Stocks in focus

Stocks in focus:
*Singtel 4Q net profit -2.3% yoy to $991.7m (in line), revenue +3.8% to $4.6b. FY11 net profit -2.1% to $3.83b, revenue +7.1% to $18.1b, proposing final DPS of 9¢ + special DPS of 10¢ taking full yr DPS to 25.8¢
*City Dev 1Q net profit +78% yoy to $282.3m (in line after divestment gains), revenue +9.8% to $773.7m, as it booked profits from a slew of projects. End Mar net gearing ratio at 26% with NAV at $7.19. Grp has also earmarked a few new projects for release in 2H11 - the redevt of Lucky Tower & Futura sites as well as a 3rd parcel at Pasir Ris. Hotel arm M&C mulling over collective sale of 34% owned Tanglin Shopping Centre.
*Sembcorp Inds 1Q net profit +0.7% yoy, -31% qoq to $159.9m, revenue -16.8% yoy, -3% qoq to $2b due to lower recognition of new rig projects but utilities biz remained steady underpinned by robust fuel prices in S’pore, maiden contributions from Cascal & Mid-East region. Stub valuation for utilities business is attractive at 8x fwd P/E.
*ST Engrg 1Q net profit +20% yoy, -23% qoq to $111.1m, revenue +15% yoy, -3% qoq to $1.57b. Good orderbook visibility at $11.3b but valuations at 20x FY11 P/E not cheap.
* Noble Grp 1Q net profit +77% yoy to US$203m (above expectations) boosted by US$52.2m sale of fleet segment, revenue +76% to US$20b
*Mewah Int’l 1Q net profit -9.3% yoy to US$17m (poor results), revenue +39.4% to US$1.12b. Grp would have incurred a loss were not for a US$19.4m forex gain.
*Amtek Engrg 3Q net profit +173% yoy to US$9.9m, revenue +6% to US$164.6m
*Yanlord: 1Q net profit Rmb267.9m vs Rmb90.3m yoy, revenue Rmb2.9bn vs Rmb833.2m in 1Q10.
*China Fishery 2Q net profit -2.4% yoy to US$45.8m, revenue +6.2% to US$185m
*Wheelock Properties 1Q net profit +3.9% yoy to $52.3m, revenue -3.6% to $103m
*Koh Bros 1Q net profit +12% yoy to $3.4m, revenue -3% to $82.4m
*Yongnam 1Q net profit +14.8% yoy to $15m, revenue -9.9% to $74.8m
*KepCorp secures US$393m contract to build 2 jack-up rigs for Qatar Gulf
*UMS has submitted an application to the Korea Stock Exchange for the listing of KDR on 11 May 2011.
*China Kunda issued a profit warning, co expects to report a loss for FY11 end Mar.