AIO Finance Analysis

I'll like to wish all a happy and prosperous chinese new year.

I'm sorry for the slow update over the chinese new year, was busying collecting ang bao and training up for the "IR".

I'll promise to update asap. Hope everyone same as me "Huat Ah"!

Singtel overall results exceed expectations. Underlying net profit of S$931m (up 22% yoy, 2% qoq) exceeded our forecast of S$912m and consensus forecast of S$907m. Besides there was exceptional income of S$21m in 3Q08. We have excluded S$84m in compensation from IDA from last year results for fair comparison.
BUY S$3.86 FSSTI : 3,077.08
Price Target : 12-month S$ 4.50

Hour Glass released its 3Q08 results that were in line with expectations. Bottomline as at 3Q08 grew y-o-y by 58% from S$5.1m to S$8.2m on the back of a topline growth of 22% y-o-y to S$132m and improved gross profit margins. Gross profit margins of the Group improved 1.72ppt to 19.96%. Net margins improved 2.38ppt to 8.82% in 3Q08.
BUY S$1.85 FSSTI : 2,981.75
Price Target : 12-Month S$ 2.36 (Prev S$ 2.32)

GRP's 1H08 revenue grew 7.1% YoY to S$15.2m (vs. our forecast of S$15.8m), with contributions mainly from the marine and hoses division due to the increased demand from customers in the marine, oil & gas industry. Gross profit rose 13.4% to S$5.6m while gross profit margin improved slightly from 34.8% to 36.9%. Net profit increased 24.9% to S$2.1m as net profit margin edged up from 12.0% to 14.0%.
BUY S$0.19 Fair Value: S$0.25

Source: OCBC Securities & DBS Vickers

Singapore banks are expected to release their 4Q07 results from mid-Feb-08. We expect earnings growth of 23% y-o-y for FY07 as a result of overall growth in income. While 2H07 would show marginal slowdown in non-interest income, earnings recorded in 1H07 have held up earnings for the year. Disappointments to earnings, if any, could potentially come from higher than expected provisions from CDO investments.
Outlook - Sentiments are weak although fundamentals hold up. Amid fears of a US and global recession coupled with the weakening of US and European markets, weak sentiments may go against our calls for Singapore banks. In the immediate term, fundamentalists should accumulate on weakness, banking on dividend yields of 4%. Buy calls maintained but target prices lowered. Our Buy calls are maintained although our target prices are lowered in view of higher risks as we lower our sustainable ROE targets and raise our equity premium assumptions, hence cost of equity in our Gordon Growth Model assumptions. We prefer UOB (Buy, TP lowered to S$20.80 from S$27.50) to OCBC (Buy, TP
lowered to S$9.00 from S$10.40).
Source: DBS Vickers

Expect the market to follow the US forth quarter economic data out this week.
-December Factory order
-Retail Chain Index
-ISM Services
-4Q Productivity
-4Q Unit labor cost
-Jobless claims
-December Consumer Credit
-December Wholesale inventories

For exact date of the result (Read More...)
Source: Steady Bull

I have collect some fixed deposit rate from some Singapore banks and place it in the figure above. If I miss out anything do tell me.