Phillip Capital Morning Note - 29/4/2019

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Publish date: Mon, 29 Apr 2019, 10:20 AM

China's industrial profits pick up in March with 13.9% rise. Profits in March rose 13.9 per cent year-on-year to 589.52 billion yuan (S$120 billion), the National Bureau of Statistics (NBS) said on its website on Saturday, recovering from a 14 per cent fall in the first two months.

Labour costs to go up faster in 2019: MAS. Productivity growth has been on the decline - and the central bank anticipates it to come in below last year's 2.5 per cent, especially as economic output falls in a cooler climate. Meanwhile, overall ULC should rise by around 2 per cent, against 0.5 per cent in 2018, the MAS said on Friday.

Singapore closer to becoming Asia's debt restructuring hub. Singapore is a step closer to fulfilling its aim to become an international debt restructuring hub, akin to London or New York, after a landmark ruling by an English court to recognise the city-state's new moratorium law for insolvency and corporate restructuring. This comes after the High Court of England and Wales last month recognised the reprieve granted by the Singapore High Court to H&C S Holdings from its creditors as the troubled iron ore trader works on its restructuring plan.

Keppel Corp ups limit of medium-term note programme to US$5b from US$3b. Offshore and marine company Keppel Corp has increased the investable limit of its multi-currency medium-term note programme to US$5 billion from US$3 billion. Net proceeds from the issue of the notes under the upsized programme will be used for general corporate or working capital purposes, the company said in a regulatory filing on Monday.

DBS Q1 profit up 9% to S$1.65b; to pay out 30 S cents per share for quarter. NIM expanded 1bps YoY to 1.88%. Loans grew by 5% YoY. Earnings per share came in at S$2.58, compared to S$2.38 previously. DBS declared a 30 Singapore cents per share dividend, consistent with the fiscal 2018's full-year payout of S$1.20 per share.

Raffles Medical’s Q1 profit falls 13.7% on Chongqing hospital start-up costs. Raffles Medical Group on Monday morning reported a 13.7 per cent drop in its first-quarter net profit to S$13.6 million from S$15.8 million a year ago, due to start-up costs for Raffles Hospital Chongqing. The group’s revenue for the three months ended March 31 increased 6.7 per cent year on year to S$128.3 million.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

Keppel Corp (BN4)DBS (D05)Raffles Medical (BSL)

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