Singapore’s manufacturing is likely to expand 5%-10% in 2011 from 29.7% in 2010 as the favorable base of comparison disappears and pharmaceuticals output moderates, Alvin Liew of Standard Chartered Bank says after data showed December output grew 9.0% on-year, compared with +40.5% in November, lower than the 19% median forecast of 12 analysts polled by Dow Jones. 2011 GDP growth is likely to slow to 4.6% from 14.7% in 2010, Liew says.
Posts Tagged ‘stanchart’
Stanchart says to add 2,000 staff in Singapore by end-2012
January 21st, 2011 |
No Comments
Standard Chartered (STAN.L), the emerging markets-focused British lender, plans to add 2,000 more staff jobs at its office in Singapore, a senior bank official said on Friday.
The additions would be completed by the end of 2012, said Ray Ferguson, the head of Standard Chartered’s Singapore office, at the opening of the bank’s new premises at the city’s Marina Bay Financial Centre, which includes a three-floor trading room with 790 seats.
China Fishery target raised to $2.61 by Stanchart
November 29th, 2010 |
No Comments
Standard Chartered lifts China Fishery (B0Z.SG) target price to $2.61 from $1.90, based on 12x FY11 P/E vs 11x previously, after rolling forward valuation, increasing FY11 EPS estimate by 36%.
Inflation likely Singapore’s 2011 challenge: StanChart
November 23rd, 2010 |
No Comments
Inflation likely to remain Singapore’s key 2011 challenge, as also for rest of Asia, says Standard Chartered Bank economist Alvin Liew in note.
Government data show October CPI +3.5% on-year vs +3.7% in September, +3.7% tipped in Dow Jones poll.
“CPI inflation, which was largely driven by higher car prices and housing costs in 2010, will switch to domestic drivers such as higher residential property rents and services costs in 2011. And while imported inflation sources have been largely benign in 2010, we expect them to become more prominent in 2011, mainly via higher food prices.”
Expects Singapore central bank to keep policy steady in April review, though tips 40% chance for further tightening, most likely via one-off appreciation of SGD by repositioning policy mid-point. Adds, even with dip, CPI on track to hit central bank’s projection of 4.0% by year-end.
{jcomments on}
Strong Singapore exports signal inflation – StanChart
November 16th, 2010 |
No Comments
Singapore’s better-than-expected 5.8% on-month growth in October exports, seasonally adjusted, vs 4.7% contraction in September signals stronger growth in 2010; main challenge for next 12 months will be fighting inflation, Standard Chartered economist Alvin Liew says.
Tiger Air inks financing deal with StanChart
October 28th, 2010 |
No Comments
Singapore budget carrier Tiger Airways said on Thursday it has signed a multi-million dollar financing deal with Standard Chartered Bank for pre-delivery payments (PDP) of 14 new aircraft.
“Standard Chartered Bank has been mandated to arrange and sole finance a Singapore dollar-denominated structured PDP financing arrangement for Tiger Airways,” the company said in a statement.
{jcomments on}
StanChart to raise $7b in rights offer: Update
October 13th, 2010 |
No Comments
Asia-focused bank Standard Chartered (STAN.L) launched a $5.3 billion ($7 billion) rights issue to bolster its finances for new capital rules and provide the firepower to take advantage of growth opportunities, it said.
The bank said it made record profits and income in the third quarter and for the first nine months of the year. Income in the third quarter rose faster than in the first-half and trading levels were almost back to levels of before the financial crisis, it said.
StanChart to raise $7b in rights offer
October 13th, 2010 |
No Comments
Asia-focused bank Standard Chartered (STAN.L) launched a US$5.3 billion ($7 billion) rights issue to bolster its finances for new capital rules and provide the firepower to take advantage of growth opportunities, it said.
The bank said it made record profits and income in the third quarter and for the first nine months of the year. Income in the third quarter rose faster than the first-half run-rate and trading levels were almost back to levels of before the financial crisis, it said.
OUE +1.8%; Higher trading volume eyed -StanChart
October 8th, 2010 |
No Comments
Overseas Union Enterprise (LJ3.SG) +1.8% at $2.90 (STI flat), recouping part of yesterday’s 6.6% loss triggered by controlling shareholder Golden Concord Asia’s placement of 120.5 million shares at $2.80 each, says Dow Jones.
Exercise deemed healthy for stock as free float will rise to 32.9% from 20.7%, potentially boosting trading liquidity, which historically has been thin.
StanChart starts Sound Global at outperform
October 6th, 2010 |
No Comments
Standard Chartered starts Sound Global (E6E.SG) at Outperform with $1.15 sum-of-parts target price, says Dow Jones.
Says China-based water treatment firm’s extensive R&D, technical expertise bode well for growth; “its project network, which mainly runs through China’s second- and third-tier cities, where penetration rates are lower, puts it in a position to benefit from the growth of local economies.”
Stanchart on hiring spree for SME business
October 4th, 2010 |
No Comments
Standard Chartered’s (STAN.L) consumer banking group, which has been aggressively expanding its private and priority banking operations, is now turning to the SME business which it hopes to double in the next three years, its CEO said on Monday.
The UK-based emerging markets-focused lender aims to hire 1,200 relationship managers to serve small and medium enterprises in the next three years, and will offer a broader range of services such as managing foreign exchange risks and coping with volatile commodity prices.
Stanchart aims to double SME business in 3 years
October 4th, 2010 |
No Comments
Standard Chartered (STAN.L) will hire 1,200 relationship managers for small and medium enterprises in the next three years as part of an ambitious plan to double the business, the global head of its SME business said on Monday.
The plan, which will see the number of relationship managers serving SMEs nearly double to 2,500, involves widening the range of services to include providing advise in areas such as managing foreign exchange risks and volatility in commodity prices, global head of SME banking Subroto Som told Reuters in an interview.
Otto Marine +11.1%; Sell-off overdone: StanChart
September 21st, 2010 |
No Comments
Otto Marine (G4F.SG) +11.1% at over 4-week high of $0.40 in active trade, retracing bulk of 13.3% decline since Aug 5, when shipbuilder reported 40.4% on-year fall in 2Q10 earnings to $16.7 million on weaker revenue, FX loss, according to Dow Jones.
Besides disappointing June-quarter results, recent price weakness also attributed to concerns of potential order cancellations by some clients.
Tiger Air secures French ECA to purchase 9 aircraft through deal with StanChart
September 16th, 2010 |
No Comments
Tiger Airways Holdings and Standard Chartered Bank have obtained approval from the French Export Credit Agency (ECA), Coface, to support the purchase of nine Airbus 320 aircraft. Standard Chartered Bank is mandated as the lead arranger for the ECA financing relating to these aircraft. The transaction is currently in the documentation phase and is expected to close upon delivery of each aircraft.
The nine aircraft are scheduled to be delivered over the next 6 months through until March 2011. This will bring the total number of aircraft owned by Tiger Airways to 11. Tiger Airways obtained its first ECA-backed financing with Coface for two Airbus 320 aircraft which were delivered in January and February 2010 for which Standard Chartered Bank was also the Mandated Lead Arranger.
From now till March 2011, which is the end of its current financial year, Tiger Airways will also return two older aircraft that are currently leased. This means that it will be operating a fleet of 26 aircraft, of which 11 (42%) will be owned.
{jcomments on}
Raffles Medical raised to $2.50 by StanChart
September 16th, 2010 |
No Comments
Standard Chartered lifts Raffles Medical (R01.SG) target to $2.50 from $1.53, offering potential upside of 17%; keeps at Outperform, says Dow Jones.
Stanchart says from 2000 to 2009, firm increased group operating margins from 12% to 22%; this driven by new Raffles Hospital, continued expansion of specialty services; tips further margin upside.
Healthway Medical started at Inline by StanChart
September 16th, 2010 |
No Comments
Standard Chartered starts Healthway Medical (5NG.SG) at Inline with $0.20 target price, based on discounted cashflow valuation, implying 36x 2010 P/E, according to Dow Jones.
Stanchart says healthcare group’s aggressive expansion, via opening chain of clinics in China, setting up specialist center in Singapore, has significant long-term potential, but notes company faces challenges in execution.
Thomson Medical started at Outperform by StanChart
September 16th, 2010 |
No Comments
Standard Chartered starts Thomson Medical Centre (5FV.SG) at Outperform with $1.10 target price, based on 19x 2011 P/E, says Dow Jones.
Stanchart cites healthcare group’s leadership in Singapore’s obstetrics and gynaecology field, “a specialty where Singaporeans are most willing to spend money.”
Singapore exports likely subdued In 2H: StanChart
August 17th, 2010 |
No Comments
Singapore non-oil domestic exports likely to moderate in 2H 2010 on concerns about sustainability of global economic recovery, Standard Chartered Bank economist Alvin Liew says after island nation reports July exports +18.2% on year vs +20% consensus, +28.5% June, according to Dow Jones.
“We could yet see more significant moderation in exports growth in 2H this year. Indeed, it is likely the export recovery may have reached a plateau in 1H-2010, and going forward the recovery momentum will slow and even look anemic for some months” because of concerns about the sustainability global recovery, high unemployment in US, EU, Liew says.
Also, lingering Europe sovereign debt concerns could negatively impact trade flows. Adds, pharmaceutical exports remains wildcard for Singapore, magnifying peaks, troughs of export performance.
{jcomments on}