Written by Bloomberg
Friday, 13 August 2010 08:53
The following companies may have unusual price changes in Singapore trading today. Share prices are from the previous close. Singapore’s Straits Times Index dropped 0.8% to 2,927.04.
Shipping companies: The Baltic Dry Index of commodity-shipping rates rose 2.5% in London yesterday to its highest level since June 29.
Sunday, August 15, 2010
Genting Singapore raised to Overweight by Morgan Stanley
Written by The Edge
Friday, 13 August 2010 10:19
Morgan Stanley upgrades Genting Singapore (G13.SG) to Overweight from Equalweight, raises target price to $1.60 from $1.06 after casino operator’s 2Q results top house’s expectations; results include first full quarter of earnings from Resorts World Sentosa, says Dow Jones.
Morgan Stanley raises both EPS, EBITDA estimates by 57%-88% for 2010, 2011, respectively.
“Further upside could come from increase in table count and junket introduction to drive VIP volume.” Says based on recent numbers, Singapore’s gaming market looks to be worth about US$4 billion ($5.4 billion).
Stock surges 11.7% to $1.43.
Friday, 13 August 2010 10:19
Morgan Stanley upgrades Genting Singapore (G13.SG) to Overweight from Equalweight, raises target price to $1.60 from $1.06 after casino operator’s 2Q results top house’s expectations; results include first full quarter of earnings from Resorts World Sentosa, says Dow Jones.
Morgan Stanley raises both EPS, EBITDA estimates by 57%-88% for 2010, 2011, respectively.
“Further upside could come from increase in table count and junket introduction to drive VIP volume.” Says based on recent numbers, Singapore’s gaming market looks to be worth about US$4 billion ($5.4 billion).
Stock surges 11.7% to $1.43.
Noble Group cut to Underperform by CIMB
Written by The Edge
Friday, 13 August 2010 11:43
CIMB downgrades Noble Group (N21.SG) to Underperform from Outperform, reduces target price to $1.27 from $2.20 after revising down FY10-12 core EPS estimates by 31-39% to reflect lower margins, higher costs, says Dow Jones.
Noble yesterday reports 2Q net profit down 65% at US$85.9 million ($117 million), gross margin at 2.4% vs 3.7% year earlier despite sharply higher revenue, as increased expenses weighed. Broker says “company faces challenging business environment and higher costs.”
Stock down 1.3% at $1.57.
Friday, 13 August 2010 11:43
CIMB downgrades Noble Group (N21.SG) to Underperform from Outperform, reduces target price to $1.27 from $2.20 after revising down FY10-12 core EPS estimates by 31-39% to reflect lower margins, higher costs, says Dow Jones.
Noble yesterday reports 2Q net profit down 65% at US$85.9 million ($117 million), gross margin at 2.4% vs 3.7% year earlier despite sharply higher revenue, as increased expenses weighed. Broker says “company faces challenging business environment and higher costs.”
Stock down 1.3% at $1.57.
Noble off 1.3%; Long-term prospects sound: Nomura
Written by The Edge
Friday, 13 August 2010 11:46
Noble Group (N21.SG) off 1.3% at $1.57 as supply chain manager’s weaker 2Q10 margins raise concerns earnings in coming quarters may continue to disappoint. 2Q10 net profit down 65% on-year at US$85.9 million ($117 million) on lower margins due to increased start-up costs for several businesses, plus absence of one-off gain, says Dow Jones.
“Near-term downgrades and weak 2Q may provide a good entry point, in our view,” says Nomura, which has Buy call with $2.10 target; “we still consider Noble a long-term fundamental re-rating story. New investments, albeit slow, should deliver with optimum utilisation in due course.”
Immediate support at year-to-date low of $1.54.
Friday, 13 August 2010 11:46
Noble Group (N21.SG) off 1.3% at $1.57 as supply chain manager’s weaker 2Q10 margins raise concerns earnings in coming quarters may continue to disappoint. 2Q10 net profit down 65% on-year at US$85.9 million ($117 million) on lower margins due to increased start-up costs for several businesses, plus absence of one-off gain, says Dow Jones.
“Near-term downgrades and weak 2Q may provide a good entry point, in our view,” says Nomura, which has Buy call with $2.10 target; “we still consider Noble a long-term fundamental re-rating story. New investments, albeit slow, should deliver with optimum utilisation in due course.”
Immediate support at year-to-date low of $1.54.
Sembcorp Industries +0.7%; Cheaper than unit: RBS
Written by The Edge
Friday, 13 August 2010 11:50
Sembcorp Industries (U96.SG) +0.7% at $4.13 in thin trade, hardly swayed by improved 2Q10 results as investors prefer to wait for outcome of unit SembMarine’s (S51.SG) bids for some of Petrobras’ 28 rig projects, possibly due this month, says Dow Jones.
Shares not expected to clear 10-day moving average, last at $4.22. Still, analysts generally agree valuations remain attractive.
“Sembcorp Industries appears to be a cheaper alternative to ride SembMarine’s increasing newbuild orders,” says Royal Bank of Scotland, which has Buy call with $4.70 target. 2Q10 earnings +13.6% on-year at $161.2 million on higher profits from SembMarine, utilities business.
Profit from utilities division may increase in coming quarters with Sembcorp having completed acquisition of water company Cascal, which should start contributing from 3Q10.
Friday, 13 August 2010 11:50
Sembcorp Industries (U96.SG) +0.7% at $4.13 in thin trade, hardly swayed by improved 2Q10 results as investors prefer to wait for outcome of unit SembMarine’s (S51.SG) bids for some of Petrobras’ 28 rig projects, possibly due this month, says Dow Jones.
Shares not expected to clear 10-day moving average, last at $4.22. Still, analysts generally agree valuations remain attractive.
“Sembcorp Industries appears to be a cheaper alternative to ride SembMarine’s increasing newbuild orders,” says Royal Bank of Scotland, which has Buy call with $4.70 target. 2Q10 earnings +13.6% on-year at $161.2 million on higher profits from SembMarine, utilities business.
Profit from utilities division may increase in coming quarters with Sembcorp having completed acquisition of water company Cascal, which should start contributing from 3Q10.
Wilmar profit lags forecasts; eyes sugar expansion
Written by Thomson Reuters
Friday, 13 August 2010 11:53
Wilmar, the world’s biggest listed palm oil firm, posted its first quarterly earnings decline in four years, joining other global commodity firms whose margins have been squeezed by tight edible oil supply.
Wilmar’s disappointing 15% decline in second-quarter profit on Friday came after U.S. group Bungecut its full-year earnings guidance by as much as 40% and Hong Kong-based Noble’s quarterly profit tumbled 65%.
Friday, 13 August 2010 11:53
Wilmar
Wilmar’s disappointing 15% decline in second-quarter profit on Friday came after U.S. group Bunge
Wilmar says full-year capital expenditure to be $4.08b
Written by Bloomberg
Friday, 13 August 2010 13:04
Wilmar International said full- year capital expenditure is expected to be $3 billion ($4.08 billion).
Of that, ongoing spending will account for about US$1.2 billion, with the rest spent on acquisitions, the company said in a slide presentation posted on the Singapore stock exchange.
Friday, 13 August 2010 13:04
Wilmar International said full- year capital expenditure is expected to be $3 billion ($4.08 billion).
Of that, ongoing spending will account for about US$1.2 billion, with the rest spent on acquisitions, the company said in a slide presentation posted on the Singapore stock exchange.
STI +0.4%; Upside minimal as US economy fears linger
Written by The Edge
Friday, 13 August 2010 13:12
Singapore shares still mostly higher as bargain hunters return after steep falls this week. Gains, however, generally modest as underlying sentiment remains cautious, says Dow Jones.
“It is unlikely fears of a slowing US economy will go away anytime soon, unless the next batch of economic indicators, especially job numbers, shows a pick-up in growth,” says AmFraser Securities strategist Najeeb Jarhom.
Friday, 13 August 2010 13:12
Singapore shares still mostly higher as bargain hunters return after steep falls this week. Gains, however, generally modest as underlying sentiment remains cautious, says Dow Jones.
“It is unlikely fears of a slowing US economy will go away anytime soon, unless the next batch of economic indicators, especially job numbers, shows a pick-up in growth,” says AmFraser Securities strategist Najeeb Jarhom.
Fraser and Neave posts 14% rise in 2Q earnings to $132.7m
Fraser and Neave (F&N) says revenue rose 8% to $1.41 billion for third quarter ended 30th June 2010.
Profit before interest, taxation, discontinued operations, fair value adjustment and exceptional items (PBIT) for the same period jumped 10% over a strong quarter last year to $252.4 million. Attributable profit rose 13.9% to $132.7 million.
F&N says most business units contributed to the group’s positive performance.
Strong rental income, progressive recognition of pre‐sold projects and recovery in its core residential markets led Properties to its strong revenue and earnings performance, to $459 million and $130 million respectively.
Profit before interest, taxation, discontinued operations, fair value adjustment and exceptional items (PBIT) for the same period jumped 10% over a strong quarter last year to $252.4 million. Attributable profit rose 13.9% to $132.7 million.
F&N says most business units contributed to the group’s positive performance.
Strong rental income, progressive recognition of pre‐sold projects and recovery in its core residential markets led Properties to its strong revenue and earnings performance, to $459 million and $130 million respectively.
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