Singapore is building a US$1.05 billion ($1.41 billion) import facility for LNG, which is gas chilled to its liquid form, to help meet rising demand for the fuel from power and industry. Neighbours Malaysia and Indonesia supply Singapore with gas, but have no capacity to boost exports.
The 100-month moving average on the exchange rate has been a “very reliable support” since 1989, according to Winston Tang, a technical analyst at Forecast. The Singapore dollar has during the period weakened toward the average in 2005, 2007 and this year, though never broke through the level.
Singer Katy Perry has admitted that she can’t repel stealing pillows from the places she stays all over the world. “I do steal pillows from every single place I stay. It”s like ”Princess and the Pea” and I”m just laying on a bunch of pillows in a big room,†Stuff.co.nz quoted Katy as saying. “When [...]
Sin Heng Heavy Machinery, one of the leading heavy lifting service providers in Singapore focusing on the mid-to-high lifting capacity segment, has entered into a dealership agreement with Kato Works Co., one of the world’s leading hydraulic crane manufacturers.
A consortium led by a Malaysia-based private equity firm has joined a slate of bidders including French retailer Casino <CASP.PA> and Britain’s Tesco <TSCO.L>, in bidding for some of Carrefour’s <CARR.PA> Southeast Asian assets, sources said.
Malaysia’s Navis Capital Partners has bid for Carrefour assets in Singapore and Malaysia, sources familiar with the deal told Reuters. Navis declined to comment on the deal.
MCL Land (M25.SG) +25.1% at $2.44, highest since November 2007, closing in on parent Hongkong Land’s (H78.SG) $2.45/share offer to take developer private due to historically low trading liquidity, according to Dow Jones.
“By becoming a wholly-owned subsidiary of Hongkong Land, it could help (in) re-branding MCL Land’s projects under the HKL brand name, which appears to be more recognized in the market,” says JPMorgan, which has no rating on MCL; “as MCL Land is a relatively illiquid stock, it may not be cost efficient after all to have two listed vehicles with overlapping geographical exposure in Singapore and Malaysia.”
Offer values MCL at about $906 million, with Hongkong Land paying about $205 million for remaining 22.6% stake in doesn’t already own. Employees Provident Fund Board of Malaysia, which owns 4.7% of MCL, has agreed to sell its stake.
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Mainboard-listed Eu Yan Sang International, the healthcare company with a strong foundation in Traditional Chinese Medicine (TCM) and integrative healthcare, posted an increase of 48% in net profit to $19.3 million for its financial year ended 30 June 2010 (FY2010) on the back of record revenue of $244.7 million.
The group’s higher revenue in FY2010 was mainly attributed to the increase in retail sales in all its three core markets, namely Hong Kong, Malaysia and Singapore. Lower operating costs and better same store sales contributed to a better operating profit before tax. The higher net profit was also further boosted by $1.5 million from a fair value gain on property, plant and equipment and a fair value gain on investment properties.
Mainboard-listed Kian Ann Engineering, one of the largest independent distributors of heavy machinery parts in Asia, announced it achieved a record profit attributable to equity holders of $13.2 million for the financial year ended 30 June 2010.
Kian Ann says the group’s performance was lifted by the gradual recovery of global economic conditions, which resulted in sales growth of 10.8% to $149.4 million in FY2010 from $134.8 million in FY2009. Improved demand from mining, forestry, palm oil and infrastructure sectors in Malaysia and countries outside Asia, especially Russia, South America and continents of Oceania, contributed to the better performance.
Investors hardly inspired by Fraser & Neave’s (F99.SG) food business expansion, with shares +0.7% at $5.56 on light volume, unchanged from levels at end of morning session, according to Dow Jones.
Conglomerate’s Malaysia unit Fraser & Neave Holdings (3689.KU) agreed to buy 23.08% stake in Cocoaland Holdings (7205.KU) for RM54.6 million ($23.6 million), hoping to leverage on snacks maker’s Southeast Asian reach to speed up development of group’s food business.
CIMB lifts Genting Singapore (G13.SG) target price to $1.88 from $1.38 after increasing FY10-12 core earnings forecasts by 76%-130% to assume increased daily table win rates, higher table count, according to Dow Jones. Keeps Outperform call.
“It appears that Singapore’s gaming market could be worth a whopping $5.5 billion.” Estimates Resorts World Sentosa has 65%-67% market share. Says divestment of UK operations to Genting Malaysia (4715.KU) strategic as scope for synergy between UK business and Resorts World Sentosa has narrowed. Shares flat at $1.54.
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Actress Katrina Kaif walked the ramp at the inaugural session of India International Jewellery Week (IIJW) that started here on Sunday. Kaif walked the ramp wearing a peach ruffled lehenga, a traditional ensemble with a small blouse and rich, flowing skirt, with a jewel-encrusted top created by fashion designer Neeta Lulla. The actress also sported [...]
Malaysia’s state investor Khazanah said its Integrated Healthcare unit controls 95% of Singapore hospital operator Parkway Holdings (PARM.SI) and it would make a decision soon on its listing status.
Shares of Parkway were suspended from Tuesday as less than 10% of its shares are in free float, Parkway said in a separate statement.
Citigroup Inc., the third-biggest US bank, says it will start so-called dark pool electronic trading in Singapore early next year to meet growing demand in Asia.
The bank is expanding its regional footprint after its off-exchange trading in Australia increased to a record A$1.5 billion ($1.8 billion) in June from about A$700 million to A$800 million a year earlier, said Paul Sanger, Citigroup’s Asia-Pacific head of execution services.
“We’ve doubled volumes in Australia in a very quiet month,” Sanger said in a telephone interview. “That’s very encouraging. We’re hoping the rest of the markets will similarly grow.”
Dark pools are trading venues that don’t display quotes publicly, helping investors minimise price fluctuations and save costs. The growth of such networks in Asia has lagged behind the US and Europe because regulators in Asia have been slow to accept the systems, John Feng, New York-based managing director of research company Greenwich Associates, said on March 9.
The portion of trades handled off public exchanges in the Asia-Pacific region is forecast to rise to 3% of transactions within three years from 1% last year, Feng said. By contrast, trades through dark pools last year in the US accounted for 10% of the total, and 4% in Europe, he estimates.
‘Very Protective’
“It’s highly unlikely we’re going to see a big change in the regulatory environment in Asia in the near future,” Sanger said. “Most of the countries in Asia are still understandably very protective of their primary exchanges.”
Ronald Arculli, chairman of Hong Kong Exchanges & Clearing, has criticised dark pools for their lack of transparency. Financial markets face a “systemic risk” because of the lack of transparency, Arculli said on Dec. 9. The exchange said on Dec. 11 it’s not considering establishing its own dark pool.
Besides Australia, Citigroup also operates a dark pool in Hong Kong and started offering the service in Japan in June, Sanger said.
Off-exchange trading platforms will need a few years before they “take off” in Asia, Magnus Bocker, chief executive officer of Singapore Exchange, said on April 16. The establishment of dark pools must be done in “parallel to other developments” for it to be successful, he said.
Bocker said his exchange is working to improve liquidity in the derivatives markets, increase the efficiency of its securities borrowing and lending system, plus broaden distribution networks by attracting more traders.
Global Platforms
Chi-East, a pan-Asian dark pool joint venture between Singapore Exchange and Chi-X Global Inc., is due to start operations this year.
The platform chose LCH.Clearnet Group, Europe’s largest clearing house, to process trades in Hong Kong, Japanese and Australian securities, LCH said on Nov 18. Trades in Singapore equities will be cleared by the city’s bourse.
Exchanges worldwide have been building new platforms in response to competition from alternative trading systems. Since starting in May 2009, London Stock Exchange Group Plc Chief Executive Officer Xavier Rolet has been trying to diversify the bourse’s business and stem its loss of market share to multilateral trading facilities such as Bats Europe and Chi-X Europe Ltd.
The LSE completed the merger of its Baikal dark pool unit with Turquoise in February, creating a new pan-European trading venture. The Tokyo Stock Exchange introduced a faster trading system in January amid growing competition. The Singapore Exchange said in June it will roll out a new system next year that will become the world’s fastest trading engine.
Indonesian Trading
Citigroup provides electronic trading platforms to its clients in more than 30 markets globally, according to Ben Valentine, head of electronic execution sales trading. In Asia, such services are available to clients in Australia, Hong Kong, India, Japan, Malaysia, South Korea, New Zealand, Singapore and Taiwan, he said.
Electronic services will also be offered to clients in Indonesia this quarter, said Ian Smith, head of electronic execution products for Asia Pacific at Citigroup. Smith joined the bank this month from Credit Suisse Group AG, where he was head of execution services for the past 10 years.
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Hup Soon Global Corporation recorded a net profit attributable to equity holders of the company of US$0.4 million ($0.5 million) in the second quarter ending June 30 (2Q10) compared to a net loss of US$0.2 million in 2Q09.
The better economic environment in 2Q resulted in improved performance for most of the group’s business units. There was a 72.2% increase in revenue to US$46.7 million contributed mainly from better performance of the agriculture tractors segment in Thailand; higher revenue from the automotive aftermarket segment in Malaysia because of the contribution from the distribution of Yokohama batteries; a maiden contribution from the consolidation of TKYB; and translation gain.
Bollywood star Tabu is set to coming to Kuala Lumpur to support ‘The Saroj Khan Dance Academy’. The academy is a joint-venture between famed Bollywood choreographer Saroj Khan and her local partner, Pen ‘N’ Camera (M) Sdn Bhd . Saroj, best known for her sultry dance movements in hit movies like Devdas, Guru, Veer-Zaara and [...]
Singapore plantation stocks sharply higher as CPO futures rally, says Dow Jones.
UOB KayHian analyst Leow Huey Chuen notes CPO prices at new high of MYR2,661/tonne ($1,140/tonne) for 3-month forward contract, attributes spike to potential disruption to production in Sabah, which accounts for one third of Malaysia’s total output, due to La Nina weather effect, as well as spill-over effect of rising wheat and corn prices following Russia’s ban on grain exports.
Wilmar (F34.SG) +3.2% at $6.42, Indofood Agri Resources (5JS.SG) +5.4% at $2.53, Kencana Agri (F9M.SG) +7.6% at $0.355, First Resources (EB5.SG) +2.6% at $1.18, Golden Agri-Resources (E5H.SG) +1.7% at $0.605. All actively traded as of 4:21 p.m.
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Thursday Comment Sept 9: Casinos and cruises
Opened in Aug 2009, Resorts World Manila is a 50:50 joint venture between Genting Hong Kong and Alliance Global and is only 55% completed. Home to five-star Marriott Hotel Manila and the 172-suite Maxims Hotel, RWM is a five-minute drive away from the soon-to-be-open Ninoy Aquino International Airport’s Terminal 3. Another Remington Hotel is targeted to open in the first quarter of 2011. Upon completion, the total number of hotel rooms in RWM is expected to hit 1,300. A retail mall was completed in June and is likely to be operational by the end of the year.