US Mkt: Wall St rebounds on HP results, Fed officials' views
US stocks rose on Fri as Dow component Hewlett-Packard surged on strong results and comments from Fed officials allayed fears that the central bank would curtail its stimulus measures. Fed Chairman Ben Bernanke downplayed worries that the Fed has fueled asset bubbles that could hurt the economy in a private meeting with bond dealers and investors earlier this mth.
US stocks rose on Fri as Dow component Hewlett-Packard surged on strong results and comments from Fed officials allayed fears that the central bank would curtail its stimulus measures. Fed Chairman Ben Bernanke downplayed worries that the Fed has fueled asset bubbles that could hurt the economy in a private meeting with bond dealers and investors earlier this mth.
US Macro (I): Fed divided on losses of a stimulus wind-down
The Fed's plans for the eventual wind-down of its economic stimulus campaign could provoke a political reaction that will make it more difficult to control inflation, a current Fed official and a former Fed governor said on Fri. When the economy grows stronger, the Fed plans to sell some of its vast holdings of Treasury and mortgage-backed securities. The Fed also plans to pay banks to leave some money on deposit with it to limit the pace of new lending. And that could prove an awkward combination.
US Macro (II): US companies plan to increase capex this yr
US companies' capital spending plans are holding up, and mostly exceeding Wall Street forecasts, in the face of policy concerns created by arguments in Washington over the fiscal cliff, the debt ceiling and now automatic spending cuts. Their willingness to spend on new offices, plants and machinery, as well as a pick-up in deal making, shows that they are starting to dig into the massive amounts of cash that has been collecting more dust than interest on their balance sheets. That could prove a welcome counterpunch to a softer outlook for spending by consumers and govt. A Thomson Reuters analysis shows that for 2013, more Standard & Poor's 500 firms are forecasting capital expenditures (capex) that exceeded analysts' expectations than at any time in the past 4 yrs. Recent US govt data showed a rise in equipment and software spending in the final qtr of 2012.
Euro Macro: New Cyprus leader vows early EU bailout deal
Cyprus president-elect Nicos Anastasiades pledged after his poll victory on Sun to work for an early EU bailout accord to rescue the Mediterranean island from bankruptcy. "We intend to discuss and cooperate in a reliable manner with our European partners so as to achieve the earliest possible completion of the MoU (bailout) agreement in a manner that safeguards vulnerable groups, social cohesion and peaceful labour relations," he said in a victory statement.
China Macro: China Jan home prices rise 0.8% y-o-y
Average new home prices in China's 70 major cities rose 0.8% in Jan from a yr earlier, according to Reuters calculations based on official data published on Fri, reversing an annual drop of 0.04% in December. In mth-on-mth terms, prices rose for the 6th mth in the last 7, gaining 0.7% in Jan. China's fight against property speculation, heading into its 3rd yr, has centred around reducing financing for buyers and limiting the number of homes one family can own. Yet govt efforts to bolster a slowing economy, including interest rate cuts in June and July, and spending on infrastructure projects have changed mkt sentiment and fuelled expectations of real estate price rises.
Japan Macro: Japan manufacturers' mood set to turn optimistic as yen falls
Japanese manufacturers' sentiment picked up for the 3rd straight mth in February and looks set to turn positive in the next few mths, a Reuters poll showed, showing a gradual recovery from a slump with help from a weak yen. Firms remained cautious about a patchy recovery in the business environment in February but indicated they are expecting broad improvement in coming mths, although a full-fledged economic recovery may take time. The poll of 400 firms, of which 257 responded during Feb 1-18, comes as new Prime Minister Shinzo Abe continues to aggressively push monetary and fiscal policies which have helped to sharply weaken the yen and boost share prices to 52-mth highs.
Japan Macro: Decisive steps by BOJ would help beat deflation
Economics Minister Akira Amari said on Fri that "decisive steps" by the Bank of Japan would help raise people's inflation expectations. The central bank in Jan doubled its inflation target to 2% and made an open-ended pledge to buy assets from next yr in an attempt to pull the country out of deflation.
Economics Minister Akira Amari said on Fri that "decisive steps" by the Bank of Japan would help raise people's inflation expectations. The central bank in Jan doubled its inflation target to 2% and made an open-ended pledge to buy assets from next yr in an attempt to pull the country out of deflation.
Hong Kong Macro: Property prices pose biggest risk to stability of HK economy
Just 3 mths after Hong Kong rolled out a tough new round of property cooling measures, home prices have again climbed to record highs with demand unusually strong for new flats over the normally quiet Lunar New Yr holiday break. Hong Kong officials have stressed repeatedly that reining in the city's property mkt, now one of the world's most expensive, is a policy priority to restore affordability and to mitigate a major threat to the economy of the affluent Asian financial hub.
S’pore Macro (I): S'pore's 2012 GDP growth revised up to 1.3%: MTI
The Singapore economy grew 1.5% yoy in the 4th qtr of 2012, more than the 1.1% official advance estimates issued in Jan showed. As a result, Singapore's GDP grew a larger 1.3% in 2012, the Ministry of Trade and Industry said on Fri, revising up its advance estimate of 1.2% growth. On a qtr-on-qtr, seasonally-adjusted annualised basis, the economy grew 3.3% in Q4 2012. This too was larger than the 1.8% advance estimate of growth, and reversed a 4.6% contraction in the 3rd qtr.
The Singapore economy grew 1.5% yoy in the 4th qtr of 2012, more than the 1.1% official advance estimates issued in Jan showed. As a result, Singapore's GDP grew a larger 1.3% in 2012, the Ministry of Trade and Industry said on Fri, revising up its advance estimate of 1.2% growth. On a qtr-on-qtr, seasonally-adjusted annualised basis, the economy grew 3.3% in Q4 2012. This too was larger than the 1.8% advance estimate of growth, and reversed a 4.6% contraction in the 3rd qtr.
S’pore Macro (II): S'pore's growth outlook "cautiously positive": MTI
The outlook for Singapore's economy remains "cautiously positive", as it reiterated its 2013 growth forecast of 1 to 3%. Although global macroeconomic conditions have stabilised in recent mths as financial mkt conditions improved, global economic growth is likely to remain subdued. The US housing mkt has shown improvement but the strength of its economic recovery will be restrained by fiscal tightening. In the eurozone, economic growth will likely stay stagnant, weighed down by ongoing fiscal tightening, private sector deleveraging, as well as high unemployment rates.
The outlook for Singapore's economy remains "cautiously positive", as it reiterated its 2013 growth forecast of 1 to 3%. Although global macroeconomic conditions have stabilised in recent mths as financial mkt conditions improved, global economic growth is likely to remain subdued. The US housing mkt has shown improvement but the strength of its economic recovery will be restrained by fiscal tightening. In the eurozone, economic growth will likely stay stagnant, weighed down by ongoing fiscal tightening, private sector deleveraging, as well as high unemployment rates.
Baker Tech: Special dividend lifts 2012 payout to 10¢ per share
Co., a maker of specialized marine offshore equipment and services for the oil & gas industry, is recommending a 1st and final tax-exempt dividend of 1.5cts per share, and a special tax-exempt dividend of 8.5cts per share for the FY ended Dec 31. To reflect the lower intrinsic value of the shares of the company after the proposed special dividend, the company's board is adjusting the exercise price of its 12 warrants of $0.27 per share to a lower price of $0.185 per share. The group announced this yesterday at the release of its 4th-Q results. Net profit fell 3% yoy to $2.8m, on a 50% decline in rev to $16.4m.
Co., a maker of specialized marine offshore equipment and services for the oil & gas industry, is recommending a 1st and final tax-exempt dividend of 1.5cts per share, and a special tax-exempt dividend of 8.5cts per share for the FY ended Dec 31. To reflect the lower intrinsic value of the shares of the company after the proposed special dividend, the company's board is adjusting the exercise price of its 12 warrants of $0.27 per share to a lower price of $0.185 per share. The group announced this yesterday at the release of its 4th-Q results. Net profit fell 3% yoy to $2.8m, on a 50% decline in rev to $16.4m.
BBR: FY profit slides 36%
Co. posted a 35.6% yoy decline in its FY net profit to S$12.96m fr S$20.12m previously. Eps were 4.24cts, down fr 6.57cts a yr ago. Rev for the same period fell 33.7% to S$274.24m fr S$413.32m a yr earlier, due to lower Rev recognized fr new projects and the completion of others.
Co. posted a 35.6% yoy decline in its FY net profit to S$12.96m fr S$20.12m previously. Eps were 4.24cts, down fr 6.57cts a yr ago. Rev for the same period fell 33.7% to S$274.24m fr S$413.32m a yr earlier, due to lower Rev recognized fr new projects and the completion of others.
CapitaLand: Acquires additional stake in Raffles City China Fund
Co. announced that it was acquiring an additional 4.39% interest in Raffles City China Fund Limited for US$69.7m (S$86.1m). The acquisition was made through its wholly-owned subsidiary, CapitaLand China Holdings. Following the acquisition, Co.’s effective interest in the Fund has increased fr 45.43% to 49.82%.
Co. announced that it was acquiring an additional 4.39% interest in Raffles City China Fund Limited for US$69.7m (S$86.1m). The acquisition was made through its wholly-owned subsidiary, CapitaLand China Holdings. Following the acquisition, Co.’s effective interest in the Fund has increased fr 45.43% to 49.82%.
Genting: Q4 core earnings fall 6%, better than forecast
Co, a casino operator that runs Resorts World Sentosa in the affluent city-state, reported a 6% fall in 4Q profit but the result still came above estimates. "Comparing tothe 4Q of 2011, the business volume in the premium players segment improved significantly by 56%. However, this was offset by weaker win percentage in the premium players business," it said in a statement on Thursday. Margins will remain under pressure in the 1st half of this yr, Genting SG said. The gaming and resort operator is burdened by a slowing market and tighter local regulations as the novelty aspect of SG's 2 multi billion-dollar casino complexes wears off.
Co, a casino operator that runs Resorts World Sentosa in the affluent city-state, reported a 6% fall in 4Q profit but the result still came above estimates. "Comparing tothe 4Q of 2011, the business volume in the premium players segment improved significantly by 56%. However, this was offset by weaker win percentage in the premium players business," it said in a statement on Thursday. Margins will remain under pressure in the 1st half of this yr, Genting SG said. The gaming and resort operator is burdened by a slowing market and tighter local regulations as the novelty aspect of SG's 2 multi billion-dollar casino complexes wears off.
Hua Hsin: Loss almost trebles to S$97.7m
Co. sank deeper into the red in 2012 amid stiff competition and weak demand for PCs. Net loss almost trebled to S$97.7m, or S$24.4cts per share, in the yr ended Dec 31, it said on Fri. This included S$42.7m in impairment charges on the company's operating and available-for-sale assets as a result of the continuing operating losses. NAV per share fell 41.4% to S$39.01cts.
Co. sank deeper into the red in 2012 amid stiff competition and weak demand for PCs. Net loss almost trebled to S$97.7m, or S$24.4cts per share, in the yr ended Dec 31, it said on Fri. This included S$42.7m in impairment charges on the company's operating and available-for-sale assets as a result of the continuing operating losses. NAV per share fell 41.4% to S$39.01cts.
Keppel Reit: Raises $53.2m via placement of 40m units
Co. has raised gross proceeds of $53.2m via a placement of 40m new units. The net proceeds of about $52.3m will be used to repay outstanding loans and for general corporate and working capital purposes. "Should the net proceeds be used for the repayment of outstanding borrowings, the aggregate leverage ratio of Co., on a pro forma basis as at 31 Dec 12, will be reduced fr 42.9% to approximately 42.1%," it said. Barclays Bank SG was the sole bookrunner, having bought the units for $1.33 each as part of an accelerated bookbuild. The issue price was at a discount of 0.64% to the adjusted volume-weighted average price of $1.3385 per unit on Feb 21.
Co. has raised gross proceeds of $53.2m via a placement of 40m new units. The net proceeds of about $52.3m will be used to repay outstanding loans and for general corporate and working capital purposes. "Should the net proceeds be used for the repayment of outstanding borrowings, the aggregate leverage ratio of Co., on a pro forma basis as at 31 Dec 12, will be reduced fr 42.9% to approximately 42.1%," it said. Barclays Bank SG was the sole bookrunner, having bought the units for $1.33 each as part of an accelerated bookbuild. The issue price was at a discount of 0.64% to the adjusted volume-weighted average price of $1.3385 per unit on Feb 21.
Kreuz: Q4 profit soar to US$5.6m
Co’s 4Q profit to end-Dec 12 soared to US$5.69m, fr US$1.07m a yr earlier, thanks to increasing magins fr its the shallow, medium and ultra-deep water subsea businesses. Rev for 4Q however, dipped 3.1% yoy to US$38.05m.
Co’s 4Q profit to end-Dec 12 soared to US$5.69m, fr US$1.07m a yr earlier, thanks to increasing magins fr its the shallow, medium and ultra-deep water subsea businesses. Rev for 4Q however, dipped 3.1% yoy to US$38.05m.
Eps for theq was 1.02 UScts, an increase compared to 0.21 UScts the same period a yr earlier. For the full financial yr ended Dec 31, 12, the group posted a 25.8% yoy increase in Rev at US$193.40m. Profit for the yr was US$39.67m, up 49% fr US$26.61m a yr earlier.
Otto Marine: Loss widens to US$74m for FY12
Co’s loss for full yr ended Dec 12 widened to US$73.69m on the back of lower Rev and termination of contracts. A yr earlier, Otto made a US$52.22m loss. Rev for FY12 fell 9.8% yoy to US$374.33m. Loss per share was at 2.81 UScts.
Co’s loss for full yr ended Dec 12 widened to US$73.69m on the back of lower Rev and termination of contracts. A yr earlier, Otto made a US$52.22m loss. Rev for FY12 fell 9.8% yoy to US$374.33m. Loss per share was at 2.81 UScts.
NOL: Cost cutting drive slashes losses
While Co. was unable to repeat profits seen in the 3rd Q, it has its aggressive US$500m cost reduction drive to thank for shrinking its losses in the traditionally low-volume 4Q to US$98m in 12 fr US$320m a yr ago. Q4 Rev rose 4% to US$2.5b fr US$2.4b, with increases seen at NOL's liner and logistics business. For the full financial yr ended Dec 28, 12, NOL was US$419m in the red, hurt by especially deep losses of US$225m in the 1st Q and a one-time charge of US$108m recorded in the 2nd Q. FY12's deficit, while steep, still marked an improvement fr 2011's net loss of US$478m.
While Co. was unable to repeat profits seen in the 3rd Q, it has its aggressive US$500m cost reduction drive to thank for shrinking its losses in the traditionally low-volume 4Q to US$98m in 12 fr US$320m a yr ago. Q4 Rev rose 4% to US$2.5b fr US$2.4b, with increases seen at NOL's liner and logistics business. For the full financial yr ended Dec 28, 12, NOL was US$419m in the red, hurt by especially deep losses of US$225m in the 1st Q and a one-time charge of US$108m recorded in the 2nd Q. FY12's deficit, while steep, still marked an improvement fr 2011's net loss of US$478m.
Raffles Medical: Signs deal for hospital in Shenzhen
Co. announced it has signed a non-binding LOI with China Merchants Shekou Industrial Zone Co., Ltd, to develop to an integrated international hospital in Shekou, Shenzhen, PRC. CMSIZ is a wholly-owned subsidiary of China Merchants Group. The hospital will have more than 200 beds and is expected to provide high-end medical services in the Pearl River Delta region to foreigners and local residents.
UOI: FY12 profit rises 45%, ups dividends
Co.’s net profit for the fiscal yr ended Dec 31, 12 rose 44.8% yoy to $29.17m. Gross premium written increased 8.3% to $104.42m fr $96.45m a yr earlier. A final dividend of 12cts per share and a special dividend of 2cts per share has been recommended, bringing total dividends for FY12 to 17cts per share.
Co.’s net profit for the fiscal yr ended Dec 31, 12 rose 44.8% yoy to $29.17m. Gross premium written increased 8.3% to $104.42m fr $96.45m a yr earlier. A final dividend of 12cts per share and a special dividend of 2cts per share has been recommended, bringing total dividends for FY12 to 17cts per share.
Wilmar: Q4 earnings dip 4.7%
The group's net profit attributable to shareholders slipped 4.7% yoy to US$476.8m for the 3 mths ended Dec 31, as fair-value biological asset gains fell sharply. After stripping out non-operating items such as gains fr investment securities and biological asset valuations, its earnings were 51.6% higher at US$400.9m. All key segments except plantations and palm oil mills delivered a higher profit in Q4, the world's largest palm oil player said yesterday. For the FY, net profit fell 21.6% to US$1.26b. Excluding non-operating items such as biological gains, net profit dropped even more, by 23.1% to US$1.17b. Rev increased 1.7% to US$45.5b.
The group's net profit attributable to shareholders slipped 4.7% yoy to US$476.8m for the 3 mths ended Dec 31, as fair-value biological asset gains fell sharply. After stripping out non-operating items such as gains fr investment securities and biological asset valuations, its earnings were 51.6% higher at US$400.9m. All key segments except plantations and palm oil mills delivered a higher profit in Q4, the world's largest palm oil player said yesterday. For the FY, net profit fell 21.6% to US$1.26b. Excluding non-operating items such as biological gains, net profit dropped even more, by 23.1% to US$1.17b. Rev increased 1.7% to US$45.5b.
Yangzijiang: Q4 profit down 22% to S$170m
Co. posted a profit of 807,65m yuan (S$165,59m) for the 4Q ended 31 Dec 12, lower by 22% than a yr earlier's 1.04b yuan amid a slowdown in the shipbuilding sector. Rev for the 4Q of 12 was at 3.56b yuan, down 32% fr a yr earlier's 5.24b yuan. For FY12, the group posted a Rev of 14.80b yuan, down 6% fr a yr earlier. Profit for the full yr fell 11% to 3.58b yuan. The group has proposed a final cash dividend of 5 SGcts, which translates to a dividend payout ratio of 27%.
Co. posted a profit of 807,65m yuan (S$165,59m) for the 4Q ended 31 Dec 12, lower by 22% than a yr earlier's 1.04b yuan amid a slowdown in the shipbuilding sector. Rev for the 4Q of 12 was at 3.56b yuan, down 32% fr a yr earlier's 5.24b yuan. For FY12, the group posted a Rev of 14.80b yuan, down 6% fr a yr earlier. Profit for the full yr fell 11% to 3.58b yuan. The group has proposed a final cash dividend of 5 SGcts, which translates to a dividend payout ratio of 27%.
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