SG Market (23 Apr 13)

SG Market: S’pore shares could extend gains in line with the Wall Street advance but US stocks but investors are likely to remain watchful of economic data cues such as China's HSBC flash manufacturing PMI and S’pore's Mar CPI numbers, both due later in the day. The STI appears fairly resilient and continued to consolidate in a tight range, above its 20 and 50-dmas. The next test for the STI could be the immediate resistance at 3320 with psychological support at 3300 and key support at 3250 levels.. Stocks to watch out for: *MCT: 4QFY13 distributable income +19.8% y/y to $34.7m, DPU +11.8% to 1.737¢, which translates to annualized yield of 4.9%. Gross revenue +21.6%, net property income +23.4% due to contributions from Mapletree Anson as well as higher rents achieved upon renewal of existing leases across all properties in its portfolio. *Tiong Seng: Signs MoU with Myanmar construction firm Shwe Taung to explore setting up 30/70 JV precast plant in Myanmar. *BBR: Won 2 Malaysian contracts worth RM286m to build 2 bridges in Trengganu (expected completion end 2015) and Sarawak (expected completion 2Q156). *Dukang: Among baijiu brands endorsed by China's Ministry of Foreign Affairs. Hopes that with the official stamp of approval, the brand will gain greater prominence in China and beyond. *First Ship Lease: Incurred 1Q13 loss of US$7.1m due to US$5.3m impairment of investment in tanker co TORM and 11.6% drop in revenue from its 25 vessels, in part due to payment defaults by Berlian Laju Tanker. Net gearing stood at 122%. No DPU declared as part of agreement with lenders to relax loan covenant. *Rickmers Maritime: 1Q13 distributable income +1% y/y to US$23.7m, revenue +1% to US$35.5m. net profit +30% to US$10.7m, helped by lower finance expenses. *Tiger Airways: Obtained approval from Australian regulators for sale of 60% of loss-making Tiger Australia to Virgin Australia. Tiger will book a one-time gain of $120m from the disposal.