2Q13 results for Ezracame in below expectations as utilisation of assets remains sub-optimal in a seasonally weaker quarter. Separately, Ezra announced a batch of contract wins worth about US$120m from across its business divisions. This includes subsea installation projects in West Africa and GoM as well as OSV charter contracts. Subsea momentum continues to build with FY13 YTD wins of US$760m. Our analyst has cut FY13/14F earnings by 6%/20% to account for a more stretched out revenue recognition schedule. Ezra's recovery story remains intact; maintain BUY, TP S$1.56 (Prev S$ 1.58).

2Q13 results for SPHwere lower than expectations, dragged by weak ad revenue. 7 Scts interim DPS was declared; we maintain our DPS estimate of 24 Scts for the full year. The evaluation of a property REIT is still in progress and is likely to underpin share price but no mandate has been signed yet. Maintain BUY, TP S$4.75 (Prev S$ 4.79).

Hi-P raised 1Q13 guidance to >S$2m net profit from projected losses previously, on the back of strong margin improvement. Instead of a flat y-o-y revenue and a loss previously expected of 1Q13, Hi-P now expects marginally lower revenue but higher profits compared to 1Q12. The stronger than expected profits were attributed to better productivity, higher cost savings and change in product mix. Hi-P's revised guidance suggests a strong rebound in net margin; we estimated above 2.5%. Last year, the group reported net margin of 1.5% and core margin of 2%. At the peak, net margin was closer to 10% and above. This upgrade in guidance could raise FY13F by over 10% but only if momentum is sustainable. While positive, we will revise our forecast upon more clarity as we get updates from management or post 1Q13 results due in early May.

Technics Oil & Gas and two other firms have formed a joint venture (JV) to provide engineering and construction services for the oil and gas industry. The deal was sealed between Technics, Eversendai Corporation Berhad and Eversendai Construction. They have jointly set up a company in Malaysia, Eversendai Technics, to provide engineering, procurement, construction and fabrication services for the oil and gas industry. Under the agreement, Technics will subscribe for 300,000 issued shares in the JV at RM1 (S$0.41) apiece, for a total sum of RM300,000.

Allgreen Propertiesis launching RiverBay, a 999-year leasehold private apartment project along Kallang River. The 41,300 sq ft site is located at 23 Mar Thoma Road, and comprises a single 26-storey apartment building with 147 units. Also part of the development is a six-storey carpark, sky terraces and various communal facilities. Prices after discount are expected to be around $1,200-1,300 psf. Units at the nearby 99-year Sennett Residence are transacting at around $1,450 psf.

Singapore retail sales figure for Feb13 is on tap today. Market is looking for a 3.4% YoY drop and a 1.2% MoM decline. Plainly, the headline number would have been rosier if not for the drag from motor vehicle sales.

Source: DBSV