2Q13 net profit for Hutchison Port Holdings Trust declined 26% y-o-y to HK$420.5m, which was within expectations given the impact of the port workers' strike in HK earlier in April 2013. On a positive note, 1H13 DPU of 2.4UScts was slightly ahead of expectations. We expect higher DPU in 2H13, in line with seasonal patterns. Maintain BUY with unchanged TP of US$0.82. There could be potential earnings upside from lower refinancing costs as the Trust has been evaluating refinancing options for its US$3bn term loan.

Osim's 2Q13 results in line, driven by sales of uAngel. Sustainable growth ahead as new uInfinity chair will be rolled out in 3Q13. DPS of 2 Scents was declared, exceeding our estimate of 4 Scts for FY13F or 1 Sct per quarter. As such, we raise our FY13F DPS to 5 Scts. Maintain BUY, TP raised to S$2.50 (Prev S$ 2.21) as we roll over our 16x PE valuation to FY14F earnings.

Yoma's 1QFY14 profit tumbled 82% y-o-y to S$0.4m, missing expectation. Sales were below forecast due to slow construction and weaker sales at Star City. We expect improvements in 2QFY14 and beyond. Given visible revenue drivers, we are maintaining our sales assumptions but trimmed FY14F/15F earnings on weaker margins and higher expenses.  Maintain BUY rating and S$1.02 TP.

2Q13 net profit of S$0.16m for Broadway Industrial Group came in below forecast, partly due to higher marketing expenses. FY13/FY14F earnings cut by 44-48%. More restructuring is needed to optimise operations and lift margins; recovery is pushed back to 4Q13. Maintain Hold and TP of S$0.30 (~0.6x P/BV).

Great Eastern Holdings reported this morning that its net profit for 2Q13 tumbled 77% y-o-y to S$18.6m, mainly due to significant unrealised mark-to-market loss as financial markets reacted to the potential tapering of the US quantitative easing programme. GEH is planning an interim dividend of 10cts, unchanged from a year ago.

Mapletree Greater China Commercial Trust reported its maiden set of results. 1QFY14 income available for distribution of S$46.1m was 8.3% higher than prospectus forecast, translating to a DPU of 1.734cts (vs prospectus forecast of 1.6cts). This was achieved on a revenue of $73.8m (+3.4% ahead of forecast) while NPI came in at $59.7m. Will provide more details after the briefing this morning.

1QFY14 results for SMRTwere below expectations, net profit tumbled 55% y-o-y to S$16.3m. Soaring costs remained the main culprit, and is expected to continue to rise. Changes in operating model and fare review is key to profitability, but timing of government move is uncertain. Maintain Fully Valued and S$1.20 TP.

Q & M Dental Group has entered into a non-binding Memorandum of Understanding with Dr. Yongxin Shao to acquire 60% stake in the dental businesses owned by Dr Shao located in Shenyang, PRC known as Aoxin Stomatology Group for RMB108m. Aoxin Stomatology Group currently owns 3 dental hospitals and 3 dental clinics in Shenyang.

Compact Metal is proposing a 20 shares into 1 consolidated share and subsequent renounceable nonunderwritten rights cum warrants on the basis of 2 rights shares and 2 free warrants for every 1 consolidated share at an issue price of S$0.04 for each Rights Share. The exercise price is at S$0.02 for each New Share. The net proceeds of approximately up to S$18.4m is to partially finance the capital expenditure required to build a full scale commercial plant at Tuas Bay Drive Singapore. 

Blumont Group is proposing to undertake a renounceable non-underwritten rights issue of up to 861m new shares at an issue price of S$0.05 for each Rights Share, on the basis of one (1) Rights Share for every two (2) shares held. The Rights Issue will raise net proceeds of up to approximately S$42.7m, mainly to fund the company's business expansion.

Rotary Engineeringhas been awarded S$200m worth of EPC contracts in Singapore and Saudi Arabia. Year to date, Rotary has secured over S$600m worth of contracts.

Mermaid Maritimehas recently been awarded several subsea contracts with a combined estimated value of US$40m with most of these contracts scheduled to be completed this calendar year.

LionGold Corpcould list one of its subsidiaries in one to two years time. This is one of several funding options that the group is exploring. It is also in talks with private equity players to explore joint acquisitions or sell a minority stake in its assets. The firm plans to raise $100m.

BioWa, Inc. and Lonzahave entered into research agreements with Pfizer Inc. allowing the use of the POTELLIGENT® CHOK1SV Cell Line in the research and development of multiple proprietary antibodies in Pfizer's pipeline.

TPV Technology is expected to record a loss after tax for 1H13, due to continued weakness in demand in its key markets and the provisions made for the restructuring and optimization of its manufacturing operations in Brazil and Hungary.

Delong Holdingsis expected to report a net loss for 2Q13. The weaker than expected performance is due to weaker steel prices and lower production output.

Great Groupexpects to report an operating loss for 2Q13 mainly due to lower revenues and gross margin resulting from weaker demand in Europe and severe competition in the midst of an increasingly challenging business environment.

The head of Real Estate Developers' Association of Singapore (Redas) said that Singapore's real estate cycle is near an important inflexion point with 2 clear trends emerging - increased market volatility and a maturing property cycle. While record low interest rates and sustained inflation growth had driven buyers towards property, risks factors are a tightening of US monetarypolicy, China's change in domestic policies and a steady supply of real estate availability in the next few years.

US markets finished mixed ahead of the 2-day FOMC meeting. The Fed will probably keep FED funds rate at 0.25% and begin reducing the QE program in September, this according to Bloomberg consensus. Of the 305 companies in the S&P 500 that have posted quarterly results so far, 72% exceeded analysts' estimates for profit and 55% have topped sales projections, data compiled by Bloomberg showed. Meanwhile, the ADP employment change (consensus 180k) will be release tonight ahead of the closely watched Friday's jobs data. In Asian trade this morning, Japan's Nikkei is lower as the Yen firmed against the USD.

Source: DBSV