SG Market (26 Jul 12)

SG Market: S’pore shares likely to open lacklustre following mixed cues from Wall Street on mixed bag of results and continuing eurozone concerns. There are stillfears of contagion with Spanish and Italian bond yields creeping up. With fire-fighting the main activity across Spain and Greece, investors have one eye on where the next explosion might come from. Initial support for the index stands at 2970 with resistance tipped at 3000 level. Among stocks in the news: *SIA 1Q results were spot on with market estimates; net profit +73% yoy to $78m on better traffic, offset by lower yields *SATS 1Q results slightly missed estimates; net profit -2.8% yoy to $41.3m, revenue +13.6% to $437.9m *Biosensors 1Q results in line; net profit +45% yoy to US$32.63m on 51% rise in revenue to US$86.32m buoyed by strong growth in DES business and better margins *Mapletree Commercial Trust 1Q results in line; 1Q distributable income +15.6% to $28.7m, DPU 1.537¢ *Frasers Commercial 3Q distributable income +25.8% yoy to $11m, DPU 1.7¢ *Cache: 2Q distributable income +4.5% yoy to 13.9m, DPU 1.98¢ *CapitaRetail China: 2Q DPU 2.41c *PEC: Secured $65m worth of new contracts from new and existing clients