A-REIT's 3QFY13 result was in line; operational performance stable. A-REIT has an active pipeline of developments and asset enhancements to sustain growth. Maintain HOLD. We like A-REIT for its defensive portfolio and strong execution track record. Our HOLD call is based on valuation grounds: A-REIT offers <10% upside to our revised TP of S$2.30 (Prev S$2.24).

Ezion has secured a new liftboat charter contract worth US$116.8m, its maiden contract win for FY13. This contract value translates to a day rate of approx US$80k. This was awarded by an undisclosed South East Asian state-linked corporation, and is for a duration of 4 years. Scheduled for delivery in 4Q 2014, this unit is expected to commence operations in 1Q 2015. Our analyst estimates annual earnings contribution to be c. US$14.6m. No impact to FY13/14F as operations only commence in 1Q15. We do not expect any changes to our numbers and TP of S$2.12. Buy call maintained.

Yangzijiang is proposing to issue an aggregate of 330m warrants at an issue price of RMB0.3072 (S$0.0605). Each warrant carries the right to subscribe for one new share at the strike price of RMB7.617 (S$1.50) by 29 Apr 2016. Net proceed from the warrant issuance will be RMB92.17m or S$18.15m, to be used to strengthen working capital and enhance capital base for future market expansion and development opportunities. 30m potential new shares represent 8.6% of current outstanding share or 7.9% of enlarged share cap. No dilution is expected in the near term as the exercise price implies a 36.4% premium over last closing price of S$1.10. Maintain BUY, TP: S$1.20.

Strong year-end holiday travel enabled Singapore Airlines to fill 82.2% of its seats in December, up from 79.6% a year earlier. This came on the back of a 6.1% growth in passenger carriage (measured in revenue passenger kilometres), compared with 2.8% growth in capacity. Load factors improved across all route regions as a result of growth in leisure passenger traffic. In particular, long-haul routes (Americas and Europe) led the gains due to strong year-end holiday travel demand. SilkAir's passenger load factor slipped 6 percentage points to 77.1% as systemwide passenger carriage increased 11.1% y-o-y against a 19.8% growth in capacity. The cargo side of the business continued to struggle. Cargo load factor rose 0.8 percentage point to 64.4% as overall cargo traffic slipped 8% y-o-y, against a capacity cut of 9%.

Armarda Group expects to remain loss making and report a loss for the third quarter of FY2013 ended 31 Dec 2012. The loss is mainly attributed to low sales and professional expenses incurred in relation to current corporate actions and projects.

TMC Education Corpis expected to report a loss before tax for the six months ended 31 December 2012. The loss is mainly attributable to the lower number of students recruited for its academic programs during the year.

ST Engineering'saerospace arm ST Aerospace announced that it has secured a contract to provide the Royal Air Force of Oman (RAFO) with a full scale maintenance and modernisation solution for three of its C130 Hercules aircraft. ST Aerospace will undertake both modernisation and maintenance work at its facility in Paya Lebar, Singapore.

Sino Constructionhas received a letter from its major banker, Longjiang Bank that it has decided to immediately withdraw stand-by credit facility amounting to Rmb300m and also demand for early repayment of RMB50m loan.

The property market cooling measures will further improve the credit profile of the local banks, which are already among the safest lenders in the world. According to Fitch Ratings, the latest measures rolled out last week, including higher stamp duty and tighter conditions for mortgages, may curb the build- up of potential threats to the credit profile of Singapore banks.

Retail sales contracted 1.1% y-o-y in November last year, dragged down by weaker sales of motor vehicles. Stripping out motor vehicles - which were hit by higher certificate of entitlement (COE) premiums ahead of expectations of a further cut to this year's COE quota, sales were up 2%. Retail sales, excluding vehicles, grew 1.3% y-o-y in October last year. Seasonally adjusted, retail sales for November slipped 0.8% m-o-m. Excluding vehicle sales, retail sales inched up 0.1% from October last year. For November, sales of motor vehicles slumped 11.1% y-o-y, while receipts of telecommunications apparatus & computers, optical goods & books as well as petrol service stations declined by 4.3%, 3.2% and 2.5% respectively. Meanwhile, receipts of medical goods & toiletries and supermarkets posted increases of 10.4% and 8.7%, respectively. Sales of food & beverage services rose 3.2% y-o-y, with food caterers and restaurants posting sales growth of 6.4% and 3.5% respectively.

Singapore's Dec12 NODX data will be released Thursday morning. Our economist forecasts a drop of 7.5% YoY (-3% MoM sa) from weak demand, a strong currency and a high base comparison. Though economic data has been improving in many Asia economies, Singapore has been the outlier, much due to its declining competitiveness. A strong Sing dollar and the rapidly rising business cost have been eroding the gains to exporters.

US markets recovered from early session losses to finished modestly higher after data showed December retail sales rose more than expected. However, Apple shares weighed down on Nasdaq on concerns about lower-than-expected iPhone sales.

Source: DBSV