2Q13 core earnings for Del Monte Pacific in line; branded segment and Philippines market remain major profit contributors. The group declared 0.62 US cts DPS for 1H13, implying 75% payout ratio. Long term growth intact; maintain BUY rating and S$0.97 TP.

Bumitama Agri's2Q13 core net profit of Rp170 bn was below our expectations of Rp201 bn-221 bn on higher costs. FY13F/14F/15F earnings were trimmed by 4-6%, partly on higher selling expenses to account for the recent fuel price hike. BUY call reiterated, TP lowered to S$1.20 (Prev S$ 1.23).

Courts Asia's1Q14 results slightly below as same store sales growth declines. We expect recovery in the coming quarters backed by new stores and Hari Raya effect. Trim FY14F/FY15F earnings by 7%/3%. Maintain BUY with lower TP of S$1.05 (Prev S$ 1.13).

2Q13 results for Super Group in line. Revenue growth was driven by higher sales volume in Food Ingredients segment. Margins improved further with favourable raw material prices and better economies of scale. The group declared 2 Scents/share interim dividend. Maintain BUY and S$5.35 TP.

Nam Cheong's 2Q 2013 net profit rose 83% to RM41.1m from RM22.5 mil the previous year. Strong vessel sales lifted revenue by 84% to RM275.3m in 2Q 2013, from RM149.8m in 2Q 2012. Revenue surged 87% to RM259.2m for the Group's core shipbuilding segment with progressive revenue from the 7 PSVs sold. Its vessel chartering segment saw a 45% climb to RM16.1m, in line with a higher utilisation of the Group's charter fleet of 14 vessels. 1HFY13 revenue for the group rose 43% to RM510m (40% of our analyst's FY13 forecast) while net profit gained 37% to RM76.8m (47% of our analyst's FY13 forecast).

Kreuz Holdingsreported net profit growth of 9.6% to US$14.6m for 2Q13 on the back of higher turnover of US$76.4m (+24.7% y-o-y). In line with the increased revenue, cost of sales compounded 26.9% to US$54.1m, and gross profit improved 19.7% to US$22.3m. Administrative expenses increased 29.6% to US$3.3m as a result of increased activities within the Group. Current order book stands at US$145m. The Group continued to maintain a strong balance sheet with a low gross gearing ratio of 14.0% as at June 30, 2013.  

Vard has clinched a pipelay support vessel orders from DOF-Technip JV worth NOK6.5bn, largely within expectations. However, given an extended delivery schedule and possibility of low margins, especially in Brazil, we cut our FY13/14 EPS estimates by 1%/12%. Maintain HOLD with revised TP of S$0.92 (Prev S$ 0.88) as we roll over to FY14 earnings on the back of higher revenue visibility. Re-rating will depend on margin execution in coming quarters and order win momentum.

Sound Global has won the bid for the sewage treatment plant (BOT) project in Baoding Electricity Valley, Baoding High-Tech Industrial Development Zone. The project is situated in Baoding High-Tech Industrial Development Zone, Hebei Province. Total investment amount of phase I construction project is over RMB70m. The sewage treatment tariff will be RMB1.815/m3 and licensed operating term is 30 years.

TriTech is placing 75m new shares at an issue price of S$0.25 per placement share. The placement price represents a discount of approximately 5.94% to the last volume-weighted average price. The net proceed of S$18.2m will be used for the water-related business of the Group.

Tiger Airwaysoperating statistics for July 2013. Tigerair Singapore recorded a 21.8% y-o-y increase in traffic to 765 million revenue passenger-kilometres (RPK), while capacity increased 28.8% to 962 million available seatkilometres (ASK). Consequently, y-o-y passenger load factor was 4.6 percentage points lower at 79.5%. The number of passengers carried grew 20.6% y-o-y to 409,000 passengers. For the 12 months to July 2013, Tigerair Singapore recorded a 23.5% increase in traffic to 8.6 billion RPK, surpassing the 19.4% increase in capacity to 10.3 billion ASK. Consequently, passenger load factor was 2.8 percentage points higher at 83.6%. The number of passengers carried grew 17.7% to 4.6 million, compared to 3.9 million in the previous period.

Chip Eng Seng has been awarded a S$38.5m contract by HDB for the remaining building works at Tampines Neighbourhood 4.

Source: DBSV