SG Market (17 Apr 13)

SG Market: S’pore shares may open higher tracking the strong rebound from Wall Street overnight, buoyed by the upbeat earnings and economic data. With the more positive tone, The STI could re-test the 3300 psychological resistance, which is also the top of a short term descending channel formation. Support is at 3280, followed by 3250 level. Stocks to watch out for: *M1: Rang in 1Q13 net profit of $41m, +1.8% y/y and 8.4% q/q as service revenue rose 4.2% to $200m, led by growth in post-paid mobile and fixed customers. EBITDA Margin slid to 39.5% from 41.6% in 4Q12 Mobile customer base stood at 2.045m, of which 223K were 4G customers, while fibre customer base increased to 60K. *SGX: 3QFY13 results topped estimates with net profit of $97.7m on 16.5% increase in revenue to $190.6m. Securities daily average traded value was $1.7b, +17% y/y and +41% q/q, while derivatives volume hit a record 479K contracts, +52% y/y and +34% q/q. Total equity funds raised was $2.4b vs $484m a year ago. Inerim DPS of 4¢ maintained. *Keppel Land: Partners China Vanke to jointly develop properties in S’pore and China. First JV project is a 726-unit condo development in Tanah Merah, in which Vanke will purchase a 30% stake from Keppel Land for $135.5m.