SG Market (19 Apr 13)

SG Market: S’pore shares likely to open on a soft note after declines on Wall Street amid economic and earnings disappointment. Support for the STI tipped at 3280/3250 with overhead resistance at psychological 3300 level. Stocks to watch out for: *Keppel Corp: 1Q13 net profit halved to $357m, missing estimates due to absence of one-time gains from sale of Reflections at Keppel Bay. O&M secured $1.7b in new orders, bringing its order book to $13.1b. *Keppel Land: Sets new record 99-year private housing land offered at a state tender with $550m or $1,163 psf ppr top bid for prime residential site in Tiong Bahru. *F&N: Thai owners seeking to restore free float and maintain listing status. *CordLife: Launches Asia’s largest private cord blood bank in S’pore with storage capacity of 650,000 units vs existing 35,000 units. *KSH: 50% owned associate awarded Rmb157m contract to build a mixed development project in Beijing, marking its first construction project in China. The developer is a 45% associate of the group and construction will take 25 months. UE E&C: Awarded $111.2m contract by Coral Edge, its 30/70 JV with Sing Holdings for construction of an executive condominium in the Punggol area. *Ley Choon: Secured $19.5m worth of contracts for supply and installation of water service connections, watermain repairs from PUB and asphalt pavement works from Hyundai Engrg & Construction. *Yoma: Entered into non-binding HoA with HK-listed The Hongkong & Shanghai Hotels to jointly redevelop its landmark building in downtown Yangon into a hotel under the Peninsula brand. *Sabana: 1Q12 distributable income +7.1% y/y to $15.5m, DPU +7.5% to 2.41¢. Gross revenue and net property income both +9.5% due to a newly acquitted hi-tech industrial property in 4Q12, which started to contribute to rental income. *GDS Global: IPO of 17.5m shares at $0.25 each is 13x subscribed. This specialist door maker will make its trading debut on 19 Apr. Underwriter and placement agent for the IPO is CIMB.