec 16, 2015, after eight years of service.
• Silverlake Axis is buying SunGard Ambit (Singapore), or SAS, for US$12 million to expand its suite of software and services as well as deepen and broaden its customer relationships and geographical presence.

GLOBAL FACTORS AND WORLD INDICES

• Hong Kong equities traced most Asian markets higher Friday as traders welcomed the Federal Reserve's decision to keep interest rates at record lows, while Shanghai ended another volatile week on a positive note. Hang Seng Index added 0.30 per cent, or 66.20 points, to close at 21,920.83
• China stocks ended a volatile week slightly higher on Friday, after the US Federal Reserve held off from raising interest rates citing concerns about a weak world economy. Index of the largest listed companies in Shanghai and Shenzhen rose 0.4 per cent, to 3,251.27, but was down 2.9 per cent for the week.
• The Nikkei 225 index at the Tokyo Stock Exchange dropped 1.96 per cent, or 362.06 points, to close at 18,070.21, while the broader Topic index of all first-section shares was down 1.98 per cent, or 29.53 points, at 1,462.38.
• US central bank's decision to hold off hiking interest rates sent emerging market currencies and most Asian markets advancing on Friday, as concerns eased over an outflow of cash as the global economy suffers a painful slowdown.
• Australian shares ended higher on Friday, shaking off a negative lead from Wall Street after the head of the central bank made reassuring comments about the economy.
• Malaysia's inflation in August likely cooled to 3.0 per cent on lower fuel prices and after the Muslim Eid al-Fitr celebrations, a Reuters poll showed on Friday.
• Ringgit was set to snap the longest run of weekly declines in more than four decades after the US refrained from raising interest rates and a rally in the price of Brent crude improved prospects for the net oil exporter.
• Bank of Japan policymakers agreed that emerging economies had suffered from weak growth but were likely to improve from a longer-term perspective, minutes of the central bank's August policy meeting.
• Gold dropped from a two-week high on Friday, giving back some of the sharp gains from the last two days, as the Federal Reserve's decision to hold US interest rates steady this week added to uncertainty over the timing of an eventual rate hike.
• Oil markets were weak on Friday as fresh signs Opec will continue to value market share over prices outweighed expectations of a lift when the United States kept interest rates at historic lows.

Singapore Maintained in prime 10 position for Asia-Pacific vicinity- Global Innovation Index

SINGAPORE has kept up its position as the top-positioned nation in the Asia-Pacific district, as indicated by the Global Innovation Index (GII) 2015. In the worldwide positioning, Singapore kept up its seventh position.

All in all, the gathering of main 25 entertainers - all high wage economies - remains generally unaltered from past versions, showing that the pioneers' execution is difficult to test, noticed the report. A few exemptions are the Czech Republic (24th) which is in the main 25 and Ireland (eighth) which is in the main 10 this year.

Regarding development quality - as measured by college execution, the compass of insightful articles and the global measurement of patent applications - a couple of economies emerge. The US and the UK stay in front of the pack, firmly took after by Japan, Germany and Switzerland. Top-scoring center salary economies on advancement quality are China, Brazil and India, with China progressively outpacing the others.

The GII, co-distributed by Cornell University, Insead and the World Intellectual Property Organization (WIPO), overviews 141 economies around the globe, utilizing 79 markers to gage both imaginative capacities and quantifiable results.

Singapore Stock Market: STI Technical Analysis and Forecast

STI MARKET REVIEW :

Singapore shares opened higher on Wednesday. At 9.01am, the benchmark Straits Times Index was up 26.68 points, or 0.94 per cent, at 2,868.62 and ended 26.80 points or 0.94% higher to 2868.74. STI came off from its intra-day peak of 2886.85 and low of 2855.78.

Singapore stocks traded lhigher at noon on Wednesday. STI gains 0.88% to 2,867.00 at midday

LOCAL BOURSE

For those holding out for a roll back of property curbs after an election victory by Singapore's ruling party, the wait may be longer than anticipated.

The People's Action Party's emphatic win at Friday's polls won't be enough to reverse measures put in place as far back as 2009. The pace of decline in the city's home prices need to double the 6.7% drop from the peak two years ago before any of the restrictions will be eased.

Market forecast:

STI is expected to take side ways trend. It has broken its resistance level of 2870, its support level is at 2825. If it breaks this level it is expected to go down to level of 2800, it has its resistance at 2890. Investor sentiment are cautious over the pending FED decision to increase the interest rate.

STI COUNTER SPECIFIC NEWS

• Capitaland is up 1.1% at $2.80 after announcing a joint venture in Vietnam to build a residential project worth US$150 million ($210 million).
• Singapore Airlines is up 2.5% at $10.25 after the flag carrier reports a 2.5 percentage points increase in its passenger load factor in August.
• Technics Oil & Gas opened 10% higher at 66 cents after announcing a contract win worth $70.5 million to build a liftboat for a Malaysian customer whose name it did not reveal.
• China Ocean Shipping (Group) Company (Cosco) and China Shipping Group, two of the country's largest shipping firms, said shares in their listed companies would remain suspended pending a complex matter under research that may involve asset restructuring.

GLOBAL FACTORS AND WORLD INDICES:

• Hong Kong shares rose more than 2 per cent on Wednesday, encouraged by a late-hour surge in mainland China shares, but investors remained cautious ahead of a decision by the US Federal Reserve on whether to raise interest rates.
• British earnings, excluding bonuses, grew at their fastest rate in more than six years in the three months to July, official data showed on Wednesday. Growth in average weekly earnings, not including bonuses, rose by 2.9 in the May-July period, edging up slightly from the three months to June.
• Shanghai stocks closed up 4.89 per cent on Wednesday, halting a two-day slump, as investors returned to the market amid speculation of state-led buying.
• European shares climbed on Wednesday, with miner Glencore and fashion group Inditex outperforming, as the region's stock markets were buoyed by gains overnight on US and Asian equities. European FTSEurofirst 300 index advanced by 0.9 per cent while the euro zone's blue-chip Euro STOXX 50 index also rose one per cent.
• Indonesia is preparing a major overhaul of financial safety regulations to guard against the potential for bank collapses.
• World crude prices rose modestly Tuesday as traders eyed signs of slowing US oil production that could ease the global oversupply.
• Gold struggled to break out of a tight range near a one-month low on Wednesday, as investors waited to hear the outlook for US interest rates from a Federal Reserve policy meeting that kicks off later in the session. Spot gold was little changed at US$1,104.60 an ounce by 0330 GMT.

Singapore Stock Market Technical Analysis & Market Forecast

STI MARKET REVIEW :

Singapore shares opened marginally lower on Tuesday with the benchmark STI falling 16.75 points or 0.58 per cent to 2854.72 and ended 29.53 points or 1.03% lower to 2837.14. STI came off from its intra-day peak of 2857.14 and low of 2837359.

STI Day Performance

Open: 2854.72

High: 2857.14

Low: 2837.59

Close: 2841.94

Change(Points): -29.53

% Change: -1.03%

Volume: 1322.90 M

Rise: 156

Fall; 219

Unch: 414

Singapore stocks traded lower at noon on Tuesday. Apart from a smattering of small-cap news, there was little to drive trading. Weakness in China and Hong Kong that followed an overnight slump on Wall Street as well as a drop in the Dow futures contract that indicated a soft Tuesday for the US market all added up to weigh on sentiment in STI.

LOCAL BOURSE

Singapore's retail sales rose 5.2 per cent year-on-year in July. Singapore remains the top Asean investment pick for the world's big four economies (China, India, Japan, and the US).

Singapore home sales fell in August as developers marketed fewer projects in a month considered inauspicious by Chinese homebuyers. Singapore's unemployment rate remained low and stable amid the tight labour market for the first half of 2015.

TECHNICAL INDICATORS

RSI	Below center line at 33.687
CCI	Below the signal line at -93.643
MACD	-72.610 Above its signal line at -80.888

Market forecast:

STI is expected to take side ways trend. It has broken its support level of 2860, its next support level is at 2800. If it breaks this level it is expected to go down to level of 2830, it has its resistance at 2870. Investor sentiment remains cautious over the pending FED decision to increase the interest rate and concern over the chances of decreasing domestic consumtion due to degraded air quality in Singapore.

STI LEVELS
Support 1	2805
Support 2	2755
Support 3	2698
Resistance 1	2870
Resistance 2	2935
Resistance 3	3000

STI COUNTER SPECIFIC NEWS

• DBS Group Holdings, Singapore's biggest lender, said on Monday it would slowly wind down its Islamic banking unit as it failed to achieve economies of scale.
• ARA Asset Management on Monday said it has successfully raised US$325 million in capital commitments for its private real estate funds division.
• Olam International fell 3 cents to S$1.955 with some 222.1 million shares changing hands.
• Hyflux rose by as much as 8.7% on Tuesday, on news that the integrated water management provider and its consortium partner, Mitsubishi Heavy, Industries had clinched a $750 million contract to design, build, own and operate a waste-to-energy (WTE) plant in Tuas for 25 years.

GLOBAL FACTORS AND WORLD INDICES:

• Hong Kong shares gave up early gains and ended Tuesday lower, with investor sentiment subdued by slumping mainland stocks. Hang Seng index fell 0.5 per cent, to 21,455.23.
• China's benchmark Shanghai Composite Index slumped 3.52 per cent on Wednesday, having fallen below the symbolic 3,000 level during trading as investors worried over a crackdown on illegal trading.
• British annual inflation fell back to zero in August after oil prices recorded their biggest fall since the start of the year, ensuring price growth remained far slower than the Bank of England's target.
• Bank of Japan said that slowing emerging market demand was putting further strains on the economy but held off on expanding stimulus, preserving its limited policy options in case an expected US rate hike sparks more global volatility.
• Indonesia posted a US$433 million trade surplus in August, the statistics bureau said on Tuesday, smaller than the US$630 million surplus forecast. August exports were US$12.70 billion, falling 12.28 per cent from a year earlier, while imports were US$12.27 billion, down 17.06 per cent.
• India's central bank is considering a proposal that would limit the number of participants in a single lenders' consortium, in a bid to encourage banks to carry out better independent credit checks and do more to chase rogue borrowers.
• Dollar snapped a six-day skid against the euro but dropped against the yen Monday as currency traders girded for a major US Federal Reserve decision later this week.
• Recent rise in eurozone property prices appears sustainable, but the recovery is weaker than in past cycles and the eventual normalisation of interest rates poses some risks, the European Central Bank said on Tuesday.
• China's benchmark Shanghai Composite Index slumped 3.52 per cent on Wednesday, having fallen below the symbolic 3,000 level during trading as investors worried over a crackdown on illegal trading.
• World crude prices extended their losses Monday, pressured by persistent concerns about the global supply glut as Opec lowered its demand growth forecast for next year.
• Gold bulls can't shake the specter of higher US interest rates as Federal Reserve policy makers gather this week.

COMMODITY

CRUDE OIL	$44.41
GOLD	$1104.90
SILVER	$14.285

MAJOR CURRENCY PAIRS

SGD/USD	0.7135
EUR/USD	1.1305
GBP/USD	1.5423

YOMA STRATEGIC HOLDINGS LTD. : COMPANY OVERVIEW

Yoma Strategic was incorporated in Singapore on 20th October 1962. On 17 August 2006, it changed the name from Sea View Hotel Limited to Yoma Strategic Holdings Ltd after the completion of acquisition by Sea View Hotel Limited. After the completion of the acquisition, Sea View disposed off all its interests in the existing subsidiaries.Today, it is engaged in property development, construction and piling services, also project management and design services in Myanmar. Its portfolio of development properties includes apartments, condominiums and bungalows.

In this segment, the Group manages all the property projects initiated by its group including the provision of detailed budgeting, costing and planning, as well as project management. Yoma Strategic’s construction services which support its property development business, include foundation piling work for various types of buildings and acting as contractor for super-structure construction works.

It also supplies ready-mixed concrete, sand and shingle to the Myanmar construction industry.

Return on Equity	6.94%
Net Asset Value	S$702.86
Market Cap	S$640.20

FINANCIAL VIEW

• The ratio of asset and liability is increasing as y-o-y figures are considered.
• The net income is continuously increasing, as well as Gross Profit is also increasing.

	FY2013 31Dec 13	FY2014 31Dec 14	LTM Ending 30 Jun 15
Revenue	60.467	100.493	110.927
Gross Profit	26.207	44.656	45.587
Net Income	14.444	16.392	28.051
EBITDA	9.079	21.111	16.463
Total Assets	462.564	483.276	834.1
Total Liabilities	66.444	65.238	101.909

GROWTH OVER PRIOR YEAR (%)

TECHNICAL INDICATORS:

Daily Chart: Shows a consolidation, which if broken downwards may lead to a bearish trend. Also, OBV is indicating a bearish trend, while MACD will also support the same if the support1 is broken.

SGX Symbol	Z59	Currency	SGD
Last Done	0.365	Volume(‘000)	2577
Day’s Range	0.350-0.360	52Weeks’ Range	0.300-0.646

Weekly Chart: It is major downtrend counter in weekly chart also and forming the same strong support at support1, which if broken will indicate a bearish signal.

S1	S2	R1	R2
0.345	0.330	0.375	0.395

Our VIEW:

Overall Trend: Overall trend seems to be bearish in short term with some minor corrections, if any.
Short term View: Bearish below 0.345 , with resistance at 0.370.

Long term View: Bearish below 0.300 , with resistance at 0.330.

COMPANY OVERVIEW: METRO HOLDINGS LIMITED

Metro Holdings Limited, alongwith with its subsidiaries, engages in retail, property development, and leisure businesses in Singapore, the People’s Republic of China, Japan, and other countries internationally. 

It operates through two segments, Property and Retail. The company leases shopping and office spaces, as well as invests in property-related investments. It operates a chain of department stores and specialty shops, which offer a range of merchandise, fashion accessories, and casual women’s wear with ethnic origin and serves its customers through a chain of 5 Metro department stores and 11 Monsoon/Accessorize/M.2 specialty shops in Singapore; and 9 department stores in Indonesia. It also owns interests in approximately 142,000 square meters of retail and office investment properties in Beijing, Shanghai, and Guangzhou; and 1,001,000 square meters of residential and mixed-use development properties. The company was founded in 1957 and is based in Singapore.

Return on Equity	11.11%
Net Asset Value	SGD 1377.317
Market Cap	SGD 749.4 MN

FINANCIAL VIEW

	FY2013 31Dec 13	FY2014 31Dec 14	LTM Ending 30 Jun 15
Revenue	187.12	139.179	145.826
Gross Profit	57.222	18.188	8.352
Net Income	64.813	106.849	142.867
EBITDA	41.562	(0.875)	(12.508)
Total Assets	1546.975	1325.685	1641.523
Total Liabilities	123.592	73.633	199.401

• Even though the revenue and gross profits are decreasing y-o-y basis, yet for the short term, we can earn profits from it.
• The net income of the company is increasing on a y-o-y basis.

TECHNICAL INDICATORS:

Daily Chart: On daily chart the counter is on a major uptrend, with some minor corrections in between, which it has recently taken in few days before. Now, the counter is showing up a breakout on OBV to indicate a bullish trend start once again.

SGX Symbol	M01	Currency	SGD
Last Done	0.865	Volume(‘000)	29.6
Day’s Range	0.865-0.885	52 Weeks’ Range	0.816-1.013

Weekly Chart: The counter is having a major uptrend in weekly chart also and is in the consolidation in this chart, therefore it it breaks the upper level of 0.895, bullish trend is most likely to be expected.

S1	S2	R1	R2
0.875	0.835	0.895	0.930

Our VIEW: Overall Trend: Overall trend seems to be positive with some minor corrections, if any.
Short term View: BULLISH above 0.895 with support @ 0.875.

Long term View: BULLISH above 0.930 with support @ 0.895.

COMPANY OVERVIEW: FIRST RESOURCES LIMITED

First Resources Limited, is an investment holding company, which engages in the cultivation and maintenance of oil palm plantations primarily in Singapore and Indonesia. It operates in two segments, Plantations and Palm Oil Mills, and Refinery and Processing. It is also involved in harvesting and milling the fresh fruit bunches into crude palm oil (CPO) and palm kernel products, and also process CPO and palm kernel into value palm-based products, such as bio-diesel, refined, bleached and deodorized (RBD) olein, RBD stearin, palm kernel oil, and palm kernel expeller. It engages in oil palm seed breeding and rubber plantation activities; and marketing and selling processed palm based products. First Resources manages approximately 190,000 hectares of oil palm plantations, and operates 12palm oil mills in Indonesia. Apart from this, it owns and manages air-crafts. The Company exports its products. It was found in 1992 and is based in Singapore. It is a subsidiary of Eight Capital Inc.

Return on Equity	14.45%
Net Asset Value	SGD 1076.859
Market Cap	SGD 3065.2 MN

FINANCIAL VIEW

• The ratio of asset and liability is increasing as y-o-y figures are considered.
• The net income and Gross profit are not that much reliable, however for short term investment it can be ignored.

	FY2013 31Dec 13	FY2014 31Dec 14	LTM Ending 30 Jun 15
Revenue	626.429	615.524	533.898
Gross Profit	381.743	323.399	306.68
Net Income	238.242	173.409	156.103
EBITDA	337.126	297.665	283.69
Total Assets	1780.274	1997.855	1957.131
Total Liabilities	740.149	882.105	880.272

GROWTH OVER PRIOR YEAR (%)

TECHNICAL INDICATORS:

Daily Chart: It is a major uptrend counter and has recently taken a lot of correction is downtrend, now it has started showing up the bullish signal by giving a breakout on the trend line and on OBV. Also, RSI is too low now, which means an oversold condition and thus stock is likely to increase now.

SGX Symbol	EB5	Currency	SGD
Last Done	1.555	Volume(‘000)	1127.3
Day’s Range	1.52-1.56	52 Weeks’ Range	1.435-2.19

Weekly Chart: Weekly chart will also show the bullish signals if it goes above 1.60 and thus give a clear breakout on the trend line as well as the OBV.

S1	S2	R1	R2
1.515	1.435	1.60	1.725

Our VIEW:

Overall Trend: Overall trend seems to be positive with some minor corrections, if any.
Short term View: BULLISH above 1.60 with support @ 1.515.

Long term View: BULLISH above 1.725 with support @ 1.60.

COMPANY OVERVIEW: CHINA AVIATION OIL(S) CORP LTD.

China Aviation Oil (Singapore) Corporation Ltd, an investment holding company, is involved in the trading of aviation oil and petroleum products. It operates in 3 segments: Middle Distillates, Other Oil Products, and Investments in Oil-Related Assets. The company is engaged in the supply and trading of jet fuel to the international airports in China, as well as does marketing and supplies aviation fuel to airline companies in Europe, North America, the Asia Pacific, and the Middle East. It also supplies and trades oil products, like gas oil, fuel oil and petrochemicals in the Asian Pacific market; and invests in oil-related assets. The company was incorporated in 1993 and is located in Singapore. It is a subsidiary of China National Aviation Fuel Group Corporation

FINANCIAL VIEW

• The ratio of asset and liability is decreasing as y-o-y figures are considered.

• The net income is continuously decreasing, as well as Gross Profit is also decreasing.

Return on Equity	7.861%
Net Asset Value	S$ 572.258
Market Cap	S$ 533.3mm

GROWTH OVER PRIOR YEAR (%)

	FY2013 31Dec 13	FY2014 31Dec 14	LTM Ending 30 Jun 15
Revenue	15571.868	17061.031	13705.315
Gross Profit	52.491	27.397	16.246
Net Income	70.216	49.16	43.89
EBITDA	31.573	10.599	4.453
Total Assets	1721.398	1378.715	1365
Total Liabilities	1197.836	818.963	787.274

STOCKS TECHNICAL:

TECHNICAL INDICATORS:

Daily Chart : 

 It is forming a Bearish counter with major Downtrend, with some minor up trends in between, which is already been made, very recently.

SGX Symbol	G92	Currency	SGD
Last Done	0.590	Volume(‘000)	11
Day’s Range	0.590-0.590	52Weeks’ Range	0.50-0.90

Weekly Chart: 

  It again shows that the counter is a major downtrend counter with some minor uptrend candles, and the counter is in consolidation, which if broken downwards will lead to a new bearish trend. 

Weekly Chart

S1	S2	R1	R2
0.560	0.500	0.590	0.660

Our VIEW:

Overall Trend: Overall trend seems to be bearish in with some minor corrections, if any.
Short term View: Bearish below 0.560 , with resistance at 0.590.

Long term View: Bearish below 0.500 , with resistance at 0.560.

Innovalues Limited : Stock Specific Report

COMPANY OVERVIEW:

• Innovalues Limited engages in the manufacture, assembly, and sub-assembly of precision turned machining parts, components, and electronic and mechanical devices worldwide. 
  
• The company operates through three segments: Automotive, Office Automation, and Others. It provides precision components for office automation, including OA shafts and printer rollers; precision components for hard disk drives (HDD), such as HDD spindle flanges, HDD spindle motor hubs, and HDD pivot assembly shafts and sleeves; precision components for automotive, including mono-crystalline silicon strain gages and occupant weight sensors; and precision rubber products, such as rubber roller cots, textures or groove surface rollers, belts, and flippers.
• The company also offers plating services comprising electroless nickel on steel parts, electroless nickel on aluminum parts, chrome free electro-zinc plating, zinc phosphating, and hard anodizing. It serves automotive, office automation, oil and gas, process, home appliances, and infrastructure industries.
• The company has operations in Singapore, Thailand, Malaysia, the People's Republic of China, the United States, Mexico, and Brazil. Innovalues Limited was founded in 1997 and is headquartered in Singapore.

Price/Book value	2.898
P/E Ratio	10.612
EV/EBITDA	7.08
5-Year Beta	0.716
Total Market Cap	S$ 222.30 MM

FINANCIAL VIEW

• Revenue, Gross profit and Net profit are continuously increasing over the last 3 years.
• Total assets, Cash flow from Operating activity is continuously increasing over the last 3 years.

	Y2013 31Dec 13	FY2014 31Dec 14	LTM Ending 30 Jun 15
Revenue	99.327	108.468	115.667
Gross Profit	18.519	28.841	34.286
Operating Income	18.015	24.328	29.201
Net Income	8.676	15.811	28.812
Total Assets	83.879	95.333	102.04
Total Liabilities	26.972	24.67	25.32

STOCKS TECHNICAL:

Daily Chart

SGX Symbol	591	Currency	SGD
Last Done	0.670	Volume(‘000)	7253.5
Day’s Range	0.64 - 0.665	52 Weeks’ Range	0.28 - 0.94

Weekly Chart

S1	S2	R1	R2
0.630	0.605	0.700	0.740

TECHNICAL INDICATORS:

Daily Chart: RSI is near the center line indicating bullishness and is at 42.691 and CCI is below the signal line at -34.603. MACD is at -0.037 above its signal line i.e, -0.041.

Weekly Chart: RSI is near the center line indicating bullishness and is at 43.789 and CCI is below the signal line at -130.476. MACD is at 0.010 above its signal line i.e, 0.045.

Our VIEW:

Innovalue is technically very sound. RSI is indicating bullish trend in near future. Bulluish trend is also supported by MACD in daily and weekly chart as faster MACD is above slower MACD indicating bullishness. It is expected to continue its bullish trend..If it breaks the resistance of 0.700 it is expected to rise up till 0.740/0.795 in short period.

Overall Trend: It is consolidating in both weekly and daily chart.

Short term View: BULLISH with support @0.630 TARGET 0.700

Long term View: BULLISH with support @0.605 TARGET 0.740

If traded on proper support and resistance for a day or so we can take out good profit in the contra holding also.