Warrants Highlight

Asia Relaxes While U.S Labours

Singapore Market Wrap

STI Still Looking for Directions

Despite the rally in European and US indices last week, the Asian stock performances were lacklustre at best. The Straits Times Index (STI) fell 0.4% week-on-week to 2,981.58. Among the most actively traded single stock warrants last week were:

Call KepCorp MBeCW120801 (P1HW) exercise price $11.50.*
Call CapitalaMBeCW120702 (PB7W) exercise price $3.00.*
Call DBS MB eCW120702 (P0VW) exercise price $13.90.*
Call OCBC Bk MBeCW120802 (P1VW) exercise price $9.00.*

Strong DBS results helped banks
DBS (+2.1% wow, $14.00) reported record Q1 numbers last Friday. Its 1Q12 net profit rose to a record $933mn, up 16% from a year ago. Total income crossed $2bn for the first time while net interest income was also at a record $1.34bn. The other banks also benefited with the news, with UOB rising 2.8% wow to $19.00, while OCBC rising 0.4% to $8.95 (after OCBC Friday's $0.15 ex-div)

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.*

Call UOB MB eCW120702 (P0XW) exercise price $17.80.*
Call UOB MB eCW130103 (MW0W) exercise price $19.397.*

Call OCBC Bk MBeCW120802 (P1VW) exercise price $9.00.*
Put OCBC Bk MBePW120718 (P2OW) exercise price $8.40.*

What's happening in Biosensors?
Biosensors (-7.4% wow, $1.32) was in its 7th day of losing streak on Friday. Selling pressure was particularly strong on Thursday and Friday, with more than 1bn shares traded. The company is expected to release its FY12 earnings in the last week of May.

Call BiosensoMBeCW120905 (P2IW) exercise price $1.65.*

Overnight Market Wrap

Stocks Rose Despite GDP Slowing

The S&P500 rose 4 out of 5 days last week, rising 1.8% week-on-week. On Friday, the US Commerce Department said that US GDP was at 2.2%, below Bloomberg analysts' forecast of 2.5%. 1Q US personal consumption rose to 2.3% compared to the 2.1% in the previous quarter.

The ECB will be meeting in Barcelona, Spain later this week to discuss about their monetary policy. Spain has been in the spotlight lately due to its surging bond yields and high unemployment rate. Last week, credit rating agency S&P cut the nation's sovereign ratings on concern that the government will need to provide further support to the ailing banking sector.

Overnight Markets

Indices	Last	Change
STI	2981.58	-
HSI	20741.45	-0.3%
DJIA	13228.31	0.2%
S&P 500	1403.36	0.2%
Nasdaq	3069.20	0.6%

Corporate News 

Corporate Announcements

IndoFood Agri posted a 27% drop in 1Q12 net profit to Rp377mn.

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, Noble Group 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)
Thu 17 May: Yangzijiang ($0.055)