SINGAPORE
Keppel Land (KPLD) posted 3Q net income down 28.5% YoY to S$75M on sales of S$166M, up 49.0%. The Co said: "Going forward, the Group will continue to selectively acquire well-located sites in Singapore and overseas for residential, commercial and mixed-use developments. The Group will also monitor the market closely for the appropriate window to launch new projects and phases."
Ascendas REIT (AREIT) announced 2Q distribution per unit up 4.4% YoY to S$0.0353 on amount available for distribution of S$79M, up 12.2%. 2Q net property income grew 13.6% YoY to S$103M and gross revenue was up 17.7% to S$143M.
Keppel Corp (KEP): 3Q results expected.
Singapore Exchange (SGX) is expected to release 1Q net income of around S$75M vs S$87.5M a year earlier.
US indices closed higher on Wednesday helped by diversified financials and banks sectors. On the US economic data front, MBA Mortgage Applications for the week ended October 12th slid 4.2%. Housing starts jumped 15% MoM (+2.7% expected) to a 872K annual rate in September while building permits jumped 11.6% MoM (+1.1% expected) to a 894K annual rate. Looking at some major US company releases, Bank of America (BAC -0.21% to $9.44) reported 3Q net income of $340M or $0.00 per diluted share compared to $6.2B or $0.56 per diluted share in the 3Q of 2011. Separately, US Bancorp (USB +1.76% to $34.2) delivered 3Q net income of $1.47B or $0.74 per share compared to $1.27B or $0.64 per share in the same period a year ago. In other news, Bank of New York Mellon (BK +5.52% to $24.86)'s 3Q net income was $720M or $0.61 per common share compared with $651M or $0.53 per common share in the 3Q. Regarding technology stocks, Intel (INTC -2.51% to $21.79) reported a 3Q EPS of $0.58 vs $0.49 expected ($0.66 a year ago) on revenue of $13.46B vs $13.2B expected ($14.23B a year ago). IBM (IBM -4.91% to $200.63) reported a 3Q ADJ EPS of $3.62 vs $3.61 expected and $3.28 a year ago on revenue of $24.75B vs $25.36B expected ($26.16B a year ago ).
In Europe, Moody's has confirmed its government bond rating on Spain at "Baa3" with "Negative" outlook. Euro zone construction output gained 0.7% in August vs +0.1% the month before (revised from -0.3%). UK jobless claims dropped 4K in September, they were expected to be flat, vs -14.2K in August (revised from -15K). ILO unemployment rate was 7.9% during the June-August period vs 8.1% during the May-July period. Regarding the stocks, Diageo and Danone lost ground as quarterly sales figures disappointed. ASML slumped as 4Q sales outlook was below expectations. This morning, the Nikkei225 index opened higher, and has just broken above its 20-day moving average.
CHINA - HK
Chinese Premier Wen Jiabao said the country's economy was in relatively good shape in 3Q and he is confident that 2012 economic and social development targets can be achieved (Xinhua).
Shanghai 's Pudong New District will launch 200B yuan worth of projects concerning advance-equipment manufacturing and strategic new industries in the coming 3 years, reported the China National Radio.
China Life Insurance (2628) issued a profit warning saying 9-month net income would drop appx. 55% YoY from last year's 16.7B yuan, citing "the decline in investment yield and the increase in impairment losses". Separately the Co reported January-September premium income of 263.1B yuan vs 264.2B yuan in the previous year.
New China Life Insurance (1336) posted 9-month premium income of 77.8B yuan (2011 full-year premium income: 97.8B yuan).
Sino Land Co (83) and K Wah International Holdings (173): MTR Corp (66) announced that a consortium formed by the two companies has successfully bid for a residential land parcel, with permissible gross floor area of 520K sq ft, at the West Rail Line's Long Ping Station.
Next Media Ltd (282) announced it has entered into MoUs on selling its print and TV businesses in Taiwan to Jeffery Koo for NT$17.5B.
Shanxi Lanhua Sci-Tech Venture (600123) posted 3Q net income down 5.8% YoY to 408M yuan (534.5M yuan expected) on turnover of 1.9B yuan, down 9.6%.
China Merchants Property Development (000024) said 3Q net income surged 94.5% YoY to 1.2B yuan on revenue of 6.1B yuan, up 38.5%.
Yunnan Copper Industry Co (000878) reported 3Q net loss of 308M yuan vs a net income of 232M yuan a year earlier on turnover of 11.5B yuan, up 24.8%.
Taiyuan Coal Gasification (000968) unveiled 3Q net loss of 179M yuan vs a net income of 60M yuan in the previous year on revenue of 745M yuan, down 27.6%.
Zhejiang China Commodities City Group (600415) posted 3Q net income up 9.4% YoY to 207M yuan on turnover of 1.0B yuan, up 16.0%.
Western Mining (601168), Luzhou Laojiao (000568), Jiangsu Zhongnan Construction Group (000961): 3Q results expected.
Weichai Power (000338): ex-div CNY0.1
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