SGX Stocks and Warrants
DBS Posts 1Q Record Numbers
Warrants Highlight
DBS Posts 1Q Record Numbers
| Code | Name | Type | Expiry | Exercise Price |
| P0VW | DBS MB eCW120702 | Call | 02-Jul-12 | 13.90 |
| O9KW | DBS MB eCW130102 | Call | 02-Jan-13 | 14.00 |
| P5CW | DBS MB eCW120803 | Call | 03-Aug-12 | 15.00 |
| P2NW | DBS MB ePW120718 | Put | 18-Jul-12 | 12.80 |
Two months after posting a record FY11 performance, DBS has done it again, this time announcing a record 1Q figure. As DBS CEO Piyush Gupta put it, DBS “continued to extend our solid performance of the past eight quarters into 2012. Strong business momentum, with key earnings drivers and strategic initiatives kicking in, propelled the bank’s first-quarter earnings this year to yet another record high.”
Its 1Q12 net profit rose to a record $933mn, up 16% from a year ago and 28% from the previous quarter. That exceeded the S$755.2 million average of six analysts’ estimates compiled by Bloomberg. Total income crossed SGD 2 billion for the first time while net interest income was also at a record $1.34bn.
DBS’ results announcement comes ahead of counterparts UOB (9 May) and OCBC (11 May).
DBS updates on Danamon bid
At its Annual General Meeting held two days ago, DBS addressed its shareholders on the issue of its US$7.2bn bid for Danamon. CEO Gupta believes that DBS is paying “fair value” for access to “a high growth, high return market”, and expressed confidence that the incremental profit from the acquisition will help DBS’ earnings per share rebound from the third year of acquisition.
DBS expects to hold a separate meeting with investors in June for the purchase of Temasek’s Danamon stake once it secures regulatory approvals. The remaining shares will be bought after the purchase of Temasek’s stake is completed.
Chairman Peter Seah concluded, “banks like DBS, we’ve got a long journey ahead,”. “Today,
many global banks, particularly the Europeans, are weak. They will not stay so in the years to come. We have this opportunity.” And grab it they will.
Singapore Market Wrap
STI Traded Sideways for the 3rd Day
Despite a strong performance in the US markets on Wednesday night, the STI closed almost unchanged yesterday at 2,981.47. Keppel Corp warrant P1HW and DBS warrant P0VW were the most active single stock warrants, with more than 4mn traded on each of them.
Call KepCorp MBeCW120801 (P1HW) exercise price $11.50.*
Call DBS MB eCW120702 (P0VW) exercise price $13.90.*
DBS rose ahead of earnings
DBS rose 0.2% yesterday to $13.72. The company reported its 1Q12 earnings this morning. Net profit rose 16% year-on-year to a record of S$933mn. Net interest income rose to S$1.34bn, while non-interest income rose to a new high of S$820mn.
Call DBS MB eCW120702 (P0VW) exercise price $13.90.*
Call DBS MB eCW130102 (O9KW) exercise price $14.00.*
Put DBS MB ePW120718 (P2NW) exercise price $12.80.*
Yangzijiang 1Q12 net profit +7%
Yesterday morning, Yangzijiang (-1.7% dod, $1.18) reported a 7% increase in year-on-year net profit to RMB1.0bn. According to the management, its revenue grew 12% mainly due to the higher contribution from the Shipbuilding segment. As at 31 Mar, Yangzijiang's order book stood at US$4.5bn comprising 96 vessels.
Call YangzijiMBeCW130102 (O9LW) exercise price $1.20.*
Overnight Market Wrap
Better than Expected Pending Home Sales
S&P500 rose 0.7% yesterday to 1,399.98, bringing its 3-day winning streak to +2.4%. US pending home sales in March rose 4.1% month-on-month, higher than Bloomberg analyst estimate of +1.0%. The home sales index was at 111.3, its highest since April 2010.
Ratings agency Standard &Poor's cut Spain's sovereign debt rating by two notches to BBB+ and placed the country on a negative outlook. S&P is concerned that Spain will have to bail out the banking sector as the economy contracts.
Overnight Markets
| Indices | Last | Change |
|---|---|---|
| STI | 2981.47 |
0.1%  |
| HSI | 20809.71 |
0.8% |
| DJIA | 13204.62 |
0.9% |
| S&P 500 | 1399.98 |
0.7% |
| Nasdaq | 3050.61 |
0.7% |
Corporate News
Corporate Announcements
DBS posted a 16% increase in 1Q12 net profit $933mn.
Results Announcement
Mon 30 Apr: CapitaLand 1Q12, IndoFood 1Q12
Tue 8 May: Cosco 1Q12
Wed 9 May: UOB 1Q12, SembMarine 1Q12
Thu 10 May: Wilmar 1Q12, SingTel 4Q12, Genting Singapore 1Q12
Fri 11 May: OCBC 1Q12
Mon 14 May: STX OSV 1Q12
Ex-Dividend Date
Fri 27 Apr: OCBC ($0.15)
Mon 30 Apr: Cosco ($0.03), Golden Agri ($0.0184), SGX ($0.04)
Fri 4 May: Wilmar ($0.031), IndoFood Agri ($0.003)
Mon 7 May: UOB ($0.40), CapitaLand ($0.08)
Wed 9 May: DBS ($0.28), Genting ($0.01)
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
