3Q12 core profit for IHH Healthcare slipped 19% on start up losses from Novena. Excluding this, net profit was up 22%. Novena Hospital registered narrower EBITDA losses, which is an improvement from 2Q. The group intends to recapitalise Acibadem in order to repay a portion of the US$ debt, and indicated this should result in interest savings of US$11m p.a., and a stronger balance sheet for Acibadem. Maintain BUY and TP: S$1.38 (RM3.45). We are expecting a seasonally stronger 4Q.

Sembcorp Marinehas won a drillship contract worth US$806.4m from Brazil's Sete Brasil Participacoes S.A. The order follows six previously announced units, all of which will be built in Brazil to be chartered by Petroleo Brasileiro for offshore oil and gas exploration in the Santos Basin. It is scheduled for delivery no later than the third quarter of 2016.

Cosco Corporationhas landed its first newbuild contract since September. Its 51%-owned Guangdong shipyard will build two bulk carriers worth a combined US$41m for a European customer, in line with market price of US$21m each. However, it is barely profitable for newbuild orders at current depressed prices. Delivery will be in the second half of 2014. With this project, total YTD order win is US$1.5b, making up 74% of our analyst's assumption of US$2b. The group remains under pressure to top its gross order book of US$5.7bn (70% offshore projects), given persistent weak outlook in the shipbuilding industry and keener competition in the offshore space. Maintain Fully Valued.

SIIC Environment(formerly known as Asia Water Technology), will transfer to SGX-ST Mainboard on 30 November 2012 from Catalist, and ride on China's growing needs for clean water and conservation. SIIC Environment has strong parentage, with its parent company being Shanghai Industrial Holdings, a Chinese state-owned conglomerate listed on the Hong Kong Stock Exchange (market capitalisation of about HK$27.4 bn).

Wing Tai'ssubsidiary, Winzen Investment, has been awarded the tender for a 70-year leasehold land parcel at Luodian New Town in Shanghai Baoshan District, having an approximate site area of 53,837.9 sqm, at the price of RMB533m. The land will be used for residential development.

Europtronic Groupis placing up to 108.8m new shares at an issue price of S$0.022 each, equivalent to the weighted average price on 27 Nov 12. Net proceeds of approximately S$2.3m will be used as working capital.

CPH is placing out 150m new shares at S$0.0099 per share, which represents a discount of approximately 10% to the weighted average trading price of the shares on 28 Nov 12. The estimated net proceeds of about S$1.44m will be used for investment and business expansion, and as general working capital purposes.

The Monetary Authority of Singapore (MAS) has warned in its annual Financial Stability Review that even as Singapore's economy and financial system remain resilient amid uncertainties in the global economy, risks still abound and vigilance is warranted. With interest rates here at near-historic lows, companies are more leveraged today than a year ago, as the low borrowing costs may have encouraged firms to borrow more. Expectations of low interest rates could become entrenched, which could become an issue if interest rates rise or economic conditions worsen, the central bank said.

In property news, Grade A office rents have continued to fall this quarter, rental data from major property consultancies shows. CBRE's estimates show that the average monthly rental value for Grade A office space has fallen 3% to $9.51 psf this quarter. Figures from Jones Lang LaSalle, too, show that the average rent in its Grade A basket has dipped 2.2% q-o-q to $8.90 psf. Based on Colliers International's figures, the average Grade A Raffles Place/New Downtown rent for Q4 2012 is $9.07 psf, down 2% q-o-q. All three firms are predicting pretty flat Grade A rents next year.

US markets rose after comments by Speaker of the House John Boehner and President Barack Obama fuelled optimism an agreement among the lawmakers to avert the fiscal cliff can be achieved sooner rather than later. The rise came despite weaker-than-expected new home sales of 368k annual pace versus consensus for 390k. Currently at just a tat below the 13,000 level, further gains in the Dow is possible but should be capped at about 13,300. For the STI, we still see the 3030 level as the immediate resistance.

Source: DBSV