Thursday, January 24, 2013

SG Market (24 Jan 13)

SG Market: S’pore shares are likely to have a lift from the temporary reprieve in US but gains may be muted in the wake of Apple’s late price fall following its results. There is still see a lot of interest in penny stocks and situational plays, which suggests a bit of froth in the market as as investors await earnings from blue chips like banks and developers. Topside resistance for the STI is seen at 3238, while 3200 provides the underlying support.. Among company news, Keppel Land’s 4Q results came in above expectations with profit before divestment and revaluation gains +40% to $157m pushing full year FY12 net profit to $451.5m, driven by profit recognition from Reflections at Keppel Bay, Marina Bay Suites and China sales. However, the developer plans to review its residential launches in S’pore in the light of the govt’s recent round of extensive property cooling measures and expects 2013 to be another challenging year. Ascott Residence Trust also reported 4Q results, which were in line with distributable income +10% yoy and DPU of 2¢ +9% yoy. Ausgroup is expected to be in the limelight after announcing another fabrication contract worth A$20m, its 3rd win in 3 weeks. Another stock likely to be in focus, Tiger Airways swung to profit in 3Q after five quarters of losses

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