US stocks fell, dragged lower by technology stocks as Apple shares fell on profit taking following recent gains. In after hours, Dell forecasted quarterly revenue that missed estimates and cut its FY profit outlook as PC sales slumped. Market watchers await developments from the Eurozone finance ministers' meeting later this week to discuss details of the bailout package for Greece. Next week, investors await policy clues from the Jackson Hole FED summit meeting. For the STI, we keep our technical view for a near-term pullback to 3000 (or worst case 2930) off the 3100 resistance, before resuming its rise to 3100 and 3200.

DBSV Research is initiating coverage on IHH Healthcare with a BUY recommendation, target price S$1.38. This equates to 36x/ 30x FY13F/14F PE. IHH is one of the largest private healthcare providers in the world with presence in 8 countries. Over the next few years, the Group is projected to add over 3,300 hospital beds in 17 hospitals across the region bringing total beds to 8,350. We believe current industry trends favour IHH's growth over the next few years. These include ageing population, developing healthcare markets in Asia, rising affluence and increasing medical tourism in the region. We forecast a topline CAGR (FY11-14F) of 16.4%, driven by its expanding network, higher patient load as well as intensity. Coupled with margins expansion as operating efficiencies increase, we project a robust net profit CAGR of c.55%, reaching RM$920m in FY14F.

Keppel and Floatel International have finalised a contract to build a new generation harsh environment accommodation semisubmersible (semi) worth US$315m. This follows the Letter of Intent announced earlier in March this year. This will be Floatel's fourth accommodation semi with Keppel FELS. Delivery is pushed to early 2015, from July 2014. As the contract price for this fourth semi sub from Floatel has been rising, we expect higher margins at >15% for this project, backed by efficiency gains. YTD, Keppel's order wins is now S$8.9b, building on its record order book to hit S$15b, book to bill ratio of 2.5x. The group is on track to hit our assumed contract wins of S$11b. Maintain Buy, no change to TP of S$13.20.

Results for Wing Taiwere ahead of expectations. The decline in earnings was due to lower fair value gains. Wing Tai is launching rare freehold Tampines Rd site which should provide robust margins given its low legacy land cost. Maintain Buy, TP raised to $1.75 (Prev S$ 1.46).

Tiong Seng will be helming phase two of the Singapore Institute of Management's campus development master plan, after winning a tender for the $137m project. This contract win boosts group's order book to $1.43 bn, to be fulfilled over the next 12-30 months.

Lian Beng has won a contract worth $169m from Luxury Green Development, through its JV. The nine 20-storey blocks of 339 units, 22 two-storey strata landed houses, basement carpark, swimming pool and other ancillary facilities will be built on a 224,000-sq-ft plot of land. Work on the project is scheduled to begin this month and is due for completion in February 2015. The addition of this new contract strengthens its order book to a $736.4m.

Boustead Singaporehas secured a S$39m contract, the largest energy contract secured by the Energy-Related Engineering division in the past six years, from one of the world's largest international Engineering, Procurement, Construction, Maintenance (EPCM) corporations. With the addition of the latest contracts, the Group's order book backlog (as at the end of June 2012 plus new orders since then) currently stands at S$343m.

Cosco Corp has secured a contract valued over US$20m for 1 Jack-up Barge. The vessel is scheduled for delivery in eleven months time.

Hu An Cable Holdingshas won RMB105.6m worth of contracts from China's top five power generation company, China Power Investment Corporation. The Group has won 25 out of 29 projects up for tender by China Power Investment Corporation, demonstrating its dominant position in China's wire and cable sector. It is expected to deliver over 80% of the contract value in FY2012 and the balance in FY2013.

Longcheer is expected to report a loss for 4Q12 and FY12 as compared to the corresponding periods last year as a result of an impairment charge recorded on the receivables.

Source: DBSV