Wall Street's rise on Friday should give the STI an early week lift but our view is little change. Even if the immediate resistance at 3025 gets taken out, the index will soon have to face the important resistance around 3100. Short-term support level stays at 2900-2930.

Of the companies that will release results over the next 2 weeks, from a technical perspective, we still see upside potential for SembCorp Industries and SembCorp Marine. We see limited upside potential for Capitaland, UOB and OCBC in the short-term and prefer to re-look if there is a pullback. There is downside risk for Venture Corp shares. Meanwhile, Cosco Corp, NOL and Hi-P shares could continue their dull directionless trend.

2Q12 results for CDL Hospitality Trusts were in line. Outlook positive, growth momentum expected to continue in 2H12 but at moderate pace; acquisitions will be upside surprise. As CDL HT is trading close to our TP objective, our analyst is downgrading the stock to a HOLD on valuations with revised TP of S$2.09 (Prev S$ 2.06).

1H12 DPU for Cache Logistics Trust forms 48% of FY12F. Going forward, acquisitions are expected to drive earnings growth. Management could also look to obtain a credit rating in order to gear up above the current 35% limit in order to undertake larger opportunities. Downgrade to HOLD on limited upside to revised TP of S$1.21 (Prev S$ 1.11).

Ascott REIT's 2Q12 DPU of 2.38 Scts in line; 1H12 results forms 52% of our analyst's FY12 forecasts. Operational performance on an uptrend; 3Q12 is expected to enjoy the uptick from the London Olympics. BUY Maintained, TP: S$1.29.

1Q-FY13 net loss for Tiger Airways narrows to S$14m, slightly ahead of our expectations, as Singapore operations records operating profit of S$4m after 3 quarters of losses arising from excess capacity. Aircraft utilisation at Tiger Australia is set to improve as routes restored to pre-grounding levels by October. Lower jet fuel prices are an added positive. Maintain BUY with TP of S$0.92. Our analyst expects the Group as a whole to be profitable by the last quarter of CY2012 (3Q-FY13).

Broadway's 2Q12 core profits in line, 1H12 met 33% of FY12F earnings. Foam Plastics faring well but HDD recovery and margin rebound were weaker than expected; FY12F core profit trimmed by 9%. Maintain Hold on limited upside to lower TP of S$0.38 (Prev S$ 0.44).

2Q12 core profit for GMG Global in line, came in at S$11.5m (-19% y-o-y) due to 25% fall in rubber ASP. FY12F-14F rubber price cut by 4-16% on slower than- expected demand recovery. As a result, FY12F-14F profit was adjusted by -36% to +8%, including Siat acquisition. Maintain HOLD, TP cut to S$0.125 (Prev S$ 0.15). Our analyst expects rubber prices to remain weak for at least another quarter given soft demand in the current uncertain economic climate and seasonal lift in output.

Singapore Exchange's 4Q12 underlying net profit of S$73m (ex-one off items of S$12m), with full year earnings at S$304m, were in line. Lower securities daily average values from S$1.5bn to S$1.1bn were the key drag to earnings despite support from derivatives. 15 Scts final DPS (incl 4 Scts base dividend) was declared. Full year DPS of 27 Scts was equivalent to 95% of underlying EPS. Maintain FULLY VALUED and S$5.40 TP.

1Q13 results for SMRTwithin expectations. Revenue grew 8.8% y-o-y on higher ridership and rental/ advertising, but costs pressures remain. Valuations are rich with muted growth. Maintain FULLY VALUED; TP: S$1.50.

Results for Hongkong Land were in line with our analyst's estimate. Regional property expansion well underway; maintain HOLD with US$5.62 TP.

Capital Malls Asiahas bought Olinas Mall in Tokyo's Kinshicho district from a fund linked with Invesco Ltd. For Y22.8 bn. CMA is also planning to develop its first shopping mall in Qingdao, China. The mall is expected to be six storeys and completed in 2015. With the latest investments, CMA's gearing is expected to rise to 30% by year end compared to 25% currently. Balance sheet remains healthy with a gross cash position of $500m as at 2Q12.

Latest government figures show a 58% or 1,281-unit q-o-q increase in resales or secondary market transactions of completed private homes to 3,487 units in Q2, while developer sales decline 17.2% to 5,402 units from the record Q1 volume of 6,526 units. The number of small-format units (up to 50 sq metres/538 sq ft) sold by developers tumbled from 1,764 in Q1 to 1,038 in Q2. Their share of the total number of private homes sold by developers also slipped from 27% to 19%.

Source: DBS