Singapore Stock Market News

Think Singapore - Miss, Miss, Miss

StockFanatic
Publish date: Sat, 23 Aug 2014, 10:34 AM
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2Q14 Misses and Beats
After 2Q14 results for Singapore, we see a sharp decline in the ERC ratio to -20% (-9% post 1Q14, -19% post FY13, -20% post 3Q13). Notable misses were telcos (Starhub), agri-firms (Wilmar, GGR, First Resources), some S-REITs (K-REIT, CD-REIT, FEHT), transportation names (NOL, SIA, SATS) and ST Eng.

There were some selected beats in the REITs space (CMT, CCT, MCT; but over-arching concerns on forward growth and rate hikes have meant flattish price action in spite of this. Within our coverage universe, '14's and '15's aggregate expectations of EPS growth have both been revised down by 1ppt to 5% and 8%, respectively.
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