SG Market (25 Apr 13)

SG Market: S’pore shares may see a muted start after the mixed close on Wall Street and speculation that the ECB will slash interest rates. The STI may test its 3320 resistance and a any breakout above the 3-month consolidation pattern may take the index to the next hurdle at 3400. Psychological support remains at 3300. Stocks to watch out for: *CapitaMalls Asia: 1Q13 came in above expectations with net profit +9.6% y/y to $73.2m and revenue +29.1% to $91.5m as contributions from new properties Olinas Mall and Star Vista offset the lack of one-off gains from asset revaluations. NAV stood at $1.70 as of Mar 13. *Cache Logistics: 1Q13 distributable income +18.3% to $15.8m, DPU +7.1% to 2.234¢, which translates to an annualised yield of 6.5%. Gross revenue +13.3%, NPI +12.4% from rental reversions and contributions from new acquisitions in 2012. *STATS ChipPAC: 1Q13 net income +26.8% y/y to US$3.5m, revenue +4.2% but -15.4% q/q to US$406.4m due to seasonal demand weakness, tight inventory control in wireless, handset, tablet and consumer markets and continued softness in PC market. Gross margins dropped to 15.4% vs 16.1% in 1Q12 and 18.3% in 4Q12, outlook cloudy. *QAF: 1Q13 net profit +14% to $11.5m on 4% rise in revenue to $250.8m with higher cost of raw materials and utilities offset by lower finance charges and recovery of doubtful debts. *Yoma: CEO Andrew Rickards sold 7m shares on Apr 22 @ $0.80829, taking His holding from 1.25% to 0.65%. *WBL: UE extends closing date of its mandatory cash offer to 10 May.