We expect 2Q12 core earnings of US$89-107m for Noble Group or 21-35% lower q-o-q, on seasonal drop in Energy and MMO volumes. FY12F-14F earnings cut by 0-10%; as our analyst imputes lower sugar contribution, as well as lower coal and aluminium prices. Target price reduced to S$1.30 from S$1.40; BUY call maintained for stronger 2H12 earnings. We believe investors should accumulate ahead of an earnings and share price rebound.

2Q12 net profits of S$713m for UOB were above expectations, driven mainly by fee income but NIM was under pressure. Our analyst is raising fee income (FY12F) but trimming NIM and cutting loan growth over FY12-14F. FY12F earnings were raised by 4%. FY13-14F earnings lowered by 3% mainly due to lower loan growth and a 2bps decline in NIM forecasts. 20 S cts interim DPS was declared but scrip dividend does not apply. Maintain HOLD with TP raised to S$21.00(from S$19.50) after rolling-over valuation window to FY13. In addition to the results, UOB announced that Mr Wee Cho Yaw will relinquish his position as Chairman at 2013's AGM but stays on as Director & Chairman Emeritus. Mr Hsieh Fu Hua will succeed as Non-Executive Chairman.

Sembcorp Marinehas secured a contract to build five drill ships valued at US$4.03bn for Sete Brasil, a day after Keppel Corp announced a similar contract from the same customer. Sembcorp Marine's unit, Jurong Shipyards, will design and build the drillships based on the group's Jurong Espadon design. The vessels, to be built in Brazil, are scheduled for delivery from the second quarter of 2015 to the second quarter of 2019. The vessels will be chartered by Petrobras, for 15 years and deployed in the offshore pre-salt fields of Brazil's Santos Basin.

Kindest Place Groups Limited (KPGL) has made an unsolicited offer to F&N for its directly owned 18.75m shares (c.7.3%) in APB for S$55/share (10% premium to Heineken's offer price of S$50/share), equating to about S$1.03bn. KPGL currently has deemed interest of 8.6% stake in APB through an earlier transaction. KPGL is owned by Chotiphat Bijananda, who is the son-in-law of Charoen Sirivadhanabhakdi, majority owner of Thai Bev. We see this as a shrewd move, likely to force Heineken's hand to raise its S$50/share offer. We expect knee-jerk positive reaction on share price. Hold call on F&N maintained but raised TP to S$8.99 (Prev S$ 8.68), based on 15% discount to RNAV of S$10.58, after imputing S$55/ APB share.

Tiger Airwaysreported that the Managing Director of its Tiger Singapore subsidiary, Stewart Adams will be leaving at the end of the year to pursue personal interests. The search for a new MD has been initiated, but Stewart will be staying on until the end of the year to ensure a smooth transition and handover to his successor. Overall, we believe the impact is neutral to slightly negative, as there will be transition in top management at the holding level as well, with Group CEO Chin Yau Seng handing over the reign to Koay Peng Yen within a month or so. No change to our BUY call and S$0.92 TP.

FJ Benjamin has secured an exclusive 10-year deal with Padini Group to distribute VNC women's shoes and accessories in Indonesia. Under the agreement, FJ Benjamin and its associate PT Glang Agung Persada will open 25 new stores within the next 5 years across Indonesia. There is no significant impact on FJB's financials given that associate income contributes ~5% of pretax profit for 9m12. FJB is due to announce FY12 results on 21 Aug 2012 and our analyst is expecting 14% y-o-y earnings growth for FY12 to S$14.7m. No change to HOLD call and TP of S$0.36 for now.

In a surprise twist, Oei Hong Leong is back in the race for a controlling stake in Intraco that may also lead to a general offer for the trading company. The approximately 29.89% stake in Intraco, which is being held by Hanwell Holdings, has been scheduled to be sold to the family that runs crane operator Tat Hong Holdings. Hanwell said it has received an $18.6m offer for that stake in Intraco from Mr Oei. That translates to a price of 63 cents per share, and trumps the price that the Tat Hong family - through their investment vehicle TH Investment ' offered of 62 cents by one cent, or 1.6%. Mr Oei bought a 21% stake in Intraco in early June but sold it soon after.

Aspial Corp is proposing a bonus issue of up to 744.3m new shares on the basis of 1 bonus share for every 2 existing shares held.

Sitra Holdings is expected to show a loss for 1H12. This is primarily due to lower sales and gross margins across all key markets and exchange loss.

In property news, the state tender for a 99-year-leasehold private residential plot at Bright Hill Drive yesterday beat expectations, fetching a top bid of $719.9 psf ppr, or $291.5m. The top bid, which was submitted by a joint venture company between Singapore Land and UOL Group, was 18.1% more than the second bid and higher than market expectations of $550-$620 psf ppr.

Source: DBSV