SINGAPORE (March 6): Any upside for Singapore shares stemming from Wall Street' s gains is likely to be limited as investors are expected to temper expectations ahead of tonight' s US nonfarm payrolls report for February.

The Dow Jones Industrial Average rose 0.2% overnight to 18,135.72, the S& P 500 edged up 0.1% to 2,101.04 and the Nasdaq Composite put on 0.3% to 4,982.81.

In Singapore, the Straits Times Index ended 0.6% lower at 3,395.27 yesterday.

COMPANIES IN THE NEWS:

Noble Group  has pledged to provide more disclosure after it issued an 11-page statement refuting claims of improper accounting raised by Iceberg Research.

Noble shares rose 0.5% to $1.005 yesterday.

Jardine Strategic Holdings' 2014 earnings rose to US$1.83 billion from US$1.7 billion a year earlier.

Jardine Strategic shares fell 1.2% to US$35.10 yesterday.

Jardine Matheson Holdings  ' 2014 earnings rose to US$1.71 billion from US$1.57 billion in 2013.

Jardine Matheson shares fell 1.7% to US$64.54 yesterday.

Hongkong Land' s 2014 earnings rose to US$1.33 billion from US$1.19 billion a year earlier.

Hongkong Land shares fell 1.3% to US$7.60 yesterday.

Mandarin Oriental International  will launch a one-for-four rights issue to raise US$316 million.

The rights shares are priced at US$1.26 each.

Mandarin Oriental shares rose 0.6% to US$1.77 yesterday.

Dairy Farm International' s 2014 earnings came in at US$509 million, up from US$501 million for the previous year.

Dairy Farm shares rose 0.6% to US$8.97 yesterday.

Keppel Corp  said phase 1 of its waste-to-energy plant in the UK has started commercial operation.

Keppel shares fell 0.3% to $8.76 yesterday.

EMAS Offshore has set up a US$500-million ($682-million) multi-currency debt issuance programme.

EMAS shares ended flat at 44 cents yesterday.

Asia Fashion Holdings  is seeking to raise $2.66 million for working capital from selling convertible bonds.

The company will issue the two-year bonds to Alternus Capital Holdings, an investment firm owned by Joe Lam Cho Ying, a former banker.

Asia Fashion shares ended 3.7% lower at 5.2 cents yesterday.

China Flexible Packaging Holdings said it expects to incur a net loss for the three months ended Jan 31 due to weaker sales.

China Flexible Packaging shares ended flat at 1.8 cents yesterday.

CCFH has proposed a change of name to Mercurius Capital Investment as it seeks to diversify into financial investment.

CCFH shares ended flat at 1.9 cents yesterday.

Pteris Global  is selling its 30% stake in Shenzhen CIMC-Tianda Airport Support.

Pteris Global shares rose 1.5% to 67.5 cents yesterday.

Datapulse Technology reported a net profit of $71,000 for the three months to Jan 31, compared to a loss of $160,000 a year earlier.

Datapulse shares fell 3.8% to 10 cents yesterday.

CNA Group has secured a contract worth $3.1 million to design 143 condominium units in Bangkok to be developed by Japan' s Shinwa Group.

CNA shares fell 13% to two cents yesterday. 

 

SINGAPORE (March 5): Appetite for Singapore shares languished as investors mulled over China' s reduced GDP growth target announced at the National People' s Congress meeting in Beijing.

Buying interest was also restrained ahead of the European Central Bank' s policy meeting later in the session, when details of its quantitative easing programme are expected to be unveiled.

Chinese Premier Li Keqiang announced an economic growth target for 2015 of about 7%, the lowest in more than two decades.

" With the use of the word ' about' , this means that there is risk that the actual growth rate could come under the target as well," UOB economist Suan Teck Kin said in a note.

The Straits Times Index ended below 3,400 for the first time in more than a month, down 0.6% at 3,395.27.

About 1.24 billion shares worth $934 million changed hands, down from 1.38 billion shares worth $1.02 billion on Wednesday.

Decliners outnumbered gainers 245 to 167.

Notable decliners among blue chips were stocks that rose substantially in the last few sessions, including Golden Agri-Resources which fell 3.5% to 41 cents, and Thai Beverage, which gave up 2.1% to 71.5 cents.

Among lower liners, United Fiber System rose 33.3% to 1.6 cents on strong volume after shareholders approved the company' s scrip-funded acquisition of Indonesian coal miner Golden Energy Mines, paving the way for it to take on a new lease of life.

Sino Construction ended flat at seven cents.

The company said it would return to its core construction business, which it scaled down last year, while it reviewed transactions related to its foray into the minerals sector amid falling commodity prices.

Civmec inched up 0.8% to 65.5 cents after the Australia-based construction firm said it had secured a contract to help build a 60,000-seat stadium in Perth.

 

SINGAPORE (March 5): Singapore shares remained mostly lower as risk appetite was subdued ahead of the European Central Bank' s policy meeting later today and as investors mulled over China' s reduced GDP growth target announced at the annual meeting of the National People' s Congress.

At 12:29pm (0429 GMT), the Straits Times Index was down 0.2% at 3,410.23. Market breadth turned slightly negative from neutral.

United Fiber System was one of the most active stocks in the market, up 16.7% at 1.4 cents, with more than 20 million shares traded.

The pickup in interest came after shareholders approved the company' s proposed scrip-funded acquisition of Indonesian coal miner Golden Energy Mines.

Sino Construction  climbed 2.9% to 7.2 cents after the company said it would return to its core construction trade while it reviewed transactions related to its foray last year into the minerals sector amid weaker commodity prices.

Civmec inched up 0.8% to 65.5 cents.

The Australia-based construction firm said it had secured a contract to help build a 60,000-seat stadium in Perth. 

 

SINGAPORE (March 5): Singapore shares may edge lower following a pullback on Wall Street overnight and amid a dearth of local corporate announcements.

The Dow Jones Industrial Average fell 0.6% to 18,096.90, the S& P 500 shed 0.4% to 2,098.53 and the Nasdaq Composite slipped 0.3% to 4,967.14.  

In Singapore, the Straits Times Index ended 0.2% lower at 3,415.53 yesterday.

COMPANIES IN THE NEWS:

Sino Construction , which lost 77% of its market value earlier this week, will return to its core construction trade even as it expands into power production.

The company came to this conclusion following a corporate review over the past 12 months carried out by newly appointed executive director Drew Madacsi with the help of external consultants, including lawyers and auditors.

Sino Construction shares rose 16.7% to seven cents yesterday.

Design Studio Group ' s CEO Bernard Lim has resigned to pursue other interests.

Lim had been at the helm since 1994.

Design Studio shares fell 1% to 51.5 cents yesterday.

Jubilee Industries Holdings said its unit WE Components has commenced legal action against Europtronic Singapore, a former subsidiary of Europtronic Group, alleging breach of a service agreement.

Jubilee Industries shares fell 5.9% to 4.8 cents yesterday.

Oxley Holdings has formed a joint venture with Lian Beng Group  to build up a site in Tampines zoned for integrated development.

Oxley shares fell 1% to 49.5 cents yesterday.

The average daily trading value of stocks on the Singapore Exchange fell 3% to $1.17 billion in February from January but rose 12% y-o-y.

The total trading value last month was down 17% at $21 billion compared to January but up 1% from February 2014.

SGX shares fell 1.2% to $8.04 yesterday.

Civmec has secured a contract to provide steelwork for a 60,000-seat sports stadium in Perth.

The value of the contract was not disclosed.

Civmec shares fell 3.7% to 65 cents.

 

SINGAPORE (March 4): Singapore shares ended mostly lower.

A surprise rate cut in India possibly gave investors reason to cash in on intraday gains as the move suggested falling inflation remained a major concern for central banks.

Stocks rose earlier in the session after a private-sector survey by HSBC and Markit showed a pickup in China' s services sector in February. The data came three days after Beijing said the country' s services sector expanded last month.

The Straits Times Index slipped 0.2% to 3,415.53.

About 1.38 billion shares worth $1.02 billion changed hands, compared with 1.31 billion shares worth $1.17 billion on Tuesday.

Decliners outnumbered gainers 229 to 210.

Advance SCT  was the most active stock in the market. It ended flat at 0.1 cent with 160.5 million shares traded.

The company said it has been placed on the SGX watch-list and has two years to get out of it or face delisting.

Two other companies already on the watch-list but which have been ordered by the exchange to delist saw their shares come under heavy selling.

Yong Xin International Holdings  fell 42.3% to 1.5 cents while China Oilfield Technology Services Group  tumbled 62.5% to 0.6 cent.

Libra Group  rose 2.2% to 23 cents after the mechanical and electrical engineering firm said it had secured $45 million worth of new contracts in Singapore.

Among blue chips, Noble Group fell 1% to $1.00 on profit-taking following a 6.3% jump the previous day.

Golden Agri-Resources put on 2.4% to 42.5 cents, extending a 3.8% gain from the previous session, as investors continued to bet that prospects for the palm oil producer would improve in the quarters ahead following weakness in 4Q2014, when it incurred heavy losses in the fair value of its biological assets.

 

SINGAPORE (Mar 4): Singapore shares rose after new data showed China' s services sector grew modestly in February as new orders rose at their quickest pace in three months.

The Services Purchasing Managers' Index from HSBC Holdings Plc  and Markit Economics for February was at 52, up from January&rsquo s 51.8.

" The services PMI suggests China' s economy is about as solid in early 2015 as it was in early 2014," Bill Adams, senior international economist at PNC Financial Services Group told Bloomberg. " There are still no signs of a collapse in growth in China."

At 1 pm, the Straits Times Index was up 0.13% or 4.61 points at 3,426.72. In the broader market, 788 million shares with a value of $527 million were traded. Losers led gainers 180 to 166.

Sino Construction  rose 13.3% to 6.8 cents, recouping part of its steep losses in the last two sessions. The company lost 77% of its market value this week after it said it would report a 2014 net loss and sought more time to release the results following the departure of its management team and executive directors last month.

SMRT Corp  fell 0.6% to $1.715 after it drew a rebuke from the Land Transport Authority for yesterday' s disruptions on the Circle and East-West Lines. LTA said it intends to review again SMRT' s management of resources and processes for the maintenance of the rail system.

Genting Hong Kong  rose 1.4% to US$0.36 after the c a si n o investor and c a s i n o cruise ship operator announced last night that it was acquiring a 100% stake in Crystal Cruises and its subsidiaries for US$550 million ($749 million).

Singapore Exchange fell 0.2% to $8.12 even as securities market authorities from Singapore, Malaysia and Thailand signed an agreement to enable cross-border capital raising where offerings of equity securities or plain debt securities would be subject to a streamlined vetting process.

Huationg Global gained 2.3% to 22.5 cents after the civil engineer said it recently secured $28.5 million in new contracts, raising the company' s total order book to $118.5 million. Projects include earthworks for MRT stations and tunnels for the Thomson Line as well as external works for Changi Airport Terminal Five.

 

SINGAPORE (March 4): The recently concluded December-quarter earnings season in Singapore threw up more disappointments than positive surprises, and while some companies reported improved results, their growth momentum may not be sustainable, according to Maybank Kim Eng.

" There were more earning misses from banks, property and oil & gas (companies) in 4Q14," Maybank Kim Eng analysts, led by Ng Wee Siang, wrote in a note.

Most property developers fell short as they had to set aside more provisions amid declining home prices and weak sales.

Among them, CapitaLand  booked a $77-million impairment charge while City Developments took a $24-million hit for anticipated losses.

Companies in the offshore oil and gas sector, meanwhile, turned in " poor" results, with more than half of those tracked by Maybank Kim Eng missing forecasts, said the analysts, who have cut their 2015 and 2016 earnings per share estimates to factor in fewer orders and lower charter rates and utilisation.  

Earnings quality was weak even for those that surprised positively.

" Order cancellations, retreating charter rates and dissipating new orders should weigh on the sector in 2015."

On banks, they noted that DBS  and OCBC  missed expectations in 4Q2014 after having delivered three straights quarters of " nice surprises" .

" While UOB beat consensus estimates, it did not beat ours."

That said, all three banks' operating metrics remain sound, they pointed out.

" We expect banks to book stronger profitability this year, aided by net interest margin expansion as Singapore-dollar Sibor treks higher."

Overall, a " convincing earnings recovery" for Singapore-listed companies " looks remote at this point" , they said.

Maybank Kim Eng has a year-end target of 3,440 for the Straits Times Index, based on 14 times projected 2015 earnings.

The local market now trades below its seven-year average price-to-book multiple of 1.4 times, an outcome that is " justifiable" as return on equity (ROE) is expected to remain low with consensus ROE estimates at between 10% and 11% for 2015 and 2016, compared to an average of 14.7% from 2008 to 2012, according to the analysts.

Compared to markets in the region, Singapore is also " unappealing" in terms of price-to-earnings and price-to-book multiples.

Singapore earnings are expected to climb much slower than the rest of the region. Meanwhile, 2015 ROE could be a tepid 10.2%

" We expect the market to trade sideways with a downward bias."  

 

SINGAPORE (March 4): Profit-taking on Wall Street overnight may set the stage for Singapore shares to open lower.

A day after reaching new highs, the Dow Jones Industrial Average declined 0.5% to 18,203.37, the S& P 500 fell 0.5% to 2,107.78 and the Nasdaq Composite gave up 0.6% to 4,979.90.  

In Singapore, the Straits Times Index closed 0.5% higher at 3,422.11 yesterday.

COMPANIES IN THE NEWS:

Genting Hong Kong  will pay US$550 million ($750 million) for Crystal Cruises, a California-based cruise company.

Genting Hong Kong shares last closed at 36 US cents.

Midas Holdings has clinched US$58.3 million worth of new contracts to supply aluminium alloy extrusion profiles and fabricated parts to a rail project in the US, marking its foray into the country.

Midas shares rose 4.8% to 33 cents yesterday.

Libra Group  has secured $45 million worth of new contracts in Singapore.

Libra shares fell 4.3% to 22.5 cents yesterday.

Huationg Global has clinched $28.5 million worth of new contracts for civil engineering work in Singapore, lifting its order book to $118.5 million.

Huationg Global shares fell 4.3% to 22 cents yesterday.

CNA Group will pay $1.7 million for a 30% stake in Jilin Mailong Xuntong Electronic Products Co, which provides traffic monitoring and closed-circuit television systems in China' s Jilin province.

CNA shares fell 3.6% to 2.7 cents yesterday.

China Oilfield Technology Services Group will be delisted after the loss-making company failed to meet regulatory requirements for removal from the SGX watch-list.

China Oilfield shares fell 5.9% to 1.6 cents yesterday.

Yong Xin International Holdings  will be delisted after the company said it was unable to meet regulatory requirements to be removed from the SGX watch-list.

Yong Xin shares were not traded yesterday. They last closed at 2.6 cents.

mm2 Asia is seeking to acquire a 51% stake in Vividthree Production, a 3D animation company.

mm2 Asia shares rose 5% to 21 cents yesterday.

Pacific Radiance has formed a joint venture with Malaysia' s Duta Marine to own and operate vessels.

Pacific Radiance shares fell 0.7% to 70.5 cents yesterday.