15 April 2013

Singapore Stock Market Daily Update - 15 April 2013


Stocks in Focus: DBS, SPH, Hi-P, Technics O&G

DBS: DJ reported Bank Indonesia has given the green light for DBS acquisition of Bank Danamon, Indonesia’s 6th largest bank by assets but no details on the approved limit.

SPH: Turned in weaker-than-expected 2QFY13 net profit of S$71.5M (-15% y/y) as revenue fell 5.5% due to declining adex and circulation sales and higher rentals and marketing expenses. Interim DPS of 7¢ maintained.

Hi-P: Guides for a marginally lower revenue but higher profit in 1Q13, reversing an earlier profit warning.

Technics O&G: Formed JV with Eversendai to provide engineering and construction services for O&G industry.  The JV will acquire a plot of land in UAE to construct and operate a fabrication plant and facilities for offshore and onshore works.

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