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Daily Bulletin – 02/03/09
Daily Bulletin | 02 March 2009
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Wall St Fell Lower After Citi Deal
US Stocks fell steeply to 13-year lows in early morning trade on Friday led by the banking sector after details were announced of a government plan to convert its preferred shares in the banking giant Citigroup and take its overall stake to 36%. The market also reacted to unexpectedly bad figures for the growth in US GDP for 4Q08 which fell 6.2% on an annualised basis. S&P 500 fell 2.36% to 735.09 while the Dow was lower by 1.66% at 7,063. The Nasdaq Composite was down 0.8% at 1,380.23.

UOB Posts 12.1% Growth In Operating Profit For FY08
UOB Group has recorded operating profit growth of 12.1% YoY to $3.2b and 15.2% QoQ to $0.8b for FY08. Its core business remained strong and net interest income rose 20% over the year to $3.6b, contributed by an expanded loan portfolio and higher contributions from interbank money market activities. The board has recommended a final dividend of $0.40.

Wilmar Delivers 60% Growth In 4Q08 Earnings To US$374m
Wilmar has achieved a net profit growth of 60% YoY to US$373.6m for 4Q08 on the back of margin improvement in the merchandising and processing of palm & laurics and higher selling prices of crude palm oil from the company’s plantations. Revenue for the quarter, however, fell 10% lower at US$5.83b due to drop in prices of agricultural commodities. The company has proposed a dividend of $0.045.

Thai Beverage’s FY08 Profit Edges Up 3% To BT10b
THAI Beverage Public has posted a 3% dip in net profit for FY08 ended 31 December 2008 to BT10.34b (S$442 million). Revenue for the year remained flat at BT105.26b, as revenue increases in its spirits, food and non-alcoholic beverages business segments were offset by lower revenue sales from the beer and industrial alcohol businesses. The company cited that the continuous political problems faced in Thailand throughout the year and global financial crisis have affected the consumers’ ability and willingness to spend on non-essential items. However, it expects to benefit as consumers switch down from higher-priced drinks such as imported spirits to lower-priced drinks.

Jardine C&C Buoyed By 32% Rise In FY08 Net Profit
Jardine Cycle & Carriage has recorded a FY08 revenue of US$11.2b, up 25% YoY while its net profit also went up by 32% to US$448m, including net non-trading loss of US$29m. Contribution of the company’s 51%-owned Astra, an Indonesian Conglomerate, contributed to the bulk of the net profit, with its non-automotive activities performing particularly well for most of the year. The company cited that its business environment deteriorated in 4Q08 due to steep decline in commodity prices, the weakening of Rupiah and a tightening of consumer credit.

Stratech Systems Wins $6m Deal From CAAS
Stratech Systems has been awarded a contract by Civil Aviation Authority of Singapore (CAAS) to provide the next-generation Vessel Height Measurement System. The contract is valued at about $6m and the system is expected to go into service in 15 months.

Company Updates
M1 Chairman Lim Chee Onn, who is also the Chairman of Keppel Corporation, will step down with effect from 1 March 2009. Teo Soon Hoe, who has been a board director of M1 since 1996, will be appointed as the new Chairman.

Fu Yu Corporation informs that it shall be placed on the SGX watch-list after having recorded pre-tax losses for the 3 most recently completed consecutive years. It has recorded a pretax losses of $52m in its latest FY08 results.

United Overseas Bank  25.820 -0.20 -0.77%   
Business: [FY18 Turnover] Group retail (43.3%), group wholesale (43.2%), global markets & investment management (5.1%), others (8.4%).

Insight: May-19, 1Q19 total income rose 7.8% to $2.4b due t... Read More
Wilmar Int'l  3.590 +0.03 +0.84%   
Business: Co's integrated agribusiness model encompasses the entire value chain of the agricultural commodity processing biz, from origination and processing to branding, merchandising and distribution of a wide range of agricultural pdts.

Insight: May-19, 1Q19 revenue fell 6.2% to US$10.4b driven ... Read More
Thai Beverage Public Co  0.900 +0.025 +2.86%   
Business: [FY18 Turnover] Spirits (46.1%), beer (41.1%), non-alcoholic beverages (7%), food (5.8%).

Insight: May-19, 1H19 revenue rose 26.1% to THB142.6b mainl... Read More
Jardine Cycle & Carriage  30.200 +0.07 +0.23%   
Business: Co is mainly engaged in the mfr, assembly, distribution, and retailing of motor vehicles and motorcycles in S'pore, M'sia, Indonesia, and Vietnam.

Insight: Apr-19, 1Q19 revenue rose 1.6% due to higher reven... Read More
Fu Yu Corp  0.220 -0.005 -2.22%   
Business: Co is a plastic products manufacturer. [FY18 Geographical] China (56.8%), Singapore (23.9%), Malaysia (19.3%).

Insight: Feb-19, FY18 revenue rose 1.4% to to $197.7m attri... Read More


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