Olam's FY13 net profit missed ours and consensus' estimate by 19% / 23% on higher tax rate. Operating environment remains challenging in view of the macro uncertainties, currency depreciation in emerging markets and weak commodity prices. Management continues to emphasize on its strategy to rebalance growth and cash flow to bring free operating cash flow back to positive territory by end of FY14. We have trimmed our FY14/15 core profit by 17%/5%. Maintain HOLD with a lower TP of S$1.60 (Prev: S$1.80).

Ezion has signed a charter contract to provide bareboat charter for a refurbished jack up rig worth US$49.1m over four years. Upgrading and refurbishment work is expected to commence at the Middle East yard next week and the rig is scheduled to be delivered to a national oil company in Middle East by mid-2014. The cost of the project - US$40m - will be funded by equity (30%) and 5-year floating bank borrowings (70%). We are keeping our forecasts intact, with the expectations of three additional contracts this year and eight next year. Maintain BUY on Ezion with an unchanged TP of S$3.20. We continue to like Ezion's strong growth profile and earnings visibility.

China Minzhongreported a 4.9% decline in 4Q net profit to RMB162.7mil for the period ended June. FY net profit rose 11.1% to RMB755.1mil. A dividend of one Singapore cent/share was declared. Trade receivables turnover days increased by 31 days to 116 days. In a statement, Minzhong said that Glaucus misunderstood its business. The company said it has done a preliminary review of the report and notes that most of the issues raised by Glaucus with regard to the financials of the company. Minzhong claims these were nothing new and arose out of a complete lack of understanding of the company's business model as well as the operating environment in China.

Global Logistic Properties has signed expansion lease agreements totaling 21,000 sqm with one of the top three e-commerce companies in China. The new leases are in Chengdu, Midwestern China, and Qingdao, Eastern China.

Grand Bank Yachtsis proposing to issue a renounceable non-underwritten rights issue of up to 57.7m new shares on the basis of 1 rights share for every 2 existing shares held at S$0.22 per share. The issue price is at a discount of about 26.6% to the last volume weighted average price. The net proceeds of about S$12.4m will be used to fund the company's investment initiatives and for general working capital.

Tritech Group is proposing to acquire Anhui Clean Environment Biotechnology in China for RMB10m. The proposed acquisition will enable the Group to further its venture into the water and waste water business in the PRC by tapping on the target company's existing licenses, management, track record and clientele.

Ntegrator International has secured two new contracts worth approximately S$6.5m from repeat customers, Myanmar Radio and Television and the Viettel Group of Companies. Year-to-date order win is at a record high of over S$71m. These repeat orders are testimony to the Group's strong reputation for quality and service delivery with key players in the industry.

In property news, the government has released four industrial sites for tender - two in Gambas Crescent in the Sembawang/Woodlands area and two in Tuas South. These are the first four plots to be offered under the confirmed list of the second-half 2013 Industrial Government Land Sales (GLS) Programme.

Indonesia's central bank increased both its benchmark interest rate and its overnight deposit facility rate by 50 basis points yesterday, in its latest attempt to defend the rupiah, which is Asia's second worst performing currency this year. Bank Indonesia hikes benchmark reference rate to 7.0% and Fasbi to 5.25%. The country has been among the hardest hit by the retreat from emerging market currencies and stocks over the past two weeks, driven by worries that the US Federal Reserve will soon start closing the tap on cheap money that has been helping drive up their economies.

US stocks rebounded after 2Q GDP rose a better-thanexpected 2.5% (consensus 2.2%) and weekly jobless claims fell 6k to 331k (consensus 332k). Meanwhile, market worry of an imminent strike on Syria receded after UK and France said they favour waiting for the findings of the UN investigation into alleged use of chemical weapons. Oil price fell with Brent crude down 1.3% to USD115.1pbl.

Source: DBSV