SG Market: Spore shares likely to continue inch up in cautious trade ahead of next week's US Fed meeting amid mixed regional, US leads. 3Q earnings reported so far very much in line with expectations. Palm stocks also likely to feature following IndoAgri's solid 3Q results. Support today seen at 3120; resistance capped at 3200.
Top on the news:
*IndoAgri reported strong 3Q earnings of Rp360m, topping market estimates of Rp300-340m & 9M10 looks on track to beat FY10 forecasts. Mgmt expects demand outlook for palm oil to remain positive in 2011 with the improving global economic climate, supported by robust consumption growth from India, China & other emerging Asian economies, coupled with stronger demand for biodiesel driven by govt mandates in Europe, Brazil & Argentina.
*CDL HTrust posts strong 45% yoy rise in 3Q distributable income to $26.9m on 38% increase in rev to $31.6m. DPU of 2.54¢ vs 2.04¢ yr ago translates to an annualised yield of 4.7%. B/S has been strengthened with lowered gearing of 21.1%. NAV stands at $1.46. Mgmt confident that outlook for hospitality in S’pore remains robust underpinned by strong demand from record visitor arrivals & improved occupancies
& expects momentum to be sustained by new attractions such as Gardens by the Bay, River Safari & water theme park at RWS.
*CapitaMalls Asia 3Q net earnings came in at $68m, slightly lower than expectations but +14% yoy despite 22% revenue drop to $42.5m. Stock trades at P/B of 1.46x. DB maintains Buy with $2.53 target.
*Oxley debuts today. Grey market transacted at 4¢ above IPO price.
*UOB due to release 3Q results at mid-day, consensus est ~$600m net profit
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