Thursday, October 13, 2011

SGX, CapitaMalls Asia, SPH

CIMB kept its NEUTRAL rating for SGX cutting its target to S$5.93 from S$8.14. This was based on trading volumes that are expected to dry up after the recent market volatility. It also expects weaker earnings in the upcoming quarters.

CapitaMalls Asia announced yesterday that it does not expect its multi billion dollar investment in China to have any impact on its near term earnings. Its CEO Lim Chee Beng said that while the company was boosting its investments in emerging Asia like India and China, these projects might take some time to produce any returns. In the mean time, Singapore and Malaysia will continue to be the main contributors to its bottomline.

Singapore Press Holdings net profit for FY fell 22 per cent on year to S$388.6 mil as a result of a one-time gain in the previous period. Net profit in 2010 then included a S$154.2 mil profit from residential property Sky@eleven. SPH said it will pay a dividend of 17 Singapore cents. This is down from 20 Singapore cents a year ago.

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