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Daily Summary

 
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Tue Apr 15, 2014 5:20 pm    Post subject: Daily Summary Reply with quote

Yesterday computer down unable to file report.

Last night Europe and Dow were positive. Dow +146 closing at 16173. Dow's trend is flat. Dow's future is now -11. Europe opened down.

Asian bourses were mixed. Nikkei +87, ShanghaiC -30, Hangseng -368. STI +31 at 3246. Volume was 2.9b shares. Gainers were 280 to 222 losers.

Trend of STI is turning up.

Top volumes were HanKore +0.1, CapitaMallAsia +39, Memstar -0.2, CCM +0.2, Charismaener -0.3, Armarda +0.2, LottVision +0.2, Cacola -0.3, Addvalue -0.2, PNE -0.3.

Market opened up and stayed up the whole day, closing near day high. Blue chips were mostly up. Penny and speculatives were mixed. Capitaland and CapitaMall Asia were big gainers +19c and 39c respectively due to the announcement of takeover of CapitaMall Asia.

Europe and Dow are looking a bit down at the moment.
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Tue May 06, 2014 3:38 pm    Post subject: Reply with quote

Today’s Focus
�� Genting Singapore - 1Q14 earnings beat expectations.
Maintain BUY and S$1.75 target price.
Genting Singapore’ (GENS) 1Q14 earnings beat expectations.
GENS posted a near doubling in first-quarter earnings, thanks
to the strong performance of its gaming business. For 1Q14,
net profit surged 97% to $228.5m from a year ago. The
gaming business registered a strong year-on-year revenue
growth of 29%, on the back of higher rolling volume and win
percentage in the premium player business. VIP plays
performed significantly better, with rolling volume increasing
10% y-o-y in 1Q14. The non-gaming business recorded
revenue growth of 6% to $156.4m, driven by higher turnover
from the attractions and hotel segments. Management remains
cautious on the outlook ahead. The Indonesian presidential
election in July as well as the slower economic outlook in China
could dampen VIP sentiment in 2Q. At the same time, the
strengthening of S$ could deter mass visitations to the
property. Maintain BUY on GENS with target price of S$1.75
given the potential M&As in the pipeline.
OUE Hospitality Trust reported DPU of 1.68Scts, comprises
25% of FY14F – in line. Shift to corporate segment led to lower
RevPAR but higher F&B contribution. Maintain BUY and S$0.95
target price. OUEHT currently offers investors yields of 7.8%-
8.1%, which is one of the highest among the hospitality
SREITs. We like the stock for its high fixed income component
(70% p.a.).
4Q-FY14 net profit of S$65.2m for SIA Engineering was down
1.1% y-o-y, coming in about 5% below our estimates, largely
because of lower interest income and lower associate/ JV
contributions. Core operating margins though recovered to
normalised level of 11.1% after 3 consecutive weak quarters
when earnings had being dragged down by high operating
costs - largely staff costs and overheads. For the full-year FY14,
net profit of S$265.7m was down 1.6% y-o-y, on the back of
2.7% growth in revenues to S$1.18bn, as full-year operating
margin dipped to 9.8% from 11.2% in FY13. MRO rates could
come under pressure. As a result, earnings growth in FY15/16
could be tepid. Special dividend of S5cts declared is the only
silver lining. More updates after briefing today.
US Indices Last Close Pts Chg % Chg
Dow Jones �� 16,530.6 17.7 0.1
S&P �� 1,884.7 3.5 0.2
NASDAQ �� 4,138.1 14.2 0.3
Regional Indices
ST Index �� 3,241.6 (11.0) (0.3)
ST Small Cap �� 541.5 (1.3) (0.2)
Hang Seng �� 21,976.3 (284.3) (1.3)
HSCEI �� 9,743.3 (59.2) (0.6)
HSCCI �� 4,135.7 (27.9) (0.7)
KLCI �� 1,860.5 (8.5) (0.5)
SET �� 1,421.5 6.5 0.5
JCI �� 4,842.5 3.7 0.1
PCOMP �� 6,766.5 23.5 0.3
KOSPI �� 1,959.4 (2.3) (0.1)
TWSE �� 8,870.4 3.1 0.0
Nikkei �� 14,457.5 (27.6) (0.2)
STI Index Performance
Singapore
Total Market cap (US$bn) 607
Total Daily Vol (m shrs) 1,670
12m ST Index High 3,454
12m ST Index Low 2,960
Source: Bloomberg Finance L.P.
Stock Picks – Large Cap
Rec’n Price (S$)
5 May
Target Price
(S$)
ComfortDelgro Buy 2.050 2.19
Global Logistic Properties Buy 2.790 3.31
Keppel Corp Buy 10.550 12.60
Stock Picks – Small Cap
Rec’n Price (S$)
5 May
Target Price
(S$)
Goodpack Buy 2.360 2.60
China Merchants Buy 0.960 1.32
Pacific Radiance Ltd Buy 1.070 1.20
Nam Cheong Buy 0.360 0.46
Centurion Corporation Buy 0.735 0.86
Source: DBS Bank
Singapore
Wired Daily
Page 2
Gallant Venture intends to issue S$150m 5.90% notes due
2017. The Notes will be issued under the US$500m Euro
Medium Term Note Programme established by the
Company in November 2013. The Issuer intends to use the
net proceeds of the Notes for the partial refinancing of the
existing syndicated term loans.
EMS Energy proposes to raise up to S$14.8m in net
proceeds from rights issue of one rights share for each
existing share at an issue price of S$0.02 each. The funds
will provide financial flexibility as it starts work on the new
waterfront facility in Tuas.
Biosensors announced that the U.S. Food and Drug
Administration (FDA) recently granted conditional
Investigational Device Exemption (IDE) approval for a U.S.-
based clinical trial of the BioFreedom™ polymer-free drugcoated
stent (DCS) system. BioFreedom represents the latest
development in Biosensors’ stent technology.
Singapore's April purchasing managers' index (PMI) rose to
51.1 in April - a level not seen since October last year. The
overall PMI moved further into expansion territory last
month, up 0.3-point from March's 50.8 and also came
slightly above market’s consensus forecast of 51. The
increase was driven by higher new orders and new export
orders, as well as further growth in production output and
inventory. Sub-indices for the electronics sector index,
however fell to 50.4 in April, down from March's 51.6. It
showed growth in new orders from domestic and overseas
markets but stockholdings of finished goods shrank for the
second consecutive month; both input prices and
employment reverted to contraction as well.
Cargo traffic rebounded to climb 6.9% y-o-y in the Asia-
Pacific in March, but indications from the latest data of
declining trade could hurt regional air freight demand,
warned the International Air Transport Association (Iata). At
7.5%, capacity growth (measured in available freight-tonnekilometres)
in the region - which accounts for nearly 40% of
global freight traffic (measured in freight-tonne-kilometres)
- outpaced that of regional cargo traffic. This caused freight
load factor to slip to 58.3%. Globally, air freight volumes
increased 5.9% y-o-y in March, rebounding to near threeyear
highs, while capacity expanded at a slower 3.4%. This
pushed freight load factor up to 48.7%. In contrast, freight
traffic was up just 2.9% in February.
U.S. stocks recovered from an early session decline to end
modestly higher as a better-than-expected ISM nonmanufacturing
index (actual 55.2, consensus 54) offset
concern over growth in China and political tensions in
Ukraine. The HSBC China manufacturing PMI index released
yesterday had dipped to 48.1, which missed the consensus
estimate of 48.4 and the preliminary reading of 48.3.
Meanwhile, Eastern Europe uncertainties continued after
Ukraine sought to dislodge separatists from its eastern
industrial heartland over the weekend as violence spread to
the Black Sea gateway of Odessa. Pfizer shares fell after
reporting 1Q sales that missed analyst estimates as demand
weakened for Lipitor and Viagra. Target Corp. shares
declined as its CEO resigned, dogged by questions over
whether the company responded quickly enough to a data
breach last year. Tyson Foods Inc shares fell after reporting a
wider operating loss from the international unit for its fiscal
2Q as an outbreak of bird flu affected sales in China.
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Tue May 06, 2014 3:39 pm    Post subject: Reply with quote

KEY IDEA

Genting Singapore: Strong FY14 start - upgrade to BUY
Genting Singapore (GS) made a strong start to FY14, with 1Q14 revenue jumping 24% YoY to S$828.8m, while NPAT surged 97% to S$228.5m, aided by better-than-expected win percentages. However, outlook for the rest of 2014 remains somewhat more cautious, with the mass market segment likely to remain quite stagnant; also expects the VIP segment to be quite dependent on the geopolitical events in Asia, especially the slower Chinese economy and upcoming Indonesian presidential election. Separately, GS updated that its expansion is on track – Jeju IR should start construction in Jul and its Jurong hotel is due for a soft opening in mid 2015. While our DCF-based fair value remains unchanged at S$1.43, we are upgrading our call to BUY on valuation ground, given the recent pullback in share price. (Carey Wong)

MORE REPORTS

OUE Hospitality Trust: Bolstered by hotel revenue
OUE Hospitality Trust’s (OUEHT) 1Q14 DPS of 1.68 S cents was 4.3% higher than its prospectus forecast and above our expectation. However, RevPAR of S$248 fell short of its prospectus forecast of S$257 due to lower revenue from transient guests segment. Compared to pro forma 1Q13 RevPAR of S$251, we note that RevPAR was slightly down by 1.2% due to lower room inventory as a result of ongoing renovation. Excluding this impact, 1Q14 RevPAR would have been higher at S$252. OUEHT disclosed that it has completed the refurbishment of a total of 64 guest rooms out of the 430 guest rooms to be renovated, and that the renovation programme is on track to complete in phases by end 2015. For the rest of 2014, management remains positive on the corporate travel, tourism and retail segments in Singapore. We raise our fair value from S$0.82 to S$0.85 after factoring in the better results. Maintain HOLD. (Kevin Tan)
Lippo Malls Indonesia Retail Trust: Another miss in 1Q14
Lippo Malls Indonesia Retail Trust (LMIR Trust) reported a dismal set of 1Q14 results, with gross revenue falling 14.5% YoY to S$33.7m and NPI down 16.6% to S$31.1m. The soft performance was mainly due to the loss of rental guarantee income from Pluit Village and a 15.8% depreciation of IDR against SGD. While we note that underlying portfolio performance has been encouraging, with gross rental income in IDR terms growing 6.3% YoY and portfolio occupancy improving 1.8ppt to 95.6%, DPU for the quarter missed both ours and the street’s expectations. Specifically, DPU eased 23.6% YoY to 0.68 S cents, meeting only 18.7%/21.3% of our/consensus FY14 DPU forecasts. We will be participating in the analyst briefing later in the morning to get more details on its outlook. For now, we place our Hold rating and S$0.39 fair value UNDER REVIEW.(Kevin Tan)

SIA Engineering: FY14 results in-line
SIA Engineering Company's (SIAEC) FY14 results came in within our expectations. FY14 revenue increased 2.7% from S$1.15b to S$1.18b, forming 101.4% of our forecast. However, lower margins resulted in PATMI declining 1.6% to S$266m, making up 99.1% of our forecast. The S$44.0m increase in expenditure (+4.3%) came mainly from higher staff costs, sub-contracting and material costs. This is partly compensated by associates’ and JVs’ share of profits increasing steadily by 8.3% to S$162.6m, representing 61% of the SIAEC’s net profit. The main contributors were the engine repair and overhaul centres which accounted for S$125.0m. We maintain HOLD on SIAEC but keep our FV estimate of S$4.77 under review pending an analyst briefing later. (Yap Kim Leng)

Biosensors International Group: Approval for U.S. trial for BioFreedom™
Biosensors International Group (BIG) announced last evening that it has received conditional Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) for a U.S. based clinical trial of its next-generation BioFreedom™ polymer-free drug-coated stent (DCS) system. The trial will enrol 100 patients and is designed to collect additional safety and effectiveness data and to support a future pivotal IDE study. This is a positive for BIG as it is its first U.S. based clinical study of a stent. We believe the U.S. is the largest market for drug-eluting stents, with an estimated market value of ~US$2b. However, it will take time for BIG to establish data from the trial to aptly evaluate BioFreedom™’s efficacy and safety. For now, we maintain our SELL rating on BIG with a fair value estimate of S$0.77. (Wong Teck Ching Andy)
For more information on the above, visit www.ocbcresearch.comfor the detailed report.


NEWS HEADLINES

NEWS

- US stocks closed higher on Mon, as investors shrugged off earlier worries over the slowing economy in China and deteriorating situation in Ukraine.

- Singapore's factories were the busiest they have been in six months, with the latest purchasing managers' index (PMI) rising to 51.1 in Apr - a level not seen since Oct last year.

- Asian Pay Television Trust reported 1Q14 revenue of S$77.2m and asset EBITDA of S$49.8m. The trust reaffirmed its distribution guidance of 8.25 S cents per unit for FY14.

- Forterra Trust's 1Q14 loss attributable to unitholders narrowed 38.6% YoY to S$10.4m.

- OKP Holdings posted a 55.1% YoY decline in net profit to S$1.07m for 1Q14, despite a 13.7% increase in turnover.

- 22 strata office units at Parkway Centre in the Marine Parade Central area have been put on the market at S$1,700-S$1,800 psf.
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Wed Oct 08, 2014 5:17 pm    Post subject: Reply with quote

Europe and Dow were sharply down last night. Dow -273 to closed at 16719. Dow's short term trend is going down. Dow's future is now -3. Europe opened down.

Asian bourses were mostly down. Nikkei -188, ShanghaiC +19, Hangseng -159. STI -15 at 3229. Volume was 1.4b shares. Gainers were 146 to 282 losers.

Trend of STI is down.

With Europe and Dow all down, STI opened down and stayed down for the whole day though the fall was small. Blue chips were mostly down though. Speculatives and penny stocks were also weaker. Volume was a miserable 1.4b shares.

Europe are down at the moment while Dow's future is flat and may pull back some of yesterday's losses.
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Thu Oct 09, 2014 5:16 pm    Post subject: Reply with quote

Europe were down but Dow had a strong rebound in the afternoon session. Dow closed +275 at 16994. Dow's short term trend is kicking back up. Dow's future is now +35. Europe opened up.

Asian bourses were mostly up but Nikkei -117. ShanghaiC +7, Hangseng +271. STI closed +33 at 3259. Volume was 1.4b shares. Gainers were 234 to 200 losers.

Short term trend of STI is also starting to turn up.

Top volumes were Mirach +0.6, APAC unchanged, IHC +0.5, Noble +1, EcoWise +0.5, BengKuang unchanged, OLS +0.1, Genting +2.5, ThaiBev unchanged, SingTel +6.

STI gapped up on opening following Dow's rebound. It continued to gain strength to close near day high. Blue chips rebounded. Penny and speculatives were slightly firmer.

Dow's future and Europe are firm at the moment.
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redbean



Joined: 07 Mar 2006
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PostPosted: Fri Oct 10, 2014 5:18 pm    Post subject: Reply with quote

Dow and Europe fell sharply again last night. Dow - 335 at 16659. Short term trend of Dow is down again. Dow's future is now -21. Europe opened down. The reason for Dow's sharp fall was slowing down in European economies which is really bullshit.

Asian bourses were mostly down. Nikkei -178, ShanghaiC -15, Hangseng -446. STI closed -30 at 3230. Volume was 1.4b shares. Gainers were 110 to 374 losers.

Trend of STI is down again.

Top volumes were IHC -0.5, Noble -2.5, APAC unchanged, MirachEnergy -0.1, MDR unchanged, GoldenAgri -0.5, Genting -1.5, TopGlobal unchanged, InnoPac -0.2, Xpress unchanged.

STI opened down and stayed down the whole day. It closed at day low. It was a sea of red. Most blue chips were down. Penny and speculatives were also mostly down.

Europe opened weak but Dow is looking steady.
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redbean



Joined: 07 Mar 2006
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PostPosted: Tue Feb 24, 2015 5:19 pm    Post subject: Reply with quote

European bourses were slightly up or flat last night. Dow closed -24 at 18117. Dow's trend is still up. Dow's future is now +11. European bourses opened flat.

Asian bourses were mostly positive. Nikkei +137, Shanghai closed, Hangseng -87. STI closed +12 at 3433. Volume was 1.1b shares. Gainers were 233 against 213 losers.

Trend of STI is flat.

Top volumes were IHC unchanged, GoldenAgri -1, Noble -2.5, SIIC +0.1, PNEMicron +0.2, Memstar unchanged, Ezion -3, SingTel +12, BengKuang -0.2, HPHTrust unchanged.

Market opened slightly up but dipped to negative at mid morning. It then recovered to close +12. Trading was lethargic. Blue chips were slightly firmer. Penny and speculatives were mixed.

Europe and Dow's future are flat at the moment.
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redbean



Joined: 07 Mar 2006
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PostPosted: Wed Feb 25, 2015 5:17 pm    Post subject: Reply with quote

European bourses were slightly up or flat last night. Dow closed -24 at 18117. Dow's trend is still up. Dow's future is now +11. European bourses opened flat.

Asian bourses were mostly positive. Nikkei +137, Shanghai closed, Hangseng -87. STI closed +12 at 3433. Volume was 1.1b shares. Gainers were 233 against 213 losers.

Trend of STI is flat.

Top volumes were IHC unchanged, GoldenAgri -1, Noble -2.5, SIIC +0.1, PNEMicron +0.2, Memstar unchanged, Ezion -3, SingTel +12, BengKuang -0.2, HPHTrust unchanged.

Market opened slightly up but dipped to negative at mid morning. It then recovered to close +12. Trading was lethargic. Blue chips were slightly firmer. Penny and speculatives were mixed.

Europe and Dow's future are flat at the moment.
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redbean



Joined: 07 Mar 2006
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PostPosted: Thu Feb 26, 2015 5:16 pm    Post subject: Reply with quote

European bourses were flat last night. Dow closed +15 at 18225. Dow's trend is up. Dow's future is now +17. Europe opened flat.

Asian bourses were mixed. Nikkei +201, ShanghaiC +70, Hangseng +124. STI closed -15 at 3426. Volume was 1.2b shares. Gainers were 191 to 243 losers.

Trend of STI is starting to slip down.

Top volumes were Digiland unchanged, GoldenAgri unchanged, IHC unchanged, Genting unchanged, Xpress unchanged, TigerAir -0.5, MoyaAsia +1.9, SinoConstruction -0.5, ThaiBev +0.5, Oceanus unchanged.

Market opened flat but slipped to negative and stayed negative for the whole session. It closed near its day low, -15. Blue chips were mixed. Penny and speculatives were slightly weaker.

Europe is flat while Dow's future is slightly up at this moment.
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