Tiger Airwaysreported a good start to CY-2013, with its January operating statistics continuing the momentum from recent months, and validating our view on an upcoming turnaround. Overall, passenger carriage grew by 34% y-o-y to,013m p-km with a 9ppt improvement in load factor to  84%.

Tiger Singapore registered a 23% y-o-y growth in passenger carriage in January 2013, to 722m p-km, with a 10ppt improvement in load factor to 84%. The January data point can help lift confidence in the stock because the company had earlier flagged a tough CY1Q in anticipation of the seasonal slowdown. We believe Singapore operations are now well on track to remain solidly profitable at the operating level in 1Q-FY13. Tiger Australia meanwhile registered a 108% y-o-y increase in passenger carriage to 281m p-km, with a very high load factor at 87%, compared to 84% a year ago. Even more impressive is the m-o-m growth of 9% in traffic in January, given that December is traditionally the peak traffic month, and there was some disruption in air traffic in late January from Cyclone Oswald.

Based on the operating statistics, we believe both cubs remain on a solid footing for earnings improvements in coming quarters and Tiger Airways remains on course to return to full profitability in this calendar year. Clearance from the Australian competition watchdog for the Virgin-Tiger Australia deal to proceed could be a key positive catalyst in the near term. Maintain BUY with S$0.95 TP. Technically, the news should pin support at $0.73.

Ezion has secured a new jackup charter contract worth US$79.9m for a firm initial three-year term. It also has additional two-year extendable option. The contract value translates to a day rate of approx US$73k/day; with total project capex of US$70m and 30/70 equity-debt funding ratio, we estimate annualised earnings contributions of US$7m/year, translating to a project ROE of 33%. This is Ezion's 12^thjackup project and its second contract win for FY13; total YTD contract wins currently stands at US$197m. Looking ahead, management continues to see a robust 2013 project pipeline, equal, if not stronger, than 2012's. We keep our numbers intact for now pending the release of its FY12 results this Thursday morning. BUY call is maintained on the back of its strong projected earnings growth, solid execution and robust pipeline.

Construction group Lian Beng has bagged a S$117m condominium development project. The construction of Skies Miltonia will start in March this year and is expected to be completed in 33 months. The development, located at the junction of Yishun Ave 1 and Miltonia Close, will have eight 13-storey residential blocks with penthouses and one three-storey residential block, totalling 420 units. Lian Beng's order book stands at S$664m to date.

Silverlake Axishas secured a contract from the Union Bank of Colombo to implement Silverlake Axis Integrated Banking System (SIBS) Core Banking Solution. Union Bank is the group's second banking customer in Sri Lanka, after People's Bank. The contract is expected to contribute positively to the results of Silverlake Axis in the current and following financial year.

According to a news report, CapitaLand is planning to team up with Iskandar Waterfront Holdings Sdn Bhd (IWH) to develop a project in the Danga Bay area whose estimated gross development value is RM4 bn (S$1.6 bn) to RM5 bn.

Oakwell Engineeringexpects to report a net loss for FY12 due mainly to the Shipbuilding segment, as a result of delays in the delivery of its on-going projects.

The Monetary Authority of Singapore and international banks have discussed shelving the U.S. dollar Singapore interbank offered rate, or Sibor, according to newswire. That rate is one of several industry-set rates that the central bank is reviewing due to questions about whether it is susceptible to manipulation, following the problems with the London interbank offered rate. The U.S. dollar Sibor is used to price some loans, but it has a narrower reach than the Singapore dollar-based Sibor, which is used to price a broader universe of mortgages and commercial loans in Singapore.

Source: DBSV