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Daily market summary for 23-Apr-2010
The STI Index closed at 2988.49, up by 7.8 points
7.8 points
Daily market summary for 22-Apr-2010
The STI Index closed at 2980.69, up by 13.04 points
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Daily market summary for 21-Apr-2010
The STI Index closed at 2967.65, down by 
-13.72 points
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Ascendas REIT (AEMN.SI): BUY: DPU To Be Driven By New Completions And Acquisitions
Ascendas REIT (AEMN.SI -1L -S$1.98)
Market Cap S$M 3,704.88
Target: S$2.28
Results below expectations due to one-off item - For 4QFY10, A-REIT reported a DPU of 2.73 cents, bringing the total DPU for FY10 to 13.1 cents vs consensus estimates of 13.5 cents and our estimate of 13.3 cents. 4QFY10 DPU were slightly below expectation due to the higher-than-expected finance cost as A-REIT expensed S$9.1m for the cost incurred for the issuance of collateral loan. QoQ, A-REIT revenue fell by 1% while NPI fell by 6% on higher property expenses. On a FY basis, revenue grew 4.3% while NPI grew 7.9%.
Full article here
Market Cap S$M 3,704.88
Target: S$2.28
Results below expectations due to one-off item - For 4QFY10, A-REIT reported a DPU of 2.73 cents, bringing the total DPU for FY10 to 13.1 cents vs consensus estimates of 13.5 cents and our estimate of 13.3 cents. 4QFY10 DPU were slightly below expectation due to the higher-than-expected finance cost as A-REIT expensed S$9.1m for the cost incurred for the issuance of collateral loan. QoQ, A-REIT revenue fell by 1% while NPI fell by 6% on higher property expenses. On a FY basis, revenue grew 4.3% while NPI grew 7.9%.
Full article here
Singapore Macro Weekly: More Thoughts on Monetary Tightening
Singapore Macro Weekly: More Thoughts on Monetary Tightening - Wei Zheng Kit
Output gap has turned positive with 1Q10 GDP surge, and will likely stay so - Real GDP levels are now about 2.8% above the previous peak in 1Q08, translating into a positive output gap of around 2% of potential output. Our 9% GDP forecast is conservative, as it assumes slight negative or flat sequential growth in 2Q and 3Q, with the output gap still positive. In reality, the boost from the opening of the IRs, and recovery in US consumer demand may see a milder slowdown in 2Q. Double digit full year GDP growth cannot be ruled out.
Full article here
Output gap has turned positive with 1Q10 GDP surge, and will likely stay so - Real GDP levels are now about 2.8% above the previous peak in 1Q08, translating into a positive output gap of around 2% of potential output. Our 9% GDP forecast is conservative, as it assumes slight negative or flat sequential growth in 2Q and 3Q, with the output gap still positive. In reality, the boost from the opening of the IRs, and recovery in US consumer demand may see a milder slowdown in 2Q. Double digit full year GDP growth cannot be ruled out.
Full article here
Daily market summary for 20-Apr-2010
The STI Index closed at 2981.37, up by 20.44 points
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How Citigroup, CEO Pandit Turned Themselves Around
Published: Friday, 12 Mar 2010 | 3:07 PM ET
Full article here
By: Jeff Cox
CNBC.com
CNBC.com
Just a year after being relegated to the pile of near-dead banks crushed by the credit crisis, Citigroup is back.
Investors both big and small have been taking massive stakes of Citi's shares that at this time in 2009 were teetering around the $1 mark.
 |
AP Vikram Pandit |
The venture to the brink of penny-stock territory was a torturous one, but that all seems to have changed as Citi's top officials are assuring investors that a return to profitability is on the horizon.
The company's return from its seemingly destined march to the graveyard has coincided with the rising star of embattered CEO Vikram Pandit.
"For the most part, Citi's done a good job of improving its balance sheet and its capital position," said David Konrad, banking analyst at Keefe, Bruyette & Woods. "It's going to be a long, long road there, but he's actually got a little bit of momentum on his side now."Full article here
Still buying Goldman Sachs
Some news on Goldman Sachs, especially the recent fraud sue case on them.
‘We do not view this as a “life threatening issue”, but clearly it seems like a “black eye” for Goldman’, remarks US Banks analyst Keith Horowitz, ‘of the SEC’s civil lawsuit… for a start, this action is a civil complaint, not a criminal complaint, implying that downside is a large monetary fine… the 2 key issues for Goldman though, is reputational risk, and possible follow on lawsuits related to this action… also, the SEC’s complaint refers to only one CDO structure, and the issue is whether this was an isolated incident or not… issues that will take a while to resolve and will add more headline risk to the story – which thus makes it hard to call this selloff a “buying opportunity”… that being said, we would be buyers rather than sellers at these levels - on a fundamental basis, we continue to see very strong upside in the stock… so while we are raising our risk rating to “High” from “Medium”, we are keeping a ‘Buy’ on Goldman Sachs’.
Daily market summary for 19-Apr-2010
The STI Index closed at 2960.93, down by -46.26 points
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Singapore Airlines (SIAL.SI): Sell: March 2010 Operating Data
Singapore Airlines (SIAL.SI -3L -S$15.54): Market Cap S$M 18,508.06 - Robert P Kong, CFA
Target: S$16.00
Recovery continues, but largely in the price - SIA reported a robust set of operating statistics for March, suggesting a strong finish to SIA's FY Mar-10 earnings, but on track for our above consensus FY2011 forecasts. For the month passenger traffic rose +13.9%YoY, partly on base effects and a shift in timing of Easter holidays (from April to March), cargo traffic +12% YoY, both of which should support yield recovery in the coming months. However, we maintain our view that stock is already fairly valued at 1.3x FY11E P/B against our above-consensus ROE forecast of 10.3% for FY11.
Full article here
Target: S$16.00
Recovery continues, but largely in the price - SIA reported a robust set of operating statistics for March, suggesting a strong finish to SIA's FY Mar-10 earnings, but on track for our above consensus FY2011 forecasts. For the month passenger traffic rose +13.9%YoY, partly on base effects and a shift in timing of Easter holidays (from April to March), cargo traffic +12% YoY, both of which should support yield recovery in the coming months. However, we maintain our view that stock is already fairly valued at 1.3x FY11E P/B against our above-consensus ROE forecast of 10.3% for FY11.
Full article here
Singapore Macro Flash: MAS Resumes Strong SGD Policy; Upgrading 2010 Forecasts
Singapore Macro Flash: MAS Resumes Strong SGD Policy; Upgrading 2010 Forecasts - Wei Zheng Kit
MAS resumes "modest and gradual" appreciation AND re-centers band - This move was more aggressive than market expectations (either slope change or re-centering, but not both), and is a front loaded normalization of monetary conditions that immediately reverses the monetary easing that took place since October 2008. The new centre is estimated at 150bps above the mid-point of the old band. We reckon the slope to be 2% p.a., similar to the "modest and gradual appreciation" between April 2004 and October 2007.
Full article here
MAS resumes "modest and gradual" appreciation AND re-centers band - This move was more aggressive than market expectations (either slope change or re-centering, but not both), and is a front loaded normalization of monetary conditions that immediately reverses the monetary easing that took place since October 2008. The new centre is estimated at 150bps above the mid-point of the old band. We reckon the slope to be 2% p.a., similar to the "modest and gradual appreciation" between April 2004 and October 2007.
Full article here
Singapore Macro Flash: Feb Retail Sales Outperforms Expectations
Singapore Macro Flash: Feb Retail Sales Outperforms Expectations - Wei Zheng Kit
Feb nominal retail sales beat expectations - Retail sales rose at a faster pace of 4.8%YoY vs. Jan's 2.1% (revised down from 2.3%) outperforming consensus and our expectations for a 2.0% and 0.5% respectively. On a month-on-month, seasonally adjusted (mom SA) basis, retail sales fell by 5.5%, completely reversing Jan's sequential gains of 5.5% (also revised down from 5.8%).
Full article here
You can see from the recent surge in COE, how fast it moved from S$20k+ to the current S$34k+ within a month and the sudden robust growth in Singapore. However, it doesn't seem to surge as much for pay re-adjustments or increments though...
Feb nominal retail sales beat expectations - Retail sales rose at a faster pace of 4.8%YoY vs. Jan's 2.1% (revised down from 2.3%) outperforming consensus and our expectations for a 2.0% and 0.5% respectively. On a month-on-month, seasonally adjusted (mom SA) basis, retail sales fell by 5.5%, completely reversing Jan's sequential gains of 5.5% (also revised down from 5.8%).
Full article here
You can see from the recent surge in COE, how fast it moved from S$20k+ to the current S$34k+ within a month and the sudden robust growth in Singapore. However, it doesn't seem to surge as much for pay re-adjustments or increments though...
DJ - Yangzijiang Plans Taiwan Depositary Receipts Issue - Report (2010/04/15 09:19AM)
TAIPEI (Dow Jones)--Yangzijiang Shipbuilding Holdings Ltd. (BS6.SG) has begun discussions with the Taiwan Stock Exchange on its plan to issue Taiwan depositary receipts, the Commercial Times reported Thursday, citing unnamed sources.
Singapore-listed Yangzijiang expects to submit an application to the bourse soon, the newspaper cited the sources as saying.
Japan's Elpida Memory Inc. (6665.TO) is also interested in issuing Taiwan depositary receipts, the newspaper reported, without citing sources.
Singapore-listed Yangzijiang expects to submit an application to the bourse soon, the newspaper cited the sources as saying.
Japan's Elpida Memory Inc. (6665.TO) is also interested in issuing Taiwan depositary receipts, the newspaper reported, without citing sources.
Daily market summary for 15-Apr-2010
The STI Index closed at 3016.94, down by -2.8 points
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Year 2010
Sorry for the lack of posting for the past 3 months, as I was busy with my main project at work and I have been working my ass off until the late nights and losing money (haha) in the SGX market for the couple of months.. lousy volume and market is just drifting up on low volume.. currently I'm doing my reservist so I will be back soon...
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