SG Market: Spore shares are likely to be weighed down by weak US market, debt situation in eurozone as well as deteriorating technical picture with investors also getting more risk averse from the possibility of a freak election results. The STI is likely to trade in a 3,110-3,160 range. Among stocks to watch could be Noble, Olam, Golden Agri & Wilmar, which are likely to remain weak due to falling commodity prices & funds re-weighting in favour of mega IPO Glencore.
Stocks in focus:
*StarHub 1Q net profit +62% yoy to $69m but still below expectations on lower margins & higher depreciation; revenue flat at $558.5m but performance should improve over 2011 as fixed take-up accelerates.
*ARA Asset Mgmt 1Q net profit +19% yoy to $14.8m, proposes 1:10 bonus issue
*Great Eastern delivered strong sequential growth in 1Q net profit to $158.7m, -11% yoy but +86% qoq from weak 4Q10 base. Underlying drivers still look good driven by 30% growth in new business of regular premium products.
*KepCorp serves force majeure notice to Discovery Offshore due to delay in delivery of certain steel materials arising from events in Japan, which will lead to 8-wk delay in delivery of the 1st of its 2 rigs under construction.
*Tee Int’l secures RM63m water treatment project in M’sia, taking orderbook to $325m.
*Capitaland: Ascott clinches contract to manage service residence in Qatar
*Anchun issues profit warning, expects lower profit for 1Q due to end clients facing problems of drought & rising coal prices.
*SGX Apr securities daily average volume & value shrinks 34% & 4% yoy
*Think Environ replies to SGX queries on output targets, feasibility studies of its gold mines.
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