SINGAPORE
Singapore's GDP grew 2.0% YoY in 2Q (+2.3% expected) vs +1.5% in 1Q, but contracted 0.7% QoQ (seasonally adjusted and annualized, +0.6% expected) vs +9.5% in 1Q, according to the government, which has narrowed its FY GDP growth forecast to 1.5-2.5% from 1.0-3.0% previously.
Neptune Orient Lines (NOL)'s 2Q net loss widened to $118M from $57M in the previous year on revenue of $2.3B, up 8.4%. The Co attributed the loss to one-time charges of $112M for restructuring, vessels held for sale. It said: "The group's financial performance will depend on freight rates, global economic position, over-capacity in container shipping and fuel prices. The outlook for these factors remains uncertain. Nevertheless, the Group will continue to focus on managing its costs and capacity."
Starhub (STH) posted 2Q net income up 11.4% YoY to S$87M and EBITDA up 9.5% to S$179M on operating revenue of S$591M, up 3.9%. The Co said: "We maintain our earlier guidance that the Group operating revenue for 2012 will grow in the low single-digit range, and Group EBITDA margin as a percentage of service revenue to be about 30%."
Genting Singapore (GENS), Golden Agri-Resources (GGR): 2Q results expected.
Fraser & Neave (FNN): 3Q results expected.
US indices were mixed on Thursday. On the US economic data front, initial jobless claims dropped by 6,000 to 361K (370K expected) in the week ended August 4th. Wholesale inventories fell 0.2% MoM (+0.3% expected) in June while the trade deficit narrowed 11% to $42.9B (47.5B expected). Stocks in the technology hardware & equipment and materials sectors traded higher while shares in the food & staples retailing and food beverage & tobacco were under pressure. Looking at some US major company news, Windstream (WIN -7.46% to $9.3): 2Q revenues were down 1% YoY to $1.54B on a pro forma basis. Adjusted OIBDA was $596M down 2% YoY on a pro forma basis. Separately, Integrys Energy Group (TEG -3.84% to $58.8) unveiled 2Q adjusted EPS down 31.6% YoY to $0.26. The Co forecast FY adjusted EPS at $3.00-3.15. After the US market close, Yahoo! (YHOO) CEO Marissa Mayer has embarked on a strategy review that may result in changed to plans to restructure the business and return cash to shareholders. In other news, Nordstrom (JWN) posted a 2Q EPS of $0.75 vs $0.74 expected ($0.8 a year ago) on sales of $2.92B vs $3.01B expected, up 7.4% YoY.
In Europe, UK trade balance was a deficit of £4.31B in June, wider than expected, vs a deficit of £27.2B a year earlier. Regarding the stocks, Nestle gained ground on strong results. This morning, the Nikkei225 index opened lower, but still holds above its nearest bullish gap area.
CHINA - HK
China 's National Development and Reform Commission announced it will raise gasoline price by 390 yuan per ton (current average retail ceiling: 8,700 yuan per ton) and diesel price by 370 yuan per ton (current average retail ceiling: 7,910 yuan per ton) effective today.
CNOOC Ltd (883): Fitch Ratings has upgraded the Co's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs), senior unsecured and guaranteed notes to "A+" from "A" with "Stable" outlook. The rating firm said: "The uplift reflects potential support from the China sovereign through CNL's parent, China National Offshore Oil Corporation (which owns 64.4% of CNL)."
HSBC (5) confirmed it is reviewing strategic options concerning its 18% stake in Vietnamese insurance and financial services group Bao Viet Holdings, while saying it has not made any decision.
Li & Fung (494) posted 1H net income up 32.6% YoY to $312M, citing "a write-back of estimated contingent considerations for two previous acquisitions made in 2010". 1H core operating profit fell 21.6% to $221M on turnover of $9.1B, up 3.7%. The Co declared an interim dividend of HK$0.15 per share (1H2011: HK$0.19 per share). It added: "The targets of this current Three-Year Plan 2011-2013 are to achieve aggregate Core Operating Profit of $1.5B by 2013, with Trading, (...) The Group is committed to these targets notwithstanding the prevailing global macroeconomic uncertainties."
HKT Trust (6823) reported 1H net income up 44.9% YoY to HK$778M and total EBITDA up 3.1% to HK$3.7B on revenue of HK$9.7B, up 1.9%. The Co added: "Adjusted funds flow for the six months ended June 30, 2012 was HK$1,430M which represented 56% of the forecast of HK$2,574M for the 12 months ending December 31, 2012 as provided in HKT's Global Offering prospectus. (...) The board of directors of the Trustee-Manager has resolved to declare an interim distribution of 20.06 HK cents per Share Stapled Unit."
Zhuzhou CSR Times Electric Co (3898) unveiled 1H net income down 41.7% YoY to 546M yuan on revenue of 3.2B yuan, down 25.2%.
China Yurun Food Group (1068) announced a profit warning saying 1H net income may record a substantial decrease compared to a year earlier.
Beijing Enterprises Holdings (392) announced its units Beijing Gas, Yanjing Beer and BE Group have agreed to set up BE Group Finance, which "can act as a platform for provision of intra-group facilities through financial products including deposit-taking, money-lending and custodian services", with registered capital of 800M yuan.
China Overseas Land & Investment (688) reported property sales up 25.5% YoY to HK$10.1B in July and up 24.8% to HK$75.3B in January-July.
Zhaojin Mining Industry (1818) issued a profit warning saying 1H financial results may decrease compared to a year earlier.
China Datang Corp Renewable Power (1798) posted a profit warning saying 1H net income may drop over 50% compared to the previous year.
Industrial Bank (601166) posted 1H net income up 39.8% YoY to 17.1B yuan.
Huaxia Bank (600015) reported 1H net income up 42.4% YoY to 6.1B yuan on revenue of 19.5B yuan, up 22.6%.
Kweichow Moutai (600519)'s 1H net income surged 42.5% YoY to 7.0B yuan on turnover of 13.3B, up 35.0%.
TCL Corp (000100)'s 1H net income fell 43.8% YoY to 480M yuan on revenue of 29.8B yuan, up 9.05.
Guizhou Panjiang Refined Coal (600395) posted 1H net income up 15.4% YoY to 1.0B yuan.
Anhui Hengyuan Coal-Electricity Group Co (600971) reported 1H net income down 5.8% YoY to 533M yuan.
Swire Pacific (19), China Overseas Land & Investment (688), Zijin Mining Group (2899): 1H results expected.
China Merchants Property Development (000024), Chongqing Water Group (601158): 2Q results expected.
Shandong Dong-E E-Jiao-A (000423): ex-div CNY0.3
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