STI 2,978 +8 +0.37%
DOW 12,571 -37 -1.28%
S&P 1,355 -20 -1.42%
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OIL 86.23 -0.08 -0.09%
PRE-HK OPEN -293pts
CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY): 0.94 (13 Nov 2012)
CREDIT SUISSE GLOBAL RISK APPETITE : 0.77 (13 Nov 2012)
15 Nov 2012 08:52
DJ MARKET TALK: Singapore's STI Likely To Fall; 2960 Support Tipped
0052 GMT [Dow Jones] Singapore's STI is likely to fall, tracking negative cues from Wall Street and some regional markets already trading, with growing concerns over the U.S. fiscal cliff as well as European economic weakness. "These lingering germs are likely to infect trading in Asia today as the bearish trend continues to run its course," says Justin Harper, market strategist at IG Markets Singapore, in a note. "Any chances of (the STI) bouncing back could be challenged today by last night's poor show from U.S. equities. The futures market points to a weak open for the local market this morning. We see a floor for the STI at around 2960." The STI ended Wednesday down 29.54 points, or 1.0%, at 2978.03, its lowest close since July 13. Among stocks likely in focus,
GLP (
MC0.SG) plans to team up with Singapore and China sovereign wealth funds and Canada Pension Plan Investment Board to buy Brazil properties worth US$1.45 billion.
Olam (
O32.SG) reported fiscal-1Q13 net profit rose 26.2% on-year to S$43.2 million on growth in the food business.
F&N (
F99.SG) and
OUE (
LJ3.SG) are likely to be in focus as the deadline for accepting TCC Assets' F&N bid is today.
City Developments (
C09.SG) reported 3Q12 net profit rose 1.8% on-year to S$134.5 million.
STX OSV (
MS7.SG) and
Bumitama (
P8Z.SG) also reported results
15 Nov 2012 08:39
DJ MARKET TALK: GLP Likely In Focus On Foray Into Brazil
0039 GMT [Dow Jones]
Global Logistic Properties (
MC0.SG) will likely be in focus on trade resumption after its trifecta of announcements late Wednesday. The Big Kahuna of the three is GLP's plan to team up with Singapore and China sovereign wealth funds and Canada Pension Plan Investment Board to buy Brazil properties worth US$1.45 billion via two JV investment funds. GLP plans to fund its share with a US$334 million private placement. "The Brazil deal is probably a net positive for GLP, but we see no reason to be too euphoric on the deal at current price levels," Daiwa says in a note. "Management's decision to finance the Brazil investment through a separate placement is to make it clear to investors that its Brazil foray will not detract in any way from the growth of its China and Japan business, as the J-REIT proceeds have already been earmarked for expansion in China," Daiwa says. GLP also said it has the Tokyo Stock Exchange's listing approval for an IPO of some of its Japanese assets; people with knowledge of the matter have said the deal could be worth US$1.5 billion. GLP also reported fiscal-2Q13 net profit fell 3% on-year to US$195 million, even as revenue rose 25% on-year to US$173 million, hurt by unrealized forex losses on JPY assets. Daiwa says the results are largely in line with expectations, with US$104 million net profit excluding revaluation coming in 11.9% above its forecast, mainly on a larger-than-expected forex gain. Daiwa raises its target to S$2.70 from S$2.59 after increasing FY13-15 EPS forecasts on the Brazil deal and incorporating the placement. It downgrades GLP to Hold from Outperform on limited upside. GLP last changed hands at S$2.42 on Monday.
15 Nov 2012 08:03
*DJ
City Developments Target Cut To S$9.70 From S$10.30 By Maybank-Kim Eng
DJ NetEase 3rd-Quarter Net Down 1.7% as Online Games Revenue Slips
15 Nov 2012 07:38
NetEase Inc.'s (NTES,
K3MD.SG) third-quarter earnings edged down 1.7% as the Internet company's revenue from online games slipped and it boosted promotional activities.
NetEase makes the lion's share of its revenue from online games. The company operates the popular "World of Warcraft" role-playing game in China under a license with Activision Blizzard Inc. (ATVI), but its self-developed games, like "Tianxia" and "Heroes of Tang Dynasty," have been the main driver of revenue growth in recent periods.
The latest quarter's results broke a two-year streak of double-digit earnings growth for NetEase, which has been buoyed by an enthusiastic base of paying Chinese gamers.
Chief Executive William Ding said Wednesday the company has been heavily promoting its self-developed games and plans on introducing new games and updates in the end of 2012 and early 2013, including a newer version of its popular "Heroes of Tang Dynasty" game.
The company also said Tuesday it is paying a special dividend of $1 per American depositary share, and launching a share buyback program of $100 million, as it seeks to boost shareholder returns. The dividend will cost the company around $131 million.
In the latest period, NetEase posted a profit of 811.9 million Chinese yuan ($129.2 million) or CNY6.17 (98 cents) an ADS, down from CNY825.8 million, or CNY6.30 an ADS a year ago.
Pretax revenue rose 1.9% to CNY2.04 billion ($325.4 million).
Analysts polled by Thomson Reuters predicted a profit of $1.07 share on revenue of $334 million.
Revenue from online games slipped 0.9%, while advertising revenue--a much smaller contributor to the top line--increased 10%.
Operating costs rose 32% to CNY537.5 million ($85.5 million), reflecting promotional activities like unlimited beta testing for its "Soul of the Fighter" game, higher headcount and increased investment in the company's product development.
Dollar conversions were based on the noon buying rates specified by the Federal Reserve on Sept. 28.
The company's American depositary shares fell 2.6% to $49 after hours Wednesday. Through the close, the security was up 12% so far this year.
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MARKET WATCH 15 Nov 2012
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