SG Market: Spore stocks likely to edge higher in the wake of modest gains on Wall Street but all eyes would be on SGX as trading in 19 ADRs of China A-list companies begins. SGX also announced plans to extend its cooperation with NASDAQ OMX to include cross-listings & dual listings for new IPOs. Impact of ADRs trading difficult to guage, most investors expected to take a wait-and-see attitude but interest may pick up next few months as SGX offers advantage of trading on Asian time-zone & no capital gains tax. Other stocks in focus:
*One notable ADR play could ba Baidu, which reported 3Q10 results at high end of consensus range. Search advertising continues to drive 95% of revenue. Market share increased to 73% in 3Q vs 71% in 2Q. This trend should continue as recent disputes in China Google should detract Google’s focus in China. Street estimates put target price at US$85 per US ADR. Note ADR to share conversion ratio for US ADR & S-ADR are different. Stock was +2.5% in regular hrs but rose another 2.2% aft-hrs.
* Keppel Corp 3Q10 net earnings of $346m (+8.4% yoy) is ahead of expectations despite revenue drop & shrinking orderbook. Share may be lifted by more positive outlook on the O&M front & latest US$360m order for 2 jack-ups by Mermaid
* Mun Siong to debut this morning. IPP price is $0.20, this petrochem-related enrgr company trades at ~8.5x P/E vs industry peers of 7.5-10x.
* Allied Technologies issues 3Q10 PROFIT WARNING.
* KS Energy Services unit secures US$50m contract.
* Capitaland faces a lawsuit in Macau
* Oxley to launch another 5 residential & commercial projects
* MapleTree Log Q3 DPU rises 4.1%; income up 8.1% to $47.6m.
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