Stocks in focus

Stocks in focus * FNN: FYSep12 net profit declined 6.9% at $835.6m; revenue dropped 12.3% to $5.57b. Says to appoint independent adviser for OUE offer. * OUE: StanChart keeps at Outperform with TP$3.58, after OUE makes bid for FNN * SingTel: Credit Suisse upgrades to Outperform, raises TP by 5.3% to $3.58; expects all 4 key associates to contribute to profit growth, with core businesses in Spore and Australia to show resilience. * SMM: finalizes contract to build the second unit of a new generation harsh environment accommodation semi-sub worth US$295.2m. * Keppel Corp: Seeking Alpha says KEP has entered into a US$600m deal with Golar LNG for the conversion of up to 3 LNG vessels into Floating LNG vessels (the initial term sheet agreement previously announced in early Nov ‘12). * Jasper: gets US$71.8m for sale of rig * WE Holdings: says in discussion with unconnected third party strategic investors for different proposals over restructuring of group; no definitive agreements reached. * Golden Agri: to offer 5 yr RM 1.5b of Islamic medium term notes with a profit rate of 4.35%. The notes are part of its RM 5b program. The group has also entered into a cross currency swap transaction of the notes into USD. Proceeds will be used for general corporate purposes and enhance GGR’s position to execute internal and external growth plans. OSK and RHB to manage the sale.