TODAY'S HEADLINE


S'PORE'S DBS SAYS Q2 NET PROFIT UP 10%, ABOVE EXPECTATIONS
Singapore's DBS, Southeast Asia's biggest lender, posted on Friday a 10 per cent rise in second'quarter net pro't, helped by strong loan growth and a drop in bad debt charges. The bank warned that it expects a little pressure on interest margins especially in China and sees some headwinds ahead for loan growth despite a healthy credit pipeline.

DBS made a net pro't of S$810 million (US$651 million) for April'June against a net pro't of S$735 million a year ago. That compared with an average forecast of S$795 million, according to six analysts surveyed by Reuters. Analysts are expecting the bank to begin a formal regulatory application process for its planned US$7.2 billion acquisition of Indonesia's Bank Danamon after Indonesia came up with new rules to restrict ownership of banks, but allowed some exceptions.

The Board declared a 'rst'half dividend of 28 cents per share, scrip dividend scheme will be applicable to the dividend. It will be payable on or about 8 October 2012 and book closed on on 17 August 2012. It will be quoted ex'dividend on 15 August 2012.

NEWS BUZZ
SembCorp Marine (S$4.88) 
Q2 pro't drops 4.6% to $142.8m  
SembCorp Marine turned 2Q net pro't of $142.8mil but down 4.6% from the same period last year, due to lower operating pro't from rig'building projects. EPS was 6.8 cents. Q2 revenue rose 46.4% to $1.22bil. It's net order book was $6.6bil, with deliveries stretching into 2Q15.

Parkway Life Real Estate Investment Trust (S$1.995) 
Posts DPU of 2.48 cents
Parkway Life Real Estate Investment Trust (PLife Reit) has posted a 2Q DPU of 2.48 cents, payable on Sept 6. Income available for distribution  '  after deducting income retained for capital expenditure  '  rose 4.9% to $15.01mil for the three months ended June 30. Net property income for Q2 grew 9.3% year'on'year to $21.4mil and Gross revenue rose 9.5% to $23.4mil, with the Reit attributing it to a full quarter of revenue contribution from three Japan properties acquired in March 2012, as well as higher rent from its Singapore properties. PLife Reit owns 36 properties with a por''olio worth $1.4bil, including Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital. Its indirect holding company, IHH Healthcare Berhad, has a 35.81 stake in it.

ComfortDelGro (S$1.69) 
Expands Aussie ops  
ComfortDelgro has embarked on an A$53mil acquisition in Australia, a move that will cement its Australian subsidiary's position as the largest private bus operator in the country with a total 'eet of more than 1,500 buses. The acquisition, which is subject to satisfactory completion of 'nal due diligence and regulatory approval, will be 'nanced by internal funds.

Hy'ux (S$1.41) 
Q2 earnings up 21% on higher Asian contributions  
Hy'ux has recorded a 21% increase in net pro't to $17.51mil for the 2Q ended June 30 on greater contributions from its Asian markets. Earnings attributable to shareholders for the half year grew 15% year'on'year to $25.2mil. EPS for the quarter grew 11.5% to 1.36 cents for the three'month period. NAV was 56.8 cents as at June 30, 2012. Boosted by it activities in Asia outside of China, revenue for the 2Q rose 71% to $190.43mil. An interim dividend of 0.70 cent has been declared. The group has an order book value of $1.6bil as at end June, with $712mil in engineering, procurement and construction projects, and $930mil in operations and maintenance contracts.
Source: The Business Times

Source: AmFraser