We maintain our view that in the near-term, STI runs the risk of a pullback, which may already have started off the 3100 level, to 3000 or even 2930 before finding support. Post pullback, look for a re-test of 3100 while an upside break should send it towards 3200.

Core profit for Amtekfell short on weaker sales and margins. 1HFY13 (Jun-Dec) is typically a stronger season but the challenging economic climate has significantly reduced order visibility and tempered end demand. Margins could remain under pressure from high labour costs in China and the rest of Asia. Earnings for FY13F cut by 19% as our analyst lowers gross margin and raises cost assumptions. Downgrade to HOLD on limited upside. TP is lowered to S$0.66 (Prev S$ 0.82) still based on 8x FY13F earnings. The 7% dividend yield should support price downside.

F&N is proposing distribution of S$4bn of sale proceeds via capital reduction, where one in three shares will be cancelled, and shareholders will receive S$8.50/share for every share cancelled. We believe this move will be beneficial to shareholders, providing commitment and certainty on the use of funds in relation to the sale proceeds from the proposed sale of APB. The proposal could also signal management's confidence in the cashflow generating ability of the group, ex-brewery. Proforma EPS to improve 9.8% while net D/E would decrease to 12% (as of June12). Maintain Hold and S$8.99 TP.

PTT Mining, a wholly owned subsidiary of PTT International Company, is making an offer for all the shares in Sakari Resources that it does not already own at S$1.90 per share. The offer price represents a premium of 27.5% to the last closing price. If successful, PTT International will hold over 50% majority interest in Sakari Resources. PTT already controls, through PTT Asia Pacific Mining, approximately 45.27% of Sakari Resources. PTT Mining does not currently intend to maintain the listing status of Sakari Resources, if the free float falls below 10% as required by the SGX-ST Listing Rules as at the close of the offer.

TRIYARDS Holdings, a unit of Ezra Holdings, has been granted conditional eligibility to list on the mainboard of SGX. The listing is by way of introduction, whereby Ezra is proposing to distribute TRIYARDS shares by way of dividend in specie to Ezra shareholders. Ezra proposes to distribute 33% of TRIYARDS' issued shares, or up to 107.2m shares, on the basis of one TRIYARDS share for every 10 Ezra shares.

Ezra will retain a majority control of 67% in TRIYARDS after the proposed distribution. TRIYARDS, the engineering and fabrication unit of Ezra, makes offshore equipment, including self-elevating units and platforms.

Silverlake Axisreported FY12 (June YE) net profit of RM162m (+41% YoY), 3% ahead of our RM157m estimate. The company announced final quarterly DPS of 0.8 Scts, bringing full year DPS to 1.9Scts (+65% YoY) ahead of our 1.5Scts estimate. It translates to 4.7% dividend yield on full year basis. We continue to like the company as next two years revenue is already contracted and the company continues to bid for newer contracts on top of that. Quarterly dividends are lucrative too. Will provide more update after meeting with the management.

KS Energy, together with its Joint Operation partner Pertamina Drilling Services Indonesia, has entered into an agreement to deploy a jack-up drilling rig to Indonesia's West Madura oilfield located offshore of Java, for drilling operations. The total value of the 1 year contract plus 1 year option is US$87.6m (assuming the 1 year option is exercised) and the operation is expected to commence in 4Q2012.

CWT and the operator of Lianyungang Bonded Logistics Hub, have entered into a MOU for further collaboration at the Hub to help serve customers better and the Lianyungang port to increase its level of throughput.

Singapore's manufacturing recorded its slowest year-on-year growth in three months as July's output fell sharply from June's levels. Weak demand for semiconductor exports and aintenance shutdowns of petroleum plants weighed down industrial production, which grew just 1.9% y-o-y. This was a marked slowdown from June's 8% y-o-y growth and missed by a wide margin the 6.7% market estimates. Excluding biomedical manufacturing, output fell 0.4% y-o-y. The typically volatile pharmaceuticals did less to prop up overall production last month, growing just 13.2% y-o-y, far slower than June's 69% growth. Electronics, which accounts for a third of manufacturing, shrank a deeper 5.8% y-o-y in July compared with the 5% contraction in June. Though the infocomms and consumer electronics segment grew 10.6% y-o-y, this was offset by a 9.8% contraction in semiconductors and 7% pull-back in data storage. On a m-o-m basis, industrial output plunged 9.1%. Excluding biomedical output, the drop would have been a smaller 4.2%.]

Source: DBSV