Broker's Digest 18 Dec 2017

Bumitama Agri (Dec 13: 74.5 cents)

- Maintain Buy.  Downside risks for CPO prices will not be significant from now

- However we do not expect prices to bounce back strongly either

- Our price target of 95 cents is maintained

CapitaLand Retail China Trust (Dec 13: $1.60)

- Maintain Buy.  Acquired a much younger asset, Rock Square in the first-tier city of Guangzhou.

- Although initial yield is lower in comparison, we believe the asset has greater growth potential

- We have priced in another acquisition of $250 million for the start of FY 2018 with 5% initial net property income yield and 3% per annum growth potential

City Developments (Nov 13: $12.65)

- Maintain ADD.  City developments has revised the offer price for remaining 34.8% in Millennium & Copthorne it does not own

- Once completed, the deal is likely to accrete positively to our revised NAV estimates

- Price target of $13.15 pegged at a 20% discount of RNAV

ComfortDelgro (Dec 13: $1.95)

- Maintain BUY.  ComfortDelgro announced that it was acquiring a 51% stake in Lion City Rental

- This tie up should be positive as both parties leverage their strengths. 

- DCF-based price target of $2.40

First REIT (Dec 13: $1.40)

- Maintain BUY.  Siloam registered a healthy set of top-line and operational results in 3Q2017.

- We continue to expect positive base rental revisions for the REIT's Indonesian assets

- First REIT currently trades at a FY2017F P/BV of 1.38x %, lower than Parkway Life REIT's 1.66x.

- Fair value estimate of $1.44

First Resources (Dec 13: $1.87)

- Maintain NEUTRAL.  We believe the downside risks for CPO prices would not be significant from now on and are likely to remain relatively rangebound.

- We lift FY2018F-FY2019F earnings by3% to 10% to reflect higher CPO price assumptions

- Price target drops to $2.03 (from $2.15) based on a lower 2018 PER of 12 x (from 13 x)

Roxy-Pacific Holdings (Dec 13: 54 cents)

- Buy (initiating coverage). Roxy being one of the earliest to land-bank in the current market cycle, has seven freehold residential developments in Singapore that will be ready to launch in 2018

- In FY2017, Roxy acquired four new commercial buildings in Australia/New Zealand and one hotel property in Japan.  These properties will start contributing in FY2018

- Our price target of 69 cents is based on 30% discount to RNAV of 98 cents

SPH REIT (Dec 13: $1.03)

- Downgrade to HOLD.  SPH REIT's earnings are resilient, support by sticky occupancies, while its low gearing of around 26% empowers the manager to undertake value accretive acquisitions

- Our FY2018 DPU forecast is 8% lower than the consensus average

- DCF-backed price target of $1.07

Wilmar Int'l (Dec 13: $3.15)

- Maintain NEUTRAL.  Downside risks to CPO prices would be quite limited from now.

- However there is a lack of catalysts for a significant share price recovery

- We believe the key positive development for 2018 would be the group's growing consumer pack segment while the China listing is expected to come only in 2019.

- Our SOP based price target dips to $3.31

(Source:  TheEdgeSingapore December 18 2017)

Broker's Digest 27 Nov 2017

Accordia Golf Trust (Nov 22: 69.5 cents)

- Maintain a buy on AGT as (1) 7.0% - 8.0% dividend yield remains attractive and (2) we believe there is still significant upside to our forecasts as we have not factored growth from any DPU-accretive acquisitions.  Price target of 78 cents

DBS Group Holdings (Nov 22: $24.84)

- Maintain neutral.  We cut our forecast of DBS operating expenses, and consequently raise both 2018 and 2019 net profit forecasts by 2%.  We are also more optimistic on the long-term ROE for DBS, and raise it to 11.1%.  This contributes to our higher price target of $23.33

Keppel DC REIT (Nov 22: $1.43)

- Maintain Buy.  We estimate that KDCREIT's assets under management are now ~$1.7 billion, which is on track to meet management's $2 billion AUM target by 2018.  We bump our fair value estimate from $1.39 to $1.50 on higher DPU forecasts and a lower discount rate assumption.

Procurri Corp (Nov 22: 22 cents)

- Maintain fully valued.  Procurri saw a slight profit of $0.01 million after recording a loss of $1.67 million in 2QFY 2017.  Price target of 18 cents based on a 6% discount to FY2018F BV/share of 19 cents after accounting for value of intangibles on book

RHT Health Trust (Nov 22: 84.5 cents)

- Hold.  Net property income in 2Q increased 6% y-o-y to $11 million.  Price target of 85 cents (5% downside)

Roxy-Pacific Holdings (Nov 22: 52.5 cents)

- Maintain HOLD.  Management has indicated that they see the asset as a prime investment opportunity with the potential to be a stable source of rental income for the group.  Fair value estimate of 52 cents

Singapore Airlines (Nov 22: $10.65)

- Maintain Hold.  SIA's October 2017 operating results saw passenger carriage y-o-y growth (+8.3%) outstripping passenger capacity growth (+2.8%) strongly, resulting in a solid 4.1ppt improvement in passenger load factor to 80.8% for its passenger airlines as a group.   Unchanged fair value of $10.50

Singapore Post (Nov 22: $1.29)

- Upgrade to Buy.  Evident in the 2Q results was improvement in three out of four growth cylinders, including mail, e-commerce and associate earnings, which we believe will gain momentum.  Logistics is the only uncertain part.  We raise our FY2019-2020E EPS by 1%-5% and DCF based price target 23% to $1.50

Spackman Entertainment (Nov 22: 10.6 cents)

- Maintain Buy.  Spackman booked a $0.77 million loss in 3QFY2017, in line with estimate.    Nonetheless, it will launch two new movies in 2018.   Our unchanged DCF-backed price target of 20 cents also implies a 15x FY2018F PER.  A downside risk to our call is a poor reception to its movies

(Source:  TheEdgeSingapore 27 Nov 2017)

Broker's Digest September 11 2017

C ache Logistics Trust (Sept 6: 81.5 cents)

- UPGRADE TO HOLD

- Cum-rights fair value at 81 cents and an ex-rights fair value of 78 cents

Cityneon Holdings (Sept 6: $1.055)

- MAINTAIN ADD

- Raises price target to $1.40

Manulife US REIT (Sept 6: 93.5 US cents)

- MAINTAIN BUY

- Price target of 98 US cents, with 13% upside from theoretical ex-rights price of 87 US cents

ST Engineering (Sept 6: $3.59)

- BUY (initiating coverage)

- Price target of $4.07

Singapore Airlines (Sept 6: $10.23)

- MAINTAIN HOLD

- Fair-value estimate of $10.10

UG Healthcare (Sept 6: 23.5 cents)

- MAINTAIN SELL

- Lower price target by 16% to 21 cents

Wheelock Properties (Sept 6: $1.83)

- Buy (re-initiating coverage)

- Price target of $2.33 pegged at a 15% discount to RNAV of $2.74 a share

Wilmar Int'l (Sept 6: $3.27)

- MAINTAIN HOLD

- Employed DCF methodology to arrive at price target of $3.52 offering a 6% upside from current levels and 2.7% dividend yield

Yangzijiang Shipbuilding (Sept 6: $1.435)

- MAINTAIN BUY

- SOPT-based price target of $1.70 is largely intact

(Source:  TheEdgeSingapore September 11 2017)

Brokers' Digest September 4 2017

CEI (Aug 30: $1.02)

- MAINTAIN ADD

- Price target of $1.08

GuocoLand (Aug 30: $2.35)

- MAINTAIN ADD

- Price target raised to $2.77

Health Management Int’l (Aug 30: 63.5 cents)

- MAINTAIN BUY

- Fair value estimate of 80 cents

Keppel Corp (Aug 30: $6.31)

- MAINTAIN BUY

- Price target of $7.34

OUE Commercial REIT (Aug 30: 71.5 cents)

- MAINTAIN HOLD

- Fair value estimate of 68 cents

Mapletreee Logistics Trust (Aug 30: $1.23)

- HOLD

- Fair value estimate of $1.15

Netlink NBN Trust (Aug 30: 82 cents)

- Buy

- Price target of 95 cents

Venture Corp (Aug 30: $15.73)

- MAINTAIN BUY

- Raise our price target to $16.60

Wing Tai Holdings (Aug 30: $2.13)

- MAINTAIN BUY

- Unchanged fair value estimate of $2.37

(Source:  TheEdgeSingapore September 4 2017)

Singapore Market Portfolio 28 Aug 17

(Source:  TheEdgeSingapore August 28 2017)

Singapore Market Portfolio 1 Aug

(Source:  TheEdgeSingapore, August 7 2017)

Singapore Market Portfolio 31 July

(Source:  TheEdgeSingapore July 31 2017)

Local blue chips build base formations as Hong Kong hotels surge

SINGAPORE POST ($1.305) - Forming a base

- Signs are emerging that prices have lost downside momentum

- During the next two weeks, prices may continue to build a base

- Immediate resistance is at $1.32

- Support is at $1.23

- Break above $1.32 would provide impetus to test $1.44

SINGAPORE TELECOMMUNICATIONS ($3.77) - Locked in sideways range

- Prices are fluctuating around the 50 day moving average

- ADX suggests that prices are likely to remain rangebound

- Prices need to break above $3.84 to form an uptrend

SINGAPORE PRESS HOLDINGS ($3.20) - Stabilises at oversold lows

- Clear downtrend for the past 18 months may be approaching a low point

- The immediate trend is likely to be sideways

- Price resistance appears at $3.27

- Support has been established at $3.13

SINGAPORE EXCHANGE ($7.40) - Could strengthen

- Prices have been moving within what could turn out to be a minor base

- Breakout level for price is at $7.47

- Successful breakout indicates an upside of $7.70

- Support has been established at $7.29

SHANGRI-LA ASIA (HK$ 13.34) - Uptrend to continue

- Prices are on an extended uptrend that has yet to start accelerating

- Prices broke out of HK$11.50 setting a target of HK$17

- Support should be kept at HK$12.80

MANDARIN ORIENTAL INTERNATIONAL (US$2.04) - May run out of steam

- There is a pause in the accelerated upmove

- Immediate upside is probably limited

- If prices are forming a second bull flag, they need to break out of US$2.04 immediately

- Break below US$2.01 would invalidate the bull flag, in which event support appears at US$1.80

(Source:  TheEdgeSingapore June 26 2017)

S-chips under short-term pressure

YANGZIJIANG SHIPBUILDING HOLDINGS ($1.22) - Momentum falls

- Quarterly momentum has fallen sharply

- 50 day moving average has been acting as support line since January

- Resistance is at $1.26

SINO GRANDNESS FOOD INDUSTRY GROUP (23 CENTS) - Could drift lower

- Prices appear to be in multi-month base formation

- Medium indicators are weak and DIs are negatively placed

- Support is at 21 cents

- Resistance appears at 24 cents

CHINA SUNSINE CHEMICAL HOLDINGS (79.5 CENTS) - Forms ascending triangle

- The uptrend is intact

- Chart pattern looks like an ascending right triangle

- Support should be kept at rising 50 day moving average line at 73 cents

CHINA AVIATION OIL CORP ($1.65) - Uptrend stalls

- Prices continue to hold above its moving average

- Quarterly momentum has flattened

- Resistance has been established at $1.73 level

- The 50 day moving average has acted as support since start of the year and is now at $1.64

- Breakdown level is at $1.58

CITIC ENVIROTECH (75.5 CENTS) - Sideways to lower

- Earlier break above 82 cents have failed and prices have drifted down

- Indicators suggest prices are likely to drift lower gradually

- Immediate downside is likely to be limited to about 70 cents

- Resistance is at 79 cents

YANLORD LAND GROUP ($1.89) - Momentum turns down

- Momentum appears to have broken below support

- Prices are still holding above its 50 day moving average

- Resistance has been established at $1.98

- Break below $1.87 would lead to price decline towards $1.70

(Source:  TheEdgeSingapore June 12 2017)

How low can resource stocks go?

NOBLE GROUP (37 cents) – Selling subsides

- Prices are at all-time lows

- Stock is at extreme oversold level

- Trend remains downwards but the time for rebound is high

- 30.5 cents is likely to be established as support

ALLIANCE MINERAL ASSETS (35.5 cents) – Buying dries up

- Quarterly momentum is now testing a support level

- Buying demand has evaporated

- Immediate support is at the rising 50 day moving average at 30 cents

- When breached the next support is at 22 cents

- Resistance is now at 38 cents

CNMC GOLDMINE HOLDINGS (26 cents) – Downtrend in force

- A downtrend is underway

- Downside likely to be at 21 cents

- Recovery will take months as prices need to form a base first

- At present downtrend looks set to persist

GOLDEN ENERGY AND RESOURCES (42.5 cents) – Drifting lower

- Chart pattern is weak

- There are signs that prices could start moving into a sideways range

- Immediate support is at 40 cents

- Resistance has been established at 45 cents

GEO ENERGY RESOURCES (25 cents) – Forming top reversal pattern

- 200 day moving average is providing support for the consolidation phase

- Chart pattern is starting to look like a head and shoulder top formation

- Support stays at 23 cents

- Immediate resistance is at 28 cents

WILMAR INTERNATIONAL ($3.54) – Under selling pressure

- Prices are under some selling pressure

- Support is at $3.50

- A break below $3.50 would indicate a downside objective

- Resistance has been established at $3.67

(Source:  TheEdgeSingapore June 5 2017)

Consolidation phase sets in for property stocks

CAPITALAND ($3.49) – Corrective phase underway
- Prices have broken below the neckline
- Breakdown indicates downside of $3.25
- Corrective phase is underway

FRASERS CENTREPOINT ($1.87) – Retains relative strength
- Temporary retreat could materialise for which support is likely at $1.80
- Unlikely to violate the main uptrend
- Indicators point to consolidation phase
- Resistance is at $1.90

UOL GROUP ($6.83) – Poised for corrective phase
- Quarterly momentum has turned down decisively after breaking neckline
- Although uptrend is intact at present, 50 days moving average could be breached
- Support is at $6.50
- Resistance is at $7.20

CITY DEVELOPMENTS ($10.36) – Likely to ease
- Prices appear poised to break 50 day moving average
- Quarterly momentum has broken down and formed a downtrend
- Thrice tested $9.90 provides momentary support
- If broken, downside is at $8.90

GLOBAL LOGISTIC PROPERTIES ($1.90) – Fatigue could set in
- Quarterly momentum has been declining after peaking in January
- Indicators suggest that upside is very limited
- Resistance is at $2.95
- Support is at $2.81

BUKIT SEMBAWANG ($6.01) – Sideways trend
- Prices are testing the 50 day moving average
- This is likely to be breached
- Volume has contracted noticeably confirming sideways phase
- Immediate range is likely to be limited
- Support is at $5.80
- Resistance is at $6.10

(Source:  TheEdgeSingapore May 22, 2017)

Quality stocks strengthen as banks break out

DBS GROUP HOLDINGS ($20.45) – Temporary pause, uptrend intact

·         Ensuing surge may be followed by a temporary retreat

·         Support should appear at  $20.26

·         Immediate resistance is at $20.83

·         Direction remains upwards

OVERSEA-CHINESE BANKING CORP ($10.26) – Main uptrend to continue

·         Prices look bullish

·         Initial upside from the breakout is at $10.80 and could be as high as $12.80

·         Indicators suggest that uptrend is likely to continue

·         In the short term, prices could correct with support at $9.80

UNITED OVERSEAS BANK ($23.30) – Short-term pause, up-move intact

·         Counter has gained relative strength against the sector

·         Short-term indicators are at the top of their range and temporary retreat is in force

·         Support is at $22.50

·         Breakout indicates target of $24.20 and eventual target of $26.60

M1 ($2.23) – Attempts breakout

·         Prices have moved above 200 day moving average

·         Prices would need to move above $2.29 to underline the breakout

·         Resistance is at $2.29 and breakout indicates target of $2.68

SIA ENGINEERING ($3.86) – Challenging resistance

·         Prices are approaching resistance at $3.86

·         Long term indicators are positive

·         Break above $3.70 gives target of $4.30

·         Any retreat is likely to be temporary with support at $3.74

CAPITALAND COMMERCIAL TRUST ($1.62) – Facing resistance

·         Indicators suggest that prices are likely to move sideways in the near term

·         Support is at $1.60

·         Break above two year momentum equilibrium line should materialize in next month or so

·         Break would indicate a significant upside objective

(Source:  TheEdgeSingapore May 8 2017)

Selected blue-chip laggards attempt breakouts

COMFORTDELGRO ($2.75) - Uptrend underway

- Prices broke out above resistance at $2.60

- Breakout indicates a target of $2.90

- Technical indicators should support the price target

- Any retreat is likely to be mild with support at $2.62

CAPITALAND RETAIL CHINA TRUST ($1.60) - Breaks out of resistance

- Prices broke above resistance at $1.51

- Breakout should indicate an initial target of $1.70

- Indicators are generally positive

- Move towards $1.51 in next two weeks would mean breakout has failed

GENTING SINGAPORE ($1.13) - Uptrend underway

- An uptrend is underway

- Indicators suggest that uptrend is likely to continue

- Significant resistance appears next at $1.43

- Support is at $1.06

ASIAN PAY TV TRUST (52 cents) - Temporary retreat

- Counter surged above the 200 day moving average

- Breakout indicates a target of 60 cents

- Retreat needs to hold at 49 cents

M1 ($2.17) - Challenges major downtrend

- Buying demand for this counter could be returning

- Immediate resistance is at $2.23

- Break would indicate a target of $2.50

- Move below $2.11 would indicate failure

ISDN HOLDINGS (21.5 cents) - Attempts breakout

- Prices are challenging 200 day moving average at 20.8 cents

- Resistance is at 27 cents

- Move below 20.8 cents would imply that the counter is likely to fall back to its narrow sideways range

(Source:  TheEdgeSingapore May 1 2017)

Warning signs as price surge abates, laggards to rebound

ALLIANCE MINERAL ASSETS (33 cents) - Forming minor top

- Prices are testing minor support at 32 cents

- If prices break below 32 cents, the next support is a long way down at 24 cents

- There is a minor support at 29 cents but this may not hold

- Resistance is at 36 cents

SUNNINGDALE TECH ($1.75) - Upside limited, consolidation likely

- The up-move appears to be over for the time being

- Quarterly momentum is still intact but it appears fatigued and likely to turn down

- Support is at $1.61

COMFORTDELGRO ($2.62) - Approaching top of base

- Prices are at the top of a base formation and facing resistance at $2.63

- Directional movement is turning up and DIs are positively placed

- Successful breakout would indicate an upside of $2.90

- Support is at $2.60

FISCHER TECH ($2.34) - Could start consolidation

- Largest gains are probably over

- Quarterly momentum is likely to turn down in the last week of this month

- Minor dip in the accelerated uptrend could turn out to be start of a minor top formation

MERMAID MARITIME (21.5 cents) - Possible breakdown

- Prices are testing the 50 day moving average at 21.7 cents

- Support is at 20 cents

- Directional movement is starting to turn up as DIs turn mildly negative suggesting that prices are likely to weaken

SBS TRANSIT ($2.76) - Breaks above resistance

- In near term prices could face some resistance at $2.70 to $2.75 region

- Successful breakout would indicate target of $3.45

- Prices are likely to head higher from current levels

(Source:  TheEdgeSingapore, April 17 2017)

Banks stuck in sideways trend as finance companies surge

DBS GROUP HOLDINGS ($19.13) – Fatigue could set in

•  Momentum remains above its equilibrium line
• Rising 50 day moving average, a support line, is at $18.92
•  If they do not hold, prices could ease towards $18 breaking the five month uptrend
• Resistance has been established at $19.20
• A break would indicate an upside but is unlikely in medium term

OVERSEA-CHINESE BANKING CORP ($9.70) – Temporary consolidation

• Prices are skirting the still rising 50 day moving average
• Uptrend is over for the time being and prices are locked in a sideways trend
• Although prices may dip below 50 day moving average, the overall uptrend should remain intact
• Resistance is at $9.72

UNITED OVERSEAS BANK ($21.94) – Uptrend stays intact

• Counter appears to have the greatest strength in its market segment
• Resistance is likely to appear at $22.12
• Support is at 50 day moving average support line currently at $21.41

HONG LEONG FINANCE ($2.83) – At extreme overbought level

• Prices are attempting second stage of an accelerated up-move
• On April 5 prices moved out of the sideways range.  The measured move target is $3
• Support is at $2.70
• Move below this level could lead to a top formation

SING INVESTMENTS & FINANCE ($1.545) – Possible up-move

• Prices have moved within a narrow sideway range
• Prices have the potential to break out on the upside.  In this event, it would indicate a target of $1.76
• Support is at $1.52

SINGAPURA FINANCE ($1.115) – Potential to move higher

• Prices are attempting to ready themselves for the next leg of the up-move
• To break out, volume needs to build up by April 10
• Break out would indicate an upside of $1.375
• Break below $1.08 would invalidate the upside support

(Source:   TheEdgeSingapore April 10 2017)

Laggards attempt breakouts as speculative interest takes hold

CITIC ENVIROTECH (83.5 CENTS) - Attempts to move higher

- Prices have managed to move above resistance at 83 cents

- A "pattern" gap formed on the breakout.  If this remains uncovered, outlook will be bullish

- If counter moves to cover the gap and falls to 83 cents or lower, the break could fail

- In the event of breakout, upside is at 94 cents

TAT HONG HOLDINGS (42.5 CENTS) - Breaks out of base

- Prices broke out of a base formation on March 28

- Prices are at the 200 day moving average at 43.7 cents, a level that coincides with a resistance area

- Prices should be able to move above this level eventually

- Break above 40 cents indicates target of 48 cents

- Immediate support is at 40 cents

SABANA REIT (51 CENTS) - Breaks out of resistance

- Long suffering counter is attempting to form an uptrend

- Based on chart pattern, upside from the breakout is at 56 cents to 57 cents

- Support should be kept at 48 cents if prices are able to close above this level on March 31

CHINA EVERBRIGHT WATER (47.5 CENTS) - Base formation

- Prices are in base formation

- Top of the minor base formation is at 50 cents

- Prices would need to move above this level to confirm that prices have broken out

- Support is at 45 cents

- Break above 50 cents would indicate a target of 58 cents

FRASERS COMMERICAL TRUST ($1.275) - Attempts to strengthen

- Prices are in base formation

- If prices manage to hold above $1.27, the next layer of resistance is at $1.30

- Indicators suggest that prices will have sufficient momentum to break above $1.31

- Break indicates upside of $1.42

- Support is at $1.27

FRASER AND NEAVE ($2.34) - Consolidates price surge

- In short term, prices are likely to move sideways to lower

- Overall though, this counter could move higher subsequently

- Resistance appears at $2.75 to $2.80

(Source:  TheEdgeSingapore April 3, 2017)

Overbought pressures build for high-flying tech stocks

GLOBAL TESTING ($1.35) - Breaks out of resistance

-  Prices have broken several times tested resistance at $1.25

- Immediate upside from the breakout is at $1.62

- Any retreat should find support at the breakout level

FU YU CORP (24.5 cents) - Breaks out of resistance

- Prices have broken out of resistance at 21 to 22 cents

- Breakout indicates target of 31.3 cents

- Medium term indicators are positive

- Support is at 22 cents

AEM HOLDINGS ($2.06) - Short pause

- Prices have paused albeit temporarily

- If prices are able to hold above $1.72 further upside would be indicated provided prices can break above $2.08

- Quarterly momentum eased but its uptrend is intact

- Break below $1.72 invalidates the accelerated uptrend

CREATIVE TECHNOLOGY ($1.175) - Sideways range

- Short term prices may be lower with support at $1.15

- If volume expands and prices move below $1.15, signal is negative

- This looks less likely than an move to the upside, with prices reaching and breaching $1.27

UMS HOLDINGS (89.5 cents) - Time for consolidatation

- Prices have risen about 45% since beginning of the year

- While there is sufficient buying interest to drive prices higher, the upside from here is likely to be limited

- Probability of a consolidation looks more likely

- Support is at 77 cents

HI-P INTERNATIONAL (69 cents) - Up-move accelerates

- Prices are rising following a long consolidation

- On the weekly chart, it looks like a reverse head and shoulders formation

- Breakout was at 52 cents and target is at 70 cents initially and 81 cents subsequently

- In the short term prices may test 70 cents before retreating

- Immediate support is at 60 cents

(Source:  TheEdgeSingapore March 27 2017)

Situational plays surge on rotational interest

AEM HOLDINGS ($1.66) - Uptrend overextended

- Prices have accelerated following a brief pause

- There should be some upside

- Next resistance is likely to be $1.80

- Support is at $1.55

UMS HOLDINGS (75.5 cents) - Up-move continues

- There are no signs that the uptrend is likely to stop

- Prices appear to have broken above 74 cents potentially forming a bull flag

- In this event, upside is at 81 cents

- Traders should keep a tight stop loss at 71 cents

HI-P INTERNATIONAL (57 cents) - Uptrend to resume

- Uptrend is likely to continue

- In the immediate term, stochastics has turned down and this could cause a short-term sideways movement

- Prices should be able to break above 55 cents and test 72 cents

FISCHER TECH ($1.98) - Limited upside

- Prices have been fluctuating within a narrow sideways range

- Prices should continue to push ahead

- Prices have broken above $1.91 and are likely to move towards $2.10

- Since prices have almost doubled in past 12 months, upside is probably limited

CREATIVE TECHNOLOGY ($1.16) - Temporary consolidation

- Short term moves are likely to be lower

- Support should appear at $1.13 to $1.15

- When the upclimb resumes, resistance is at $1.49

HONG FOK CORP (77.5 cents) - Breaks out of one-year range

- The sharp up-move should continue

- Breakout indicates an initial upside of 85 cents and eventual target of $1

- Indicators suggest a sustained up-climb

(Source:  TheEdgeSingapore March 13 2017)

Offshore plays attempt to regain buoyancy

YANGZIJIANG SHIPBUILDING ($1.02) - Uptrend intact
- Prices have broken minor resistance at 94 cents indicating target of $1.08 to $1.10
- Fundamentals may be deteriorating but technically indicators show a strengthening trend
- Support is at 98 cents below which prices are likely to move into a consolidation phase

SEMBCORP INDUSTRIES ($3.26) - Starts to struggle
- There could be some loss of upward momentum
- Main uptrend remains very much in force but counter could be getting ready for sideways range
- Price support appears at $3.09

MERMAID MARITIME (22 cents) - Consolidation underway
- Prices are set to move into a sideways range
- Indicators are suggesting that prices could be in top formation or sideways consolidation with neckline at 19.6 cents
- Resistance is at 24 cents

KEPPEL CORP ($7.22) - Uptrend stays resilient
- Uptrend appears to be overextended
- Next important layer of resistance appears at $7.29 to $7.31
- Price support appears at $6.87 but should be raised to $7 if prices hold above $7.20

SEMBCORP MARINE ($1.935) - Overextended high
- Chart shows a bull flag formation indicating further upside of $2.02
- Based on formation of quarterly momentum there could be further upside
- Prices could go higher but they would have difficulty going much higher
- Support is at $1.72

PACC OFFSHORE SERVICES HOLDINGS (36.5 cents) - Consolidation phase
- Prices have eased towards earlier breakout level of 35 cents
- Prices are near support area
- Moving averages are positively placed.  If 100 and 200 day moving averages are able to draw apart in a rising trend, that would indicate continuation of the up-move

(Source:  TheEdgeSingapore March 6 2017)

Telco breakouts fail as mid-cap property stocks rise

STARHUB ($2.76) - At oversold low
- Counter has been particularly weak
- Indicators are not in extreme oversold territory yet
- Selling pressure will take time to subside
- Immediate support is at $2.75 level

M1 ($2.01) - Prices regain moving average
- At present annual momentum is flat after a major divergence with price
- Short term indicators are relatively neutral
- Resistance/breakout stays at $2.04

SIA ENGINEERING ($3.64) - Approaching target and resistance
- Prices have cleared the declining 100 day moving average
- As prices approach resistance quarterly momentum is likely to encounter resistance
- Correction/consolidation should meet with support at $3.54
- Prices are unlikely to break above 200 day moving average at first attempt

CHIP ENG SENG (68 cents) - Buying demand builds
- Convergence of moving averages indicates higher prices ahead
- Break above 66 cents indicates an initial target of 72 cents
- The only negative is the high level of short term stochastics
- Support is at 66 cents

OUE ($1.985) - Reaching overbought levels
- Prices are at one year high
- Chart pattern indicates an accelerated up-move
- If prices drop below $1.90, accelerated up-move will be breached.  Major support is at $1.84
- Next major resistance is at $2.22

SING HOLDINGS (34 cents) - Facing strong resistance
- Counter could start to gain strength
- Resistance is at 34 cent level
- A successful break would indicate target of 42 cents
- Any consolidation is likely to be sideways with support at 32 cents

(Source:  TheEdgeSingapore, February 13 2017)

Offshore plays regain some buoyancy

KEPPEL CORP ($6.27) - Could attempt breakout
- Temporary pause as price run-up towards minor breakout level
- Successful break above $6.35 would trigger move towards $6.85

EZION HOLDINGS (41.5 cents) - Moving averages turn positive
- The 100 and 200 day moving averages appear poised for a positive cross
- Directional movement indicators are positively placed
- Resistance is at 43.5 cents and support is at 40.5 cents

PACC OFFSHORE SERVICES HOLDINGS (35.5 cents) - Strengthening gradually
- Prices have been moving in a narrow range between 34 and 34.5 cents
- Successful break above this level indicates initial target of 40 cents
- Quarterly momentum is showing signs of strength
- Price support is at 34 cents

MERMAID MARITIME (19.5 cents) - Uptrend intact
- There could be a temporary retreat
- Price support appears at 18.5 cents
- Break below this level would violate the accelerated uptrend however main uptrend would stay intact
- Resistance is at 20.5 cents

ASL MARINE (15 cents) - Signs of a base formation
- There are signs that prices may be in base formation and worst declines are over
- Directional movement has turned up from a low level
- Immediate resistance is at 16.8 cents

PACIFIC RADIANCE (15.7 cents) - Could start to strengthen
- Interest in this counter is at an ebb
- The 50 and 100 day moving averages have just formed a positive cross
- Support appears at 50 day moving average at 14.8 cents
- Resistance is at 18 cents

(Source:  TheEdgeSingapore January 30 2017)