Straits Times Index fell 0.7% to 2,960 at closing, erasing gains of as much as 0.5%. Three shares fell for each that rose in the 30- member gauge, which climbed 1.4% this week.
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Archive for the ‘World’ Category
First Ship demands Berlian Laju to return ships
February 10th, 2012 |
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Singapore-listed business trust First Ship Lease Trust said it demanded for redelivery of its three chemical tankers from the subsidiaries of troubled Indonesian shipping firm PT Berlian Laju Tanker, reported Reuters.
“This is in addition to the demand for payment stated in the notice of default issued to the Lessees on 7 February 2012,” the trust said in a statement on Friday.
DBS Group Holdings rated ‘outperform’ by CIMB
February 10th, 2012 |
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CIMB in a Feb 10 research report says: “4Q11 net profit ($731 million) was above both our expectations ($700 million) and Street ($687 million) primarily on a low 4Q tax rate.
Fraser & Neave rated ‘buy’ by DBS
February 10th, 2012 |
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DBS Vickers Securities in a Feb 10 research report says: “Core net profit inched up 2% y-o-y although revenue dipped 11%. EBIT also dipped 2% to $264.3 million due to lower contribution from property development (-20%), dairy products (-84%) and soft drinks (-57%). Net asset value (NAV) is $4.99 per share.
TEE International rated ‘buy’ by OCBC
February 10th, 2012 |
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OCBC Investment Research in a Feb 9 research report says: “TEE announced that it has recently added five new contracts worth a total of approximately $12.7 million and this brings total outstanding order book to $292.3 million.
Biosensors International Group rated ‘outperform’ by CIMB
February 10th, 2012 |
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CIMB in a Feb 9 research report says: “3Q12 core earnings were in-line with consensus and made up 28% of our previous FY2012 forecast, with 9M12 at 86%.
Raffles Education Corporated rated ‘buy’ by Maybank-Kim Eng
February 10th, 2012 |
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Maybank-Kim Eng Research in a Feb 9 research report says: “Stripping out the one-off gain of $9.0 million from the disposal of available-for-sale financial assets, Raffles Education Corp’s (REC) 2QFY Jun12 results were slightly below our expectations.
Xinren Aluminum Holdings rated ‘buy’ by DBS
February 10th, 2012 |
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DBS Vickers Securities in a Feb 8 research report says “Xinren Aluminum has secured an option to buy an initial 21% stake in China Leading International Group Limited (CLI), a growing primary aluminum producer in Xinjiang that has its own power and smelting plants.
Weekend Comment Feb 2: DBS’s 4Q11 above consensus, CEO positive on prospects
February 10th, 2012 |
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DBS GROUP HOLDINGS reported a net profit of $731 million for 4Q11 which was up 8% from a year ago but down 4% from the previous quarter. It was above the consensus estimate of $693 million and beat the highest estimates by JPMorgan of $720 million.
STI down 0.5%, or 14.70 points, at 2,966.47 at midday
February 10th, 2012 |
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Singapore shares fell by midday, with property developer CapitaLand and commodities firm Olam International pulling back after recent gains.
By 2:00 p.m., the Straits Times Index (STI) <.FTSTI> was down 0.5%, or 14.70 points, at 2,966.47. Some 2.2 billion shares worth $1.1 billion were traded. But the STI was still up around 2% since the start of the week.
Shares of CapitaLand and Olam fell 3.1% and 2.2%, respectively, after advancing about 11% and 4% since the start of the week.
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Feb 20-26
February 10th, 2012 |
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TUESDAY, FEB 21
MAKE a date with American emo rock band Dashboard Confessional in a
solo acoustic live concert. Frontman Chris Carrabba takes to the stage
with music that harks back to its first release, Swiss Army Romance in
2000.
Date: Feb 21
Time: 9pm
Venue: Esplanade Concert Hall
Tickets: $48 to $98 from Sistic
Tiger Air surge after chairman ups stake
February 10th, 2012 |
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Shares of Singapore budget carrier Tiger Airways Holdings surged as much as 9.2% on Friday after its chairman, Joseph Yuvaraj Pillay, bought 200,000 shares in the company at $0.73 each, reported Reuters.
At 9:28 a.m., Tiger shares were up 7.2% at $0.82, outperforming the broader Straits Times Index which was 0.2% higher.
“Yesterday they made an announcement that the chairman doubled his stake in Tiger Airways. That gives the market a boost of confidence,” said Daniel Lau, an analyst at CIMB Research.
“Tiger can also be considered a laggard in the current market rally. Investors are also starting to see that operationally, Tiger has been seeing a lot of improvements,” he added.
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DBS says Q4 net profit up 8%; beats forecast
February 10th, 2012 |
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DBS Group Holdings, Southeast Asia’s biggest lender, on Friday posted an unexpected 8% rise in quarterly profit, beating expectations as strong loan growth propelled key net interest income upward by 17%, reported Reuters.
The Singapore bank made a net profit of $731 million for October-December period against a $678 million a year earlier.
That compared with an average forecast of $672 million, according to six analysts surveyed by Reuters.
The bank also posted an annual net profit of $3.04 billion, which was a record.
This is the sixth straight quarter when DBS has posted better-than-expected earnings under CEO Piyush Gupta, who has focused on improving the bank’s existing businesses and avoided expensive acquisitions.
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Unionmet (Singapore) – Corporate moves
February 10th, 2012 |
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Zeng Fuzu has been appointed executive chairman wef Feb 1
Work experience: MD, Raffemet Pte Ltd; non-executive chairman, Unionmet (Singapore) Ltd
Sun East Group – Corporate moves
February 10th, 2012 |
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Ju Jia has been appointed CFO wef Feb 1
Work experience: CFO, JCH Home Furniture Pte Ltd; financial controller, Financial Payment Systems Ltd
Parkson Retail Asia – Corporate moves
February 10th, 2012 |
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Koh Huat Lai has been appointed CFO wef Feb 1
Work experience: GM, finance, Mulpha Int’l Bhd; financial controller, Mulpha Int’l Bhd
Feb 10: DBS, Olam, F&N, China Fishery
February 10th, 2012 |
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Singapore shares may open higher on Friday, boosted by hopes for progress in the euro zone and a better-than-expected earnings from Southeast Asia’s biggest lender, DBS Group Holdings.
Greek political leaders said they had clinched a deal on economic reforms and spending cuts needed to secure a second bailout.
Singapore’s benchmark Straits Times Index edged 0.03 % down on Thursday to 2,981.17 points. Here are some stocks and factors to watch, according to Reuters:
DBS Group Holdings may be in focus after posting an unexpected 8% rise in quarterly profit, as strong loan growth propelled key net interest income up by 17%.
Singapore agriculture firm Olam International said on Thursday it has bought Nigerian biscuits and candy maker Titanium Holding Company SA for US$167 million ($209 million).
Food and beverage and property conglomerate Fraser and Neave said on Thursday its first-quarter net profit fell 23 % from a year ago to $177.1 million, partly hurt by the loss of its Coca-Cola business and the floods in Thailand.
China Fishery Group said on Thursday its first-quarter net profit rose 21% to US$23.8 million ($29.8 million) from a year earlier, helped by higher sales of fish.
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Swiss banking secrecy: Don’t ask, won’t tell
February 9th, 2012 |
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FITTINGLY for a business that has peddled discretion for 271 years, the Zurich office of Wegelin is easy to miss. But according to an indictment unsealed in New York on February 2nd, Switzerland’s oldest bank brazenly helped its clients dodge American taxes on $1.2 billion in offshore accounts and poached American clients from UBS, a giant Swiss bank that prosecutors ensnared earlier.This first indictment of a Swiss bank has rocked the country’s financial industry. Konrad Hummler, Wegelin’s boss, had bluntly defended the right of banks to shield clients from their governments’ tax regimes; he once dismissed critics as “tax cartels” and “illegitimate states”. Now even humble pie may not save his bank from a criminal conviction in America.Governments once turned a blind eye to their wealthy citizens’ offshore tax acrobatics. Now they are strapped for cash and hungrily hunt every penny in tax revenue. So a cold war on banking secrecy is turning hot. Tax evasion costs governments $3.1 trillion annually, according to Tax Justice Network, a lobby group. America, Britain and Germany have sought deals with Switzerland,…
Internet freedom and copyright law: ACTA up
February 9th, 2012 |
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Polish lawmakers: anonymously united
NO SOONER was the Anti-Counterfeiting Trade Agreement (ACTA) signed than Kader Arif, the European Union’s chief negotiator, called it a “masquerade” and resigned. Slovenia’s envoy, who signed the deal at a powwow in Japan, called her own behaviour an act of “civic carelessness”. Romania’s prime minister (now resigned) admitted he couldn’t say why his country had signed it. In Poland, where lawmakers protested by wearing Guy Fawkes masks associated with the Anonymous hacker-activist collective, the prime minister said he would suspend ratification. The Czech Republic and Slovakia (which has not signed it) later did the same.The unusual remorse and wobbles come amid unprecedented protests against the treaty, an attempt by rich countries to protect their intellectual-property industries. Groups affiliated to Anonymous have hacked government websites. More than 1.8m people have signed an online petition. Many Poles and Swedes have demonstrated. Organisers plan protests in hundreds of European cities on February 11th.The row follows the collapse…
Eight banks to lend $5b to Temasek-Khazanah jv
February 9th, 2012 |
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Eight banks are close to signing a $5 billion property development loan for two Singapore projects that will be developed by a joint venture between Temasek Holdings and Malaysia’s Khazanah Nasional, Thomson Reuters’ basis point reported on Thursday.
DBS Group (DBSM.SI), Oversea-Chinese Banking Corp (OCBC.SI), United Overseas Bank (UOBH.SI) and Maybank (MBBM.KL) are committing $850 million each. ANZ (ANZ.AX), Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp (8316.T) are each joining with $500 million, basis point said, quoting sources.
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