SG Market: Spore shares likely to open higher taking cues from stronger Wall Street overnight but trading is likely to be choppy ahead of the long weekend, STI is expected to face resistance at 3200 followed by 3230 & we may see sharp moves on either side just like yesterday’ trading. DBS may rise after reporting strong 1Q results.
Stocks in focus:
*DBS 1Q net profit +51.7% yoy to $807m, better than forecast $672m on smaller provisioning of $125m vs $355m in 1Q10.
*IndoAgri 1Q net profit in line, +66% yoy to Rp514b, revenue +38.6% to Rp2.9t reflecting higher ASPs of CPO & rubber as well as higher sales vol of palm products driving up gross margins to 45.9% vs 37.8%.
*Allgreen 1Q net profit beat expectations, +142% yoy to $84.5m, revenue +56% to $242.8m +56% on higher progressive sales recognition from The Cascadia as well as better occupancies & rentals at Great World Retail & Service Apts & Traders Hotel. NAV rose to $1.67.
*Tuan Sing 1Q net profit $5.5m vs $2m yoy, revenue +49% to $61.7m, mainly from the non-property segment, which grew 39% to $53.7m but with bottomline line buttressed by property earnings.
*Jardine C&C 1Q net profit slightly above estimates, +41% yoy to US$251m , revenue +31% to US$4.66b
*Technics O&G 2Q net profit +67% yoy to $5.4m, revenue +32% o $35m. Earnings boosted by better margins from fast tracked EPCC projects, orderbook stood at $130m with delivery till 1H12. Offers 3¢ interim div, bringing 1HFY11 div to 9¢ (incl 3¢ special div).
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