SG Market

SG Market: Spore shares may advance tracking firmer Wall Street close but broader market indicators pointing to limited upside, mainly driven by additional catalysts from corporate earnings. Expect STI to trade between 3155-3230 range. *YZJ 1Q net profit surged 63% to Rmb954.9m, revenue +14% to Rmb3.05b on increased number of vessels under construction & improved efficiency. 17 ships were delivered vs 10 in 1Q10. Gross margins expanded to 27.1% from 23.3%; profits also boosted by interest income & forex gains. Secured 14 shiipbuilding contracts worth US$512m in 1Q11, bringing total orderbook to US$5.4b comprising 131 vessels.
*Spore Land 1Q net profit +5% yoy to $58.2m, revenue +29% to $138.3m from a restated $107.6m on higher room & occupancy rates from Pan Pacific. Contributions from associates -25% to $8.2m on absence of contributions from its One Amber residence project which was completed in Apr 10. End Mar 11 NAV stood at $10.11/share.
*UIC 1Q net profit -17% yoy to $67.6m, revenue -23% to $195.5m from restated $252.9m as property trading revenue declined -53% on fewer sales. Hotel revenue rose 24% to $32.8m. End Mar 11 NAV stood at $2.76/share.
*Sabana REIT 1Q DPU of 3.04¢ exceeds expectations, resulting in annualised DPU of 8.81¢.
*Straits Asia finally obtains Borrow & Use License for Northern Leases at Sebuku mine. Exploratory & mining work can now commence, which will bring aggregate prodn from 10.6mt in 2010 to 17-18mmt over the longer term.
*SATS acquires 40% stake in Saudi in-flight caterer for US$18.5m.
*Koon Holdingss secures new precast projects totalling $16.3m.
*Think Environmental buys 51% stake in African gold mining venture for US$5.0m
*GMG Global reports that subsi in Ivory Coast has resumed operations on 26 Apr 2011.
*Boustead has acquired 100m shares or 2.3% of Bio-Trest at $0.04 each.
*Q&M Dental obtains US$15m investment, comprising US$10m senior loan & US$5m convertible loan, from IFC, an affiliate of World Bank to fund its expansion plans in China.