BNP Paribas analyst Brenda Lee says the recent rally has come on the back of potential positive news flow from the Oriental University City (OUC) development after RLS said it had identified a property developer to co-develop the OUC land to monetise its $394 million investment.
Credit Suisse raises its Singapore 2011 real GDP growth forecast to 4.7% from 4.2%, reflecting a more positive global outlook for 2011.
“The more positive global economic growth outlook (especially for the G3 economies) augurs well for Singapore.”
While strategist Sakthi Siva is Underweight Singapore (mainly due to valuations), she prefers export-oriented markets that will benefit from the recovery in global industrial production over domestic defensives. She says sectors that would benefit from the recovery in global IP include capital goods, transport and commodity names.
The new preference shares will pay an annual dividend of 4.7% and can be counted as non-core Tier 1 capital. They will replace a US$1.1 billion ($1.42 billion) preference share issue that is callable next year.
Tiger Airways, the budget airline partly owned by Singapore Airlines, says from September 2009 to August 2010, a total of 5.5 million passengers chose to fly with the carrier, an increase of 47% over the 3.7 million passengers in the preceding 12 months. The average load factor for the 12-month period to August 2010 was 86%, an increase of 5 percentage points year-on-year.
Super Group (S10.SG) gaps up at open, last +4.7% at $1.00 vs $1.03 early high, on hopes stock could fetch higher valuations as instant beverage maker finalises pricing for its Taiwan Depository Receipts, according to Dow Jones.
40 million TDRs have been issued at NT$14 each ($0.59), with 2 TDRs costing NT$24 or $1.18, representing 1 mother share, a 23.6% premium to yesterday’s close. TDRs start trading September 9. Company will use $23.6 million proceeds to build new HQ, production, warehousing facilities in Singapore.
CityDev (C09.SG) remains top percentage decliner among Singapore blue chips, off 4.7% at $10.92, extending yesterday’s 4.2% loss, as stock deemed most vulnerable to latest property-market curbs with developer having largest land bank in country, says Dow Jones.
Negative momentum gaining strength as volume more than 3x average volume of 1.6 million shares over last 50 days. Stock now below 200-day moving average, a bearish signal. Near-term support at $10.56 (June 30 low).
Hiap Tong Corporation, the hydraulic mobile crane specialist, says it posted net profit attributable to shareholders of $3.9 million for the half year ended 30 June 2010 (1H2010).
This represented a 47% decrease in net profit as compared to the corresponding period last year (1H2009: $7.4 million), largely due to a drop in revenue and increase in cost of sales and administrative expenses.
Kreuz Holdings, the subsea solutions provider for the oil and gas industry, announced today that its initial public offering was about 4.7 times oversubscribed.
Kreuz IPO involved issuing 80 million new shares comprises 4.5 million offer shares at $0.27 each through a public offer; and 75.5 million placement Shares at $0.27 through a placement with institutional investors and high networth individuals.
At the close of the application, 4,039 valid applications and $104.5 million were received for 386.9 million offer shares.
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Cosco (F83.SG) +4.7% at almost five-week high of $1.56 in active trade as company receives initial deposit from European shipowners to begin construction of 2 out of 15 bulk carriers recently ordered, according to Dow Jones.
Global Palm Resources’ (K6J.SG) +4.7% at 6-session high of $0.335 as palm oil producer turns in sharply higher 1Q10 net profit of IDR11.1 billion ($1.7 million) vs IDR886.2 million year earlier on increased revenue, FX gain, says Dow Jones.
Raffles Education (E6D.SG) down 4.7% at new year-to-date low of $0.305 as broad market weakness further dampens interest in stock, already bogged down for months by lower student enrolment in China, lack of near-term growth drivers with string of new colleges not immediately earnings-accretive due to gestation effect, says Dow Jones.
Mainboard-listed Metro Holdings Limited, the growing property development and investment group backed by established retail operations in the region, today reported a 138.2% increase in net profit attributable to shareholders to $93.9 million on a 9% increase in revenue to $151 million for the full year ended March 31, 2010 (FY2010).
For the fourth quarter ended March 31, 2010 (4QFY2010), the group achieved a 46.5% increase in net profit attributable to shareholders of $56 million on a 15.1% rise in revenue to $39.9 million.
Soilbuild Group Holdings says it has posted a 47% fall in net profit to $10.3 million in 1Q2010 from $19.45 million in 1Q2009.
Group revenue fell by 50% y-o-y to $32.4 million in 1Q due largely to the absence of contributions from three residential property projects, The Espa, The Centrio and Leonie Parc View, which were completed in 2009.
Sunpower Group, the China-based manufacturer of energy-efficient, energy-saving and environmental protection products, says it recorded a year-on-year increase of 46.5% in net profit after tax to RMB10.7 million ($2.1 million) for the first three months ended 31 March 2010 (1Q2010) on the back of a y-o-y increase of 53.2% increase in revenue to RMB161.5 million.
CSE Global (544.SG) is up 4.7% at two-month high of $1.01 on above-average volume as proposed 10.1 million pounds ($21 million) buy of UK-based Systems Integration & Automation bolsters hopes of stronger presence in UK, enlarged blue-chip clientele, says Dow Jones.
Worldwide chip sales increased about 47 percent from January 2009 to January 2010, according to the latest SIA report. The report found that demand for PCs, smartphones and automobiles helped drive the semiconductor market during the first few weeks of 2010.
–
While
many businesses are still dealing with the aftermath of the global recession,
the semiconductor industry is poised for a rebound as demand for PCs and cell
phones drives chip sales.
Worldwide
chip sales increased 47.2 percent from January 2009 to January 2010, according
to …
Ntegrator International, the communications network specialist and systems integrator, announced a 46.5% increase in net profit of $0.9 million for the full year ended December 31, 2009 (FY2009).
Revenue increased by 16.7% from $47.9 million the previous year (FY2008) to $55.9 million in FY2009. The timely completion of several major projects in Vietnam contributed to the majority of the increase. Revenue was also boosted by project completion in Singapore.
HP, IBM and Yahoo were among the recipients of grants from the Department of Energy for projects aimed at making data centers more energy efficient through innovative components, better power supplies and improved cooling tchnologies. The $47 million in federal stimulus money will be matched by $70 million in private industry donations.
– The Department of Energy is handing out $47 million in grants to
projects aimed at increasing energy efficiency and reducing greenhouse
gas emissions from data centers and other IT facilities.
The grants, announced Jan. 6, will be distributed among 14 private
projects around the country, and wil…
