DBSV Research is upgrading Cache Logistics Trust to BUY, TP raised to S$ 1.40 (Prev S$ 1.26), post 4Q12 results. Acquisitions will be the key driver in 2013. Given the strong visibility of available acquisitions, our analyst has now doubled acquisition forecasts to S$200m (vs S$100m previously) @ 7.25% initial yield. Portfolio remains stable, with minimal renewals over the next two years. Cache offers one of the strongest earnings visibility over the coming two years with forward yield of about 7%.

Results for Suntec Reit in line. Looking forward, asset enhancement initiative (AEI) at its Suntec retail mall is likely to be its main focus on the back of a subdued acquisition outlook. While we like the reit for its proactive leasing strategies, we believe the positives of the Suntec Mall AEI work have already been priced in. Given the lack of positive catalysts in the near term, we downgrade our rating for Suntec Reit to HOLD, but maintain the target price at S$1.70.

1H13 net profit for Singapore Exchange was within expectations, comprising 43%/47% of our/consensus estimates. Improvement in securities trading volumes q-o-q did not bring about a corresponding rise in trading values; positive traction from derivatives lifted revenues. 4 Scts base DPS was declared as expected. Maintain HOLD and S$7.25 TP.

The 10% rise in S$-INR rate erodes the true earnings potential of Ascendas India Trust(a-itrust). a-itrust reported revenue and net property income (NPI) of S$31.7m (+4% y-o-y) and S$18.6m (+7%y-o-y) respectively. In INR terms, underlying operational performance remained robust, with topline and NPI growing by 14% and 18% y-o-y. The low gearing of 21% opens opportunities for growth. HOLD call and TP of S$0.81 maintained.

Armarda is proposing to issue up to 263.5m new shares by way of a placement of up to 147.4m new shares and an offer for subscription of 116.1m shares at an issue price of S$0.0216 each. The placement and issue price represent a discount of about 10% to weighted average price. The proceeds will be used to finance or fund any acquisitions and for working capital purposes.

Civmec has secured contracts in relation to the Chevron operated Wheatstone and Gorgon Projects with Best JV and CB&I Kentz JV respectively. The contracts combined value is about S$50m. Works will commence in February 2013.

Natural Cool Holdingshas entered into a convertible loan note agreement for the issuance of S$3.75m 5% unsecured convertible loan notes. The fund raised will be used for the subscription of 160,000 new shares in HMK Energy, which is involved in the exploration/production of oil and gas in Indonesia.

Foreigners' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants. Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3% of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6% share in 2011.

US stocks rose after bellwethers DuPont, Google & IBM reported better-than-expected earnings. According to Bloomberg, per-share profit topped estimates at 73% of the 74 companies in the S&P 500 that has reported quarterly earnings so far, which helped US equity indices power to their highest levels in several years. So far in Asia this morning, Korea's KOSPI and Australia All-Ord are higher. Japan's Nikkei is lower after the BOJ held off monetary stimulus for a year. The current weakness in the Nikkei should have little impact for Singapore equities. Investors here in Singapore will focus on corporate earnings.

Source: DBSV