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STI: -0.34% to 2805.6
- MSCI Far East ex-Japan: +0.02% to 443
- Euro Stoxx 50: -0.13% to 2127.9
- S&P500: +0.48% to 1319.99
MARKET OUTLOOK:
Spanish yields rose to 6.79% after its bond auction as investors shunned sovereigns due to its bank bailout request. A proposal for banking & fiscal union by the EU, to be discussed at this Thu/Fri's summit has been coolly received by Germany's Merkel, criticizing it as too heavy on debt sharing while too light on fiscal oversight. We expect this week to yield some outcomes for the following key points of discussion:
(1) a banking union - a single regulator, common-liability deposit insurance mechanism, a resolution fund (i.e. bailout) funded by a financial transaction tax; while the resolution fund is relatively uncontroversial as it is non-sovereign funded, Germany is opposed to common liability deposit insurance without improved oversight standards.
(2) joint liability eurobonds & fiscal integration - on joint liability Germany's Merkel is not opposed per se unless there is fiscal oversight, and that just means fiscal union backed by a political union (see our Strategy paper "Road to Fiscal Union" dated 29 Nov 11 for an explanation). Markets hope for a blueprint on this long process. In the meantime, baby steps via the European Redemption Fund ("joint-liability but pay your share" bonds) may be the way forward.
(3) details on a growth pact, as it has been shown from Greece's experience that austerity has high political risk attached to it. Till then market direction remains downside pressure or sideways at best, as the scale of twist2 underwhelmed last week, and the underlying fundamentals is a slowing global economy, with markets looking ahead to rising recession risks in 2013 as large scale fiscal withdrawals in the US and EZ will likely worsen the slowdown. Any further continuance of a tactical rally from here would need to see other central banks join in the wave of easing, and more decisive action from the Eurozone.
For our larger trend outlook: Global Macro & Markets, 12 Apr.
Singapore Sector Strategy: Sector Strategy, 1 June
Singapore Sector Reports: Banks / Transport / Telcos / Property / REITS / Thematic
Regional Strategy: HK, 22 June / Thai, 18 June / S'pore, 8 June / M'sia, 30 May / China, 24 May / Indon, 29 March
MACRO DATA:
In Singapore, industrial production rose 1.8% m-m sa in May, reversing from a contraction of 3.3% in the preceding month. Ex-BMS, manufacturing output grew at a more modest pace of 0.3% m-m sa. However, electronics output continued to contract by 13% y-y on a 3mma basis, owing to weak export demand for the electronics cluster (except the data storage segment).For the first five months this year (i.e. Jan -May), electronics production had already declined by 15% y-y. As we have guided previously in our Singapore regional strategy report, May’s print of Singapore electronics PMI -which registered its second consecutive month of decline- suggest that firmer global final demand is essential to continue to lend support to electronics output.
South Korea’s June Composite Consumer Sentiment fell back to 101, the level 3 months ago, after 105 in May, indicating weakening confidence. The Bank of Korea indicated on June 21 it may cut its 2012 growth forecast in July for the second time this year as Europe’s crisis worsens.
Corporate service index in Japan fell slightly to 96.1 in May, after April’s 96.5. The gauge advanced 0.1% from a year ago. A separate report shows that Japan’s confidence of small business worsened to 46.2 in June, compared to May’s 47.2. The government would likely do more loosening to stir the economy and achieve their target inflation rate of 1%.
Hong Kong’s export rose by 5.2% y-y in May, faster than the market expected 0.5% y-y, but still slower than April’s 5.6% y-y. Domestic export drop slows down, from April’s 20.9% to May’s 13.5%, and re-export grew by 5.6% y-y in May, compared to April’s 6.3% y-y. By trading partners, export to China, Hong Kong’s largest trading partner who makes up more than half of Hong Kong export, rose at a pace of 9.5% y-y, faster than April’s 6.2% y-y. Export to US fell slightly by 0.8%, after the 15.4% gain in April. Import rose by 4.6% y-y in May, also faster than the market expected 2.2% y-y, but slower than April’s 5.0% y-y. Import from China, Japan, Taiwan rose by 11.0%, 9.4% and 8.2% y-y respectively, compared to April’s 7.1%, 11.5% and 0.5%. Due to the on-going Europe crisis and slowing growth of China, the prospect for import/export in Hong Kong is not optimistic. We are looking to more loosening by China, which would likely increase its demand from Hong Kong.
US consumer sentiment declined for its 4th month, a 5 month low, at 62 from a revised 64.4. | | Source: Phillip Securities Research Pte Ltd |
Company Results | | S/N | Company Name | Q/HY/FY | Currency, Units | Revenue | Net Profit | | Current | Previous | Change (%) | Current | Previous | Change (%) | | 1 | NOVO GROUP LTD. | FY12 | US$’000 | 327,819 | 501,606 | (34.6) | (2,169) | 4,453 | N.M. | | 2 | XMH HOLDINGS LTD. | FY12 | S$’000 | 62,249 | 70,237 | (11.4) | 10,362 | 9,132 | 13.5 | | Source: SGX Masnet |
| Company Highlights | KS Energy Limited announced that its subsidiary, KS Drilling Pte Ltd, has acquired a jack-up drilling rig for a consideration of US$38.5 million (S$48.9 million). The jack-up drilling rig is of Friede and Goldman design and is capable of drilling in up to 300 feet water depth. (Closing Price: $0.870, -0.015%)
Sheng Siong Group Ltd announced that it intends to renew the lease for its Woodlands Centre Sheng Siong Supermarket for a further period of four years to September 30, 2016. The lease is due for renewal on October 31, 2012. The supermarket is located at 6A Woodlands Centre Road, which is one of the blocks that have been earmarked by the Housing and Development Board (HDB) for the Selective En bloc Redevelopment Scheme (SERS). The supermarket has a floor area of 41,441 sq ft and contributed to 9.5 per cent of the group's revenue for the financial year ended December 31, 2011. (Closing Price: $0.425, +0.015%)
Dyna-Mac Holdings Ltd announced that it has secured four new fabrication orders for a provisional sum of S$43 million. Three orders were signed with Dyna-Mac's long term customer, SBM Offshore NV, for the fabrication and assembly of Electrical and Instrumentation Facilities for FPSO Ihabella, the fabrication and assembly of Turret Equipment Room for FPSO Quad 204, and the fabrication and assembly of five topside process modules for FPSO N'Goma. The fourth order was signed with new customer Siemens Pte Ltd for the fabrication of the Gas Turbine Generator module. The orders are expected to have a positive contribution to Dyna-Mac's earnings per share for the year ending December 31, 2012. However, the contracts are not expected to have a material impact on Dyna-Mac's net tangible assets per share for the current financial year. (Closing Price: $0.380, +0.005%)
Ryobi Kiso Holdings Ltd announced that it has recently secured new contracts worth S$28.7 million in Singapore, bringing its calendar year-to-date contract value to S$108.3 million. "Since our last contract update in March 2012, we have been steadily winning contracts in Singapore, as the construction sector here continues to be underpinned by stable demand, both in the public and private sectors," said CEO Ong Tiong Siew. Outside of Singapore, Ryobi Kiso has secured two significant contracts in April 2012, totalling approximately S$37.6 million in Vietnam. (Closing Price: $0.127, -0.001%)
China Oilfield Technology Services Group Limited announced that its wholly-owned subsidiaries, Daqing Dafeng Energy Technology Services Company Limited and Daqing Dominator Pump Manufacture Co Ltd, are selling equipment used for steel products processing to Kaiming (Daqing) New Energy Development Co Ltd for 15.85 million yuan (US$2.5 million). Kaiming, a company wholly-owned by China Oilfield's executive chairman and controlling shareholder, Gao Yanming, submitted the highest of four bids for the equipment, which have a net book value of 15.17 million yuan as at May 31, 2012. The group said the assets have been left idling due to the significant drop in sales orders received and the disposal is part of its overall cost-saving measures and streamlining of its operations. "The disposal of the equipment will enable the group to reduce expenses such as depreciation expenses, routine maintenance expenses and technical personnel management fees," it said. (Closing Price: $0.040, +0.008%) | | Source: SGX Masnet, BT Online |
| Director / Substantial Shareholders’ Transactions | | Company | Substantial Shareholder / Director | From (%) | To (%) | | NOBEL DESIGN HOLDINGS LTD | KHO CHUAN THYE PATRICK | 7.63 | 7.78 | | MEWAH INTERNATIONAL INC. | MICHELLE CHEO HUI NING | 35.25 | 36.37 | | FIRST REAL ESTATE INV TRUST | PT Menara Tirta Indah | 0 | 6.82 | | OLAM INTERNATIONAL LIMITED | Kewalram Singapore Limited | 20.06 | 20.11 | | BROTHERS (HOLDINGS) LIMITED | Koh Teak Huat | 8.806 | 0 | | HYFLUX LTD | Matthews International Funds | 6.03 | 7.20 | | SWING MEDIA TECHNOLOGY GRP LTD | United Partner Investment Limited | 9.94 | 9.04 | | XINREN ALUMINUM HOLDINGS LTD | Jiacai International Ltd | 29.646 | 31.559 | | SUPER GROUP LTD. | The Capital Group Companies, Inc. | 7.0126 | 8.0101 | | CHINA JISHAN HOLDINGS LIMITED | JIN CHENG INTERNATIONAL HOLDINGS | 70.855 | 70.867 | | GSH CORPORATION LIMITED | Koh Boon Hwee | 13.938 | 11.464 | | M DEVELOPMENT LTD. | ONG TIONG YUN | 11.98 | 17.51 | | CONTEL CORPORATION LIMITED | Virago Capital Limited | 67.58 | 55.95 | | EZRA HOLDINGS LIMITED | Mondrian Investment Partners Limited | 6.81 | 7.29 | | HOTEL GRAND CENTRAL LTD | Tan Chee Hoe & Sons Holdings Pte. Ltd. | 51.07 | 51.71 | | ORCHARD PARADE HOLDINGS LTD | Far East Organisation Pte. Ltd. | 58.87 | 59.85 | | FORELAND FABRICTECH HLDS LTD | TSOI KIN CHIT | 53.29 | 53.95 | | EASTERN HOLDINGS LTD | STEPHEN TAY THIAN BOON | 31.62 | 31.66 | | PCI LTD | Chuan Hup Holdings Limited | 75.19 | 75.50 | | ITE ELECTRIC CO LTD | UBS AG | 0.05 | 8.47 | | JK TECH HOLDINGS LIMITED | Ang Yew Jin Eugene | 76.02 | 77.60 | | THAI BEVERAGE PUBLIC CO LTD | Maxtop Management Corp. | 17.20 | 17.22 | | Source: SGX Masnet |
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