Market Morning Wrap by broker – 30 Jan 13

DOW+0.52%, SPX+0.51%, NDX-0.02%, OIL+1.12%, GOLD+0.46%
The FSSTI saw a sell down at the close yesterday to end at the lows of 3259. With US overnite seeing an uptick after some industrial companies reported good earnings, could see some support out here today. However, -ve newsflow on heavyweight ST will drag. Immediate support at previous highs of 3230.

* PROPERTY: A 99-year private condo plot about 450 metres from the Lakeside MRT station attracted 12 bids yesterday.

* MRT: 3Q NPAT -31.% to $25.5m despite rev +5% due to higher staff costs, depreciation, repair and maintenance costs and significantly higher bus losses.

* ST: announced that it has entered into an agreement for the sale of its entire 30% stake in Warid Telecom to Warid Telecom Pakistan. The estimated loss on disposal should be approximately SG$230m.

* CDREIT: FY12 Distributable income of $109.5m(+3%yoy) with DPU of 12.57cts(+2.4%yoy) due to improved hospitality performance overall and the recognition of a full 12 months contribution from Studio M Hotel (acquired on 3 May 2011).

* GLP: said it delivered a 35,000-square-meter distribution center in Brazil, which will be leased to a leading global automotive company.

* SMM: Jurong Shipyard has reached an agreement with its former auditors, Ernst & Young, for a “full and final amicable settlement” over a case of disputed foreign exchange transactions.

* MMT: gets subsea services contracts in various regions with potential value of $30m

* OLAM: allotted some 748.43m bonds and about 387.36m warrants. The bonds and warrants will be listed on the SGX mainboard on 31st Jan.

* RESULTS: SATS

Market Morning Wrap by broker – 03 Dec 12

The FSSTI saw some selling towards the close last Friday on month end to close at 3069. US overnite not exciting as mkt traded in thin vols with a skew in turnover at close with MSCI rebals to end flat. Today we can expect the mkt to fade off in thin vols as the Dec holidays begin.

* OLAM: acquired a processor of dehydrated onions and herbs in Egypt for $30.8m. The cost to buy Dehydro Foods Ltd. includes an estimated $3.5m for net working capital. Also requested for a full day trading halt today, pending annoucment. Straits Times is saying that a potential rights issues is imminent?

* ST: Associate Bharti Airtel’s telecommunication tower unit, Bharti Infratel is set to raise US$825m next month.

* MRT: completes deportation of 29 bus drivers from China, govt says in statement yesterday.

* SIA: Delta Airlines, the biggest US airline, is understood to have offered to buy SIA’s 49% stake in Virgin Atlantic.

* DBS: Governor of Bank Indonesia said that DBS’s US$7.2bn bid for Bank Danamon has become political. He said that there has not been any more discussions since the announcement and is asking for communication with Singapore.

Market Morning Wrap by broker – 27 Nov 12

DOW-0.33%, SPX-0.20%, NDX+0.33%, OIL-0.56%, GOLD-0.22% The FSSTI saw a decent move higher yesterday to close above 3000 in very thin vols as Properties, Commodities and Jardines led. US overnite saw some cooling off despite solid Black Friday sales numbers. Today we can expect another day of muted volumes here in Sg from lack of newsflow and catalyst.

* PROPERTY: Tender for Bukit Timah Saddle club site attracts 6 bids since the government put it up for public tender. The highest bidder of S$68,850 came from none other than the Saddle Club. This is nearly four times the amount of rent it is paying for the land currently.

* MRT: Talks between SMRT management and its 102 bus drivers who refused to report for work on Monday have concluded. SMRT management has indicated that the company will come back with a reply in approximately a week’s time.

* GENS: RWS is facing indirect contempt charges in a Philippine court over exporting dolphins.

* FEOR (Far East Orchard)/ STC (Stamford Tyres)/ WBL: entered into a non-binding MoU with The Straits Trading Company Limited to acquire STC’s entire hospitality management business.

– STC is making a general offer for WBL Corp in shares or cash worth over $500m.