1QFY13 net profit of HK$128.4m (+14% y-o-y) for China Merchants Hldgs (Pacific) is in line with expectations; makes up 27% of full year core profit. Revenue growth of 27% y-o-y to HK$436m was driven largely by consolidation of Ningbo-Beilun Port Expressway. We remain positive on CMHP's earnings growth prospects, which are driven by both organic traffic growth in China as well as acquisitions. Maintain BUY, and S$1.12 target price. The stock offers an attractive prospective yield of 6.3%.

Sheng Siong Group'srevenue was 5% below expectations, but earnings beat our estimates by 12% on lower than expected operating costs. FY13F earnings were raised by 5%. We trimmed revenue growth rate but factored in better operating margins. Maintain HOLD, TP raised to S$0.72 (Prev S$ 0.68).

Results for Suntec REIT were impacted by Suntec Mall AEI works. Operations remain robust; strong pre-commitment levels at Suntec Mall mitigate leasing risks and reaffirms earnings sustainability. Maintain Hold, TP S$1.99 (Prev S$ 1.70). The stock is trading at 4.7% FY13 and FY14 yields.

Earnings for CapitaMalls Asia in line, gross margin improvement and divestment gains boosted results. Bedok Residences is expected to contribute from 2Q, six new malls are also scheduled to open this year. Maintain BUY, TP S$2.38 (Prev S$ 2.30).

Olam announced that it will be reducing capex in FY14-FY16 by S$1bn to US$1.2-1.6bn and releasing S$1.5bn cash through balance sheet optimization and unlocking of intrinsic value, leading to earlier achievement of positive free cash flow by FY14. Net gearing levels will be kept below 2.0x vs 2.5x previously. The delivery of these plans and fruition of previous acquisitions are re-rating catalysts. However, recent weakness in commodity prices may be a near term drag. Maintain HOLD.

WBL Corporationexpects to incur a loss for 2Q13, mainly due to weak performance from its US-listed subsidiary, Multi-Fineline Electronix. MFLEX expects net sales in the second quarter of fiscal 2013 to be below its earlier guidance. It also expects to record an $11m write-down of finished goods, mainly due to unusable components. Business fundamentals remain sound for WBL's other core businesses, namely, Automotive, Property and Engineering, Manufacturing & Distribution.

CNA Groupproposes to issue 37m new shares at the issue price of S$0.081 per share to raise net proceeds of about S$2.8m. The issue price represents a discount of approximately 10% to the volume weighted average price.

Singapore's Urban Redevelopment Authority's (URA) price index for private homes rose 0.6% q-o-q in 1Q13. This was higher than the 0.5% increase reflected in URA's flash estimate for Q1 released on April 1. URA noted that the 0.6% rise in the index in Q1 reflects a "significant moderation" from the 1.8% q-o-q gain in the index recorded for Q4 2012. Rentals of private residential properties inched up 0.8% 1Q13, which was marginally higher than the 0.7% appreciation in Q4 last year.

US markets rose but ended off session highs after initial jobless claims fell more than expected (339k, consensus 350k) and corporate results produced mixed results. Earnings for UPS topped estimates but 3M and Qualcomm missed forecasts. Singapore's March industrial production (consensus +7.1% mom SA) is this afternoon.

Source: DBSV