The comments on Tuesday came after SGX missed expectations for its second-quarter profit on higher costs for technology and transactions linked to the bid for ASX.
Gross domestic product will grow 4% to 6% in 2011, the trade ministry said in a statement. The economy, vulnerable to swings in demand for its drugs and electronics, shrank less than previously estimated in the third quarter. The nation, which has had three recessions in the past decade, won’t experience one this year, the government said today.
Citigroup raises Cosco Corp. (F83.SG) target price to $2.55 from $2.30, keeps Buy call, according to Dow Jones.
Citi says stronger-than-expected 3Q10 “brings forward our recovery thesis by six months. We believe the market continues to underestimate the operational improvement Cosco Corp. can achieve in a short time span, and we see potential for the stock to surprise further on the upside.”
Research house notes apart from improving margins, fundamental outlook further underpinned by success in offshore segment. Reflecting these trends, raises FY10E-12E EPS by 8%-10%, lowers risk rating to Medium from High. Adds street has likely overlooked strong progress Cosco made from simple fabrication to complex integration work for both rigs, FPSO, while plans to expand product mix into OSVs reduces concentration in bulk carriers; “we believe Cosco can secure market share from more established yards in Singapore and Europe for such vessels.”
Shares +1.9% at $2.13.
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The company, around two-third owned by Singapore state investor Temasek Holdings (TEM.UL), said it expects to remain profitable for the full 2010 year.
Official figures released Friday show Germany’s largest single-quarter economic growth since reunification in 1990. The economic revival, far better than expected, is based largely on a rise in exports
Shares of PNE Micron (PNMC.SI) surged 14.3% to $0.04 on Wednesday, leading a rally in Singapore-listed technology shares after Intel’s (INTC.O) better-than-expected forecasts, traders said.
PNE Micron’s businesses include provides coating services for hard disk drives and automotive parts. Over 5 million PNE Micron shares had changed hands by 10:49 a.m.
Net income rose to $393.8 million in the year ended March 31 from $210.3 million the previous year, helped by new developments and gains from the increased value of its holdings, the Singapore-based company said at a press briefing in the city-state today. Total assets under management climbed 9% to $12.9 billion in the year.
Net income rose to $393.8 million in the year ended March 31 from $210.3 million the previous year, helped by new developments and gains from the increased value of its holdings, the Singapore-based company said at a press briefing in the city-state today. Total assets under management climbed 9% to $12.9 billion in the year.
KLW Holdings expects to report a lower profit or a loss for the six months ending June 30, compared with a profit in the same period a year earlier, the company said in a statement today. The group may have further writeoffs relating to the liquidation of its subsidiary, Barang Barang, the company said. It expects to report half- year results in mid-August.
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Oversea-Chinese Banking Corp (OCBC) clocked a net profit of $676 million between Jan-March, compared with $545 million in the year-ago period. Analysts had predicted a net profit of $519 million, according to the average of five forecasts compiled by Reuters.
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VMware reports its revenue increased 18 percent to $608 million in the fourth quarter, substantially above the average analyst forecast of $554 million. The virtualization company also reports profit of 31 cents a share, which beat the average analyst forecast of 26 cents.
– Virtualization software maker VMware on Jan. 25 dazzled Wall Street with its
quarterly results and cautiously predicted that its sales and licensing income
growth could more than double in 2010 over the previous year if the economy
continues to improve.
Revenue for the company increased 18 per…
MobileOne (B2F.SG) may edge up on solid 4Q09 results, though some uncertainty on outlook may cap upside.
The telco reported that 4Q09 net profit gained 4.5% on-year to $37.5 million on higher revenue, lower tax payment, exceptional gain from interest rate swap. Revenue rose 11.1% on-year to $216.2 million.
Palm reports that its partner Sprint Nextel has been selling fewer of its Pre and Pixi smartphones than expected, reflecting intense competition in the mobile phone market. Palm also reports a greater-than-expected financial loss of 37 cents a share for its fiscal second quarter. Analysts had forecast a loss of 32 cents a share for the quarter.
– SAN FRANCISCO (Reuters) Palm reported a wider-than-expected
quarterly loss as consumers cooled to its new smartphones in the face of fresh
competition including devices based on Google Inc software.
Palm shares fell 7.7 percent after the
company revealed on Thursday that its partner Sprint Nexte…
The National Oceanic and Atmospheric Administration brings online two new IBM supercomputers capable of 69.7 trillion calculations per second to improve forecast accuracy and warning lead times for hurricanes, tornadoes, wildfires, floods, tsunamis, winter storms and other severe weather.
– With the ability to make 69.7 trillion calculations per second, the National
Oceanic and Atmospheric Administration’s new supercomputers are gearing up to
quot;improve forecast accuracy and extend watch and warning lead times for
severe weather, including hurricanes, tornadoes, air quality, wild…
After upbeat financial results from Intel and better forecasts in the handset and PC industries, global semiconductor sales increased in the second quarter of 2008, according to SIA. Worldwide chip sales are also expected to increase later in 2009, according to new estimates.
– Global semiconductor sales picked up in the second quarter of 2009, as Intel
reported solid financial results and the forecasts for the PC and handset
markets showed new signs of life, according to a report by the Semiconductor Industry Association.
The SIA’s Aug. 3 report found that worldwide c…
