SG Market: Spore shares are expected to open higher, taking cues from upbeat US stock rally overnight but upside could be short-lived as price action on the benchmark STI continues to be bearish with support at 3165 & 3120 & resistance is pegged at 3200 before 3280. Keppel Land will be watched after reporting record $1.05b earnings last yr boosted by fair value & divestment gains & special dividend payout. PLife 4Q results were slightly ahead of expectations.
Stock highlights:
* Keppel Land: posted a record $1.05b net profit for FY10, but results unlikely to surprise the mkt. As expected, the bulk of earnings came from divestment of MBFC. Still, after correcting 11% since the recent high in Nov ’10, the stock may get a slight lift on special dividends of 9cts (in addition to 9cts final div). Post-results, Street ratings remain at Buy/Neutral, with targets ranging $4.73-5.82.
* Comfort Delgro: award of 800 new taxi licenses in Chengdu boosts China taxi fleet by 8%. Move viewed positively by Street. Macquarie, KE reiterate their Buy recommendations, with $2, $2.08 targets r’ptively.
* Frasers Centrepoint Trust: 1Q net property income S$18.6m, +17% yoy. DPU 1.95ct, +2.1% yoy.
* Parkway Life Reit: 4Q net property income S$19.68m, +19.5% yoy. DPU 2.38ct, +16% yoy.
* Boustead: awarded $25m contract to build a demineralisation plant at the Tembusu Multi-Utilities Complex.
* Rotary, OKP: delayed start up of ExxonMobil's mega US$5-6 b petrochemical complex on Jurong Island, may impact negatively.
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