SG Market: Spore shares likely to be weak as both US & regional markets seem to be entering corrective phases with most technical indicators showing signs of deterioration. STI has broken 20-day moving average support at 3165 & appears headed for next line of defence at 3110.
Stocks in focus:
*Wing Tai 3Q net profit +157% yoy to $59.5m, revenue +39% to $205.2m from progressive sales bookings of Helios Residences & Bella Vue Residences as well as contributions from The Floridian. Net gearing has been reduced to 0.39x, NAV stood at $2.25
*HI-P: 1Q net profit swung to $17.86m from $14.21m loss yoy, revenue +65.6% to $243.3m due to new projects & improved gross margins from scale economies, productivity gains & better cost control.
*Fortune Reit 1Q distributable income +6.2% to HK$112.8m, DPU HK6.73¢
*Cosco Shipyard has signed a JV with Norwegian engrg outfit Inocean to work on a new compact-sized drillship design for possible delivery as early as 1Q14.
*NOL reported it carried 12% yoy more cargo in the 4 wks to 8 Apr due to higher vol carried on the intra Asia & Asia-Europe trade routes but rev/FEU fell 2%. 1Q11 vol +9% yoy but -1% qoq, avg freight rate +3% yoy but -6% qoq.
*Pacific Andes applies for TDR listing
*Hengxin Tech & Delong issues profit warnings
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