0800 GMT [Dow Jones] Singapore bank share prices have not fallen sufficiently to be considered attractive entry levels, says Daiwa. Broker says earnings outlook poor, quarterly net-profit declines experienced by all banks for 3Q08 are precursor of weak operating conditions they will face in 2009, 2010. Broker expects another year of core EPS declines for all 3 banks in 2009, "
0800 GMT [Dow Jones] Singapore bank share prices have not fallen sufficiently to be considered attractive entry levels, says Daiwa. Broker says earnings outlook poor, quarterly net-profit declines experienced by all banks for 3Q08 are precursor of weak operating conditions they will face in 2009, 2010. Broker expects another year of core EPS declines for all 3 banks in 2009, "
0155 GMT [Dow Jones] STOCK CALL: Goldman Sachs cuts UOB (U11.SG) target price to S$14.20 from S$19.80 to reflect less optimistic view of earnings given cooling Singapore economy, but maintains Neutral rating as says negatives mostly priced in. Cuts FY08, FY09 earnings estimates by 8.8%, 19.6%, respectively, to factor in lower loan growth, declining non-interest income, deteriorating asset quality. Says, "
(END) Dow Jones Newswires
November 19, 2008 19:10 ET (00:10 GMT)
Copyright (c) 2008 Dow Jones &
0116 GMT [Dow Jones] STI not likely to revisit low of 0.74X P/B level reached in 1998 Asian financial crisis despite current global turmoil being more widespread, says DMG
0806 GMT [Dow Jones] SGX (S68.SG) off 2.6% at 3-week low of S$4.85 on ongoing concerns securities clearing fees will continue to fall as market’
0254 GMT [Dow Jones] STOCK CALL: UBS cuts Singapore bank target prices on reduced earnings estimates to reflect higher provisioning assumptions, expectation of lower Singapore 2009 GDP growth. Cuts DBS (D05.SG) target to S$15.30 from S$20.00, maintains Buy call. Cuts OCBC (O39.SG) target to S$5.32 from S$7.10, maintains Neutral rating. Cuts UOB (U11.SG) target to S$16.00 from S$18.60, maintains Buy rating. Broker says recent 3Q results mixed but all 3 stocks have come under pressure,
(END) Dow Jones Newswires
November 13, 2008 19:24 ET (00:24 GMT)
Copyright (c) 2008 Dow Jones &
0132 GMT [Dow Jones] The likelihood of Marina Bay Sands casino project being temporarily disrupted is mounting but earnings impact on Singapore banks, if any, likely to be modest, says BNP Paribas. Broker says Las Vegas Sands latest filing painted grim outlook, construction work at Marina Bay Sands going slowly, estimates project was 29.1% completed as of September, a dismal improvement from 25.2% in June. But says Singapore government will step in if necessary, "
