STOCKS NEWS SINGAPORE-M1 to post lower Q3 net profit- Maybank
Telecommunications firm M1 Ltd is expected to post lower net profit in the third quarter compared to the previous three months, but dividends should still be maintained, Maybank Kim Eng said.
By 0231 GMT, M1 shares were up 0.4 percent at S$2.66 and have gained 6.4 percent so far this year, compared to the FTSE ST Telecommunications Index's 6 percent rise.
The brokerage forecasts M1 to report net profit of S$33-34 million in the third quarter, as earnings before interest taxes depreciation and amortisation margin is expected to fall further quarter-on-quarter.
Margins may stay depressed in the fourth quarter from subsidies for iPhone 5, but will see an improvement in the subsequent quarters, Maybank said.
Although positive catalysts are limited for M1, with dividends likely to be maintained at 2011 level of S$0.45 a share, the stock's yield of 5.5 percent should limit downside, Maybank said.
1030 (0230 GMT)
(Reporting by Charmian Kok in Singapore; Editing by Sunil Nair; firstname.lastname@example.org)
9:51 STOCKS NEWS SINGAPORE-Nam Cheong's 2012 profits likely higher - DMG
DMG & Partners said Singapore-listed Malaysian offshore vessel builder Nam Cheong Ltd's net profit this year is likely to exceed what it made in 2011, helped by strong order wins.
By 0137 GMT, Nam Cheong shares were up 2.2 percent at S$0.235. They have surged about 80 percent this year, compared with the Thomson Reuters Asia Pacific + Russia Industrial Goods Index's 5 percent drop.
Nam Cheong said on Wednesday it won contracts of $52.1 million to build two platform supply vessels from customers based in West Africa.
DMG said the two vessels are expected to contribute at least 20 million ringgit to Nam Cheong's profits, meaning it could post 105-100 million ringgit in profits, exceeding last year's net profit of 93.2 million ringgit.
"Nam Cheong has run up a good 23 percent since our initiation, but we still see deep value in this company," said DMG in a report, maintaining its 'buy' rating and a target price of S$0.29 on the firm.
0941 (0141 GMT)
(Reporting by Charmian Kok in Singapore; email@example.com; Editing by Prateek Chatterjee)
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