MARKET UPDATES :
- MAINBOARD-LISTED Rotary Engineering said on Tuesday it had won several contracts worth a total value of about S$80 million, including one which allowed it to break into the LNG (liquefied natural gas) space. Rotary – an engineering, procurement, construction and maintenance services company supporting the oil and gas and petrochemical industry – said it won its first LNG contract, through a deal with IHI Corporation.
- OCBC Investment Research has downgraded its take on the oil and gas sector to neutral, but added that the long- term outlook is positive. The September report noted that there has been a softening in the day rates for deepwater and ultra-deepwater rigs, though charter rates for jackups are still holding up.
- SINGAPORE has overtaken China as the largest source of Asian outbound real estate investment in the first six months of this year. Hong Kong, China and Malaysia trail behind. Ada Choi, senior director for CBRE Research Asia, noted that Singaporean investors were “driven overseas by domestic yield compression and a lack of suitable assets”.
STOCK RECOMMENDATION :
- BUY COMFORTDELGRO LTD ABOVE 2.590 TG 2.630, 2.670, 2.730 SL 2.530