Shares of GMG Global (GMGG.SI), a Singapore rubber producer, rose as much as 6.8% on news reports that it had resumed shipments of rubber from its facilities in the Ivory Coast.
At 9:40 a.m., GMG Global shares were up 5.1% at $0.31 on a volume of 31.2 million shares.
The firm did not immediately comment when asked about the reports.
Noble’s (NOBG.SI) purchase of two cane mills in Brazil this week, the latest addition to its fast-rising cane processing capacity, reflects its go-it-alone approach that sets it apart from competitors that are partnering with local companies, the group’s CEO said on Thursday.
Asia’s biggest commodities trader has agreed to pay $950 million ($1.24 billion) for two sugar and ethanol facilities owned by Brazilian group Cerradinho.
Fraser & Neave (F99.SG) down 2.0% at more than 2-week low of $6.38, may end lower for 5th straight session, despite trading with dividend entitlement, according to Dow Jones.
Stock hasn’t garnered much buying interest since diversified business group reported Friday 22.9% on-year fall in September-quarter earnings to $144.5 million.
Concerns of more tightening measures by China, which F&N counts as one of key property markets, may also be weighing, although reach not as extensive as other developers like CapitaLand (C31.SG), Keppel Land (K17.SG).
“It has no high-end or prime (housing) inventory in China. It has two large residential land parcels and 30–40% has already been sold, which should help cushion them from any fallout,” says analyst at foreign brokerage; adds, China accounts for relatively small 10.5% of F&N’s gross asset value.
Immediate support at 50-day moving average, last at $6.29.
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Says, Singapore currently tracking ahead of guidance with 1Q11 sales +9.9% (vs guidance of mid-single-digit growth), EBITDA +2.7% (vs guidance of low- to mid-single-digit decline).
Sequentially, numbers show slight recovery from August when passenger load factor was 78.1%, passengers carried fell 6.6%. September overall load factor at 69.9% vs 70.3% year ago, 68.1% in August.
Shares of Singapore-listed developers with China operations mostly down, but decline in line with broad market pullback, not accompanied by heavy volume, suggesting investors not overly concerned about impact of Beijing’s latest measures to rein in home prices, says Dow Jones.
View backed by current gains in shares of China-listed developers.
DBS (D05.SG) +1.2% at $13.98, bucking falls by other 2 Singapore lenders, says Dow Jones.
Gains possibly supported by bank’s ambition to expand its treasury and markets business in Asia via $250 million investment over next five years.
Move comes at time when margins for core lending business pressured by low interest rates. Investment will include increasing headcount in Asia to about 600 from 405 now, expanding its Hong Kong-based RMB business capabilities, which includes FX, bonds, structured products, hedging solutions.
Genting Singapore plc says the net debt position of its UK casino operations to be sold off to Genting Malaysia as at 20 June 2010 was £74.4 million ($155 million), as ascertained by the latter’s auditors.
This represents a reduction of £11.5 million from the net debt amount of £85.9 million as at 31 May 2010.
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.
Singapore-based Enzer will acquire 30% stake in shipping group A3 Offshore for US$974,000 ($1.3 million), to be funded by proceeds from Enzer’s recent rights issue.
“Enzer Corp is changing skin, from retailing audio what-nots to becoming an oil and gas play,” says trader. Move comes as Enzer struggling to stem losses. Revenue for fiscal FY10 ended March down 76% at merely $121,000 on weak demand, with $934,000 net loss. Orderbook quotes suggest price may test $0.18.
Wilmar (F34.SG) +3.7% at $6.45 on above-average volume, best performer among Singapore blue chips, with buyers returning after losing streak over last 3 days, according to Dow Jones.
Market participants contacted are divided over reason for current interest, with some attributing rise to merely buying ahead of 2Q10 results due Aug 13, while others hopeful agribusiness group will benefit from recent rally in wheat prices following Russia’s ban on wheat exports.
Oceanus Group (579.SG) still consolidating in $0.305–0.32 band, in place since beginning July, unmoved by abalone farmer’s latest venture into lobster business via tie-up with Australia’s Lobster Harvest, says Dow Jones. Shares –1.6% at $0.305.
Thomson Medical Centre (5FV.SG) +4.2% at almost three-year high of $0.75 on above-average volume as investors drawn to healthcare group’s steady, defensive earnings profile amid recent broad market volatility, according to Dow Jones.
Wilmar (F34.SG) was trading as high as $6.03, above $6.00 for first time in 2 weeks, on follow-through buying as investors remain upbeat on plantation group’s venture into fast-growing sugar business via A$1.75 billion ($2.06 billion) purchase of Sucrogen, Australia’s largest producer of raw sugar, according to Dow Jones.
“While Wilmar will be able to open up new export markets like China for Sucrogen’s production, we think the key synergy in this deal lies in Indonesia,” where sugar demand is strong, says Morgan Stanley, which has Overweight call with $7.80 target. Wilmar had initially planned to venture into sugar trade by penetrating Indonesian market.
Wilmar (F34.SG) +1.2% at $5.82 on expansion in sugar business via A$1.75 billion ($2.1 billion) acquisition of CSR’s (CSR.AU) Sucrogen, Australia’s largest producer of raw sugar, according to Dow Jones.
“This acquisition will immediately give Wilmar the upstream and downstream capability, and distribution and client network for sugar operation. This is definitely an early move for the preparation of its new business venture in sugar cane planting and refinery in Irian Jaya, Indonesia,” says UOB KayHian, which has Buy call with $7.40 target.
Genting Singapore’s (G13.SG) sale of UK casino business positive as it’s tough for operations there to significantly grow profitability without further industry deregulation, such as allowing large-scale casinos, says Macquarie, according to Dow Jones.
Macquarie adds UK government likely to impose fairly high tax rates on any new casinos. Notes Genting Singapore will benefit from sale through savings on interest costs due to lower debt, being able to focus purely on Resorts World Sentosa.
Thinly-traded Esmart Holdings (5CY.SG) is trading up 33.3% at 0.02 cents on hopes proposed MYR670.6 million ($285.4 million) takeover of Atlan Holdings’ (7048.KU) DFZ Capital, Darul Metro businesses in Malaysia will breathe new life into money-losing Singapore-based company, says Dow Jones.
