SG Market (24 Apr 13)

SG Market: S’pore shares may rebound following positive Wall Street leads but the erratic price movement in the markets seems to suggest that investors are confused by the raft of mixed economic data from US and China over the past weeks. Resistance for the STI is tipped at 3320 with psychological support at 3300 and key support at 3250 levels.. Stocks to watch out for: *MIT: 4Q13 results surpass expectations with distributable income +3.4% to $38.9m, DPU +2.2% to 2.37¢, which translates to an annualised yield of 6.1%. Gross revenue +4.2%, NPI +1% due to higher rentals achieved for both new and renewal leases across all property segments as well as higher occupancies. *First Reit: 1Q13 results in line with distributable income +16.5% to $11.6m, DPU +9.4% to 1.74¢, which translates to an annualised yield of 5%. Gross revenue +25%, NPI +23.4% due to maiden contributions from newly acquired hospitals in Makassar and Manado. *Nam Cheong: Sold 2 accommodation work barges to Perdana Petroleum for US$59m, which comes on the heels of a 6-vessel sale in late Mar with order book now hitting RM1.4b. *Boustead: Secured $60m of oil & gas contracts in Canada, Finland, Nigeria and Saudi Arabia, bringing order backlog to $415m. *UE E&C: Awarded $20.7m sub-contract by Kajima Overseas for supply and installation M&E equipment at The Seletar Mall with completion by Nov 14. *Sarin: Listed Japanese bridal jewellery chain CIMA launching Sarin Light light performance grading report for polished diamonds in all its 54 stores across Japan. *Cheung Woh: Appalling results in 4Q13 with net loss of $2.2m vs $3.6m profit in previous year as revenue shrank 44.5% to $12.7m. Excluding certain disposed units, revenue would have been 21% higher due to resumption of business from the 2012 Thai floods but the hard disk drive maker would have still ended up in a loss position. *China Oilfield: Entered into non-binding MoU to acquire Kaiming Wind Tower, a wind tower maker from its Chairman and concurrently disposing its existing loss-making oilfield equipment business. *Sino Construction: Profit warning of loss in FY12 due to intense competition, slower growth and property cooling measures in China, which resulted in smaller contracts of lesser value as well as Rmb228m bad debt provision and impairment of assets. *Action Asia: Profit warning of loss in 1Q13 due to drop in revenue arising from lower selling prices of its consumer lifestyle entertainment products. *KDX: Deadline to submit a resumption of trading proposal extended till 30 Jun, failing which SGX will proceed to delist the company.