MARKET WATCH 25 Sep 2012 - AsianBookie.Com Forums

25-Sep 2012 Tuesday 9:42 AM (4233 days ago)

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STI           3,067      -10     -0.33%
DOW         13,559    -20     -0.15%
S&P           1,457     -3       -0.22%
FTSE         5,839      -14      -0.23%
DAX           7,413      -39      -0.52%
GOLD          1,769      +4       +0.25%
OIL             92.03      +0.13    +0.14%
PRE-HK OPEN   +44pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY):   -1.22 (21 Sep 2012)
CREDIT SUISSE GLOBAL RISK APPETITE               :   -0.97 (21 Sep 2012)

25 Sep 2012 08:21

DJ MARKET TALK: Jason Parquet May Face Tough Debut On Catalist

0021 GMT [Dow Jones] NEW LISTING: Jason Parquet (5UU.SG) may face a tough debut on Catalist amid an expected broader market downdraft. But longer term, the regional timber-flooring distributor and service provider may see some benefits from any QE3-fueled real estate action. The company placed 33.8 million shares, comprising 18 million new shares and 15.8 million vendor shares at S$0.225 each, raising S$7.6 million. The funds are earmarked for possible acquisitions, joint ventures or strategic alliances as well as general working capital. According to the prospectus, the company has landed projects contracts of around S$41.3 million year-to-date. For FY11, it reported profit after tax of S$2.7 million on revenue of S$29.9 million.

25 Sep 2012 07:29

DJ Temasek Considering Sale of Standard Chartered Stake -FT

..

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25-Sep 2012 Tuesday 9:43 AM (4233 days ago)

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Daily Review, 25 September 2012 Page 1 of 4

SGX-ST Member, SGX-DT (CNCM)

Daily Review

25 September 2012

LIM & TAN SECURITIES PTE LTD

20 CECIL STREET

#09-00 EQUITY PLAZA

SINGAPORE 049705

TEL: 65330595 FAX: 65332368

www.limtan.com.sg

RCB Reg No. 197301030W

DBS

S$14.35-DBMS.SI

 Current weakness of DBS may well be attributed to

talk that Temasek Holdings is sounding out

potential buyers for its 6 bln pounds / 18% stake in

Standard Chartered Bank, as is carried by the

Financial Times this morning.

 The article cited the fact that StanChart trades at 1.4x

book when its European rivals trade on less than

half that.

 The FT article did however quote some bankers as

believing “any ambition Temasek might have

had to engineer a merger between Stanchart

and DBS has faded”, given the “complexities and

regulatory hostilities to big bank mergers”.

 We also like to believe DBS will have its hands full with

the proposed S$9 bln acquisition of PT Bank

Danamon to want to look at Stanchart, a story that

has actually been in the market for years.

 Maintain DBS is attractive at $14, where the yield is

4%.

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25-Sep 2012 Tuesday 9:43 AM (4233 days ago)

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Daily Review, 25 September 2012 Page 2 of 4

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F & N

S$8.89-FRNM.SI

 The stock remains above Thai Beverage’s $8.88

offer despite SIC’s ruling that the latter is not obliged

to adjust its offer in relation to F&N’s proposed capital

reduction.

 This suggests persistence of expectation of a higher

offer either by Thai Bev or another bidder.

 Note that with DBS and UOB behind Thai Bev’s bid,

and OCBC likely obliged to “stand aside”, we believe

the probability of a higher bid is rather low. The

interbank market also does not suggest anything other

than Thai Bev’s, is imminent.

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25-Sep 2012 Tuesday 9:44 AM (4233 days ago)

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Daily Review, 25 September 2012 Page 3 of 4

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HI-P

S$1.06-HIPS.SI

 Hi-P’s major customer Apple fell 1.3% last night after

reports showed that in the first 3 days since the debut

of iPhone 5, the company sold 5mln units, short of

market expectations of 6-7mln units due to supply

constraints.

 And it did not help that Foxconn, Apple’s key supplier

in China had to suspend production at one of its plant

in China yesterday due to employee disputes.

 Notwithstanding the above, we believe Apple has a

good problem in that it is not a problem with weak

demand like what the traditional PC sector is

currently facing but that of supply constraints which

will likely to be resolved sooner rather than later.

 And unlike Research In Motion whose new

Blackberry 10 will only be launched in 1H 2013,

Apple’s iPhone 5 supply constraint is likely to be

resolved in time for the crucial Christmas period in

Dec ’12.

 Suppliers such as Hi-P is busy ramping up new

production capacity in China this year as well as next

year to cater to Apple’s robust demand.

 Since Hi-P broke above the $1.03 resistance level last

week (first reached in Mar ’12), it has been stuck in a

narrow range of $1.03-1.09.

 Notwithstanding short term set-backs, we believe the

mid-longer term demand dynamics from Apple should

see Hi-P trending up towards its next resistance level

of $1.24 reached twice in 1H 2011.

 We maintain BUY on Hi-P.

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25-Sep 2012 Tuesday 9:44 AM (4233 days ago)

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25-Sep 2012 Tuesday 9:45 AM (4233 days ago)

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nny Side Up: Liang Beng Group - Slew of Launches Coming Up; BUY, $0.425
- TP $0.63 ; CPI Aug 2012 – Decelerating Further

What’s cooking

Lian Beng Group: Slew Of Launches Coming Up; Buy TP $2.09

LBG SP | Mkt Cap USD183.4m | ADTV USD0.5m

Ø Lian Beng will begin its property launches as scheduled with Hong Leong
Gardens in October, and Dragon Mansion88 and Hougang Plaza following that.

Ø Construction remains the core business, accounting for 75% of sales.
Lian Beng has secured a 50% stake in a contract worth SGD169m for 361
units in Thomson Grand with Paul Y C&E.
Ø Maintain BUY with a target price of SGD0.63 pegged at 6x FYMay13 PER,
backed by an attractive dividend yield of 5.1%.
Click here for full report
[email protected]
Economics

Singapore CPI, August 2012: Decelerating Further
Ø Inflation rate in Aug 2012 slowed for the second consecutive month to
3.9% YoY vs 4.0% YoY in July 2012. Core inflation rate also dipped to
2.2% from 2.4% over the same period. YTD, consumer prices rose by +4.8%
(Jan-Aug 2011: +5.1%).
Ø The sluggish global economic environment currently are expected to
contain domestic food and energy prices as well as keep the pass-through
of wages and other business costs moderate for the rest of the year,
compared with during 2H 2011 and 1H 2012. However, transport and housing
components are expected to remain the key contributors to inflation rate
as COE premiums are expected to remain elevated and property leasing
contracts are renewed at higher rentals, especially the HDB segment. We
expect full-year inflation rate to ease to 4.4% this year (2011: 5.2%),
which is at the top end of the official forecast range of 4%-4.5%.
Ø Our FX Research Team sees a 50% chance of the Monetary Authority of
Singapore (MAS) easing at it next monetary policy review in Oct 2012.
Click here for full report
[email protected].sg

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