SINGAPORE Jan 21 Shares of Singapore
telecommunications company M1 Ltd soared on Tuesday
after reporting its fourth-quarter earnings on Monday, while
Singapore shares rebounded from the previous session.
M1's net profit after tax rose 9.4 percent year-on-year to
S$160.2 million ($125.55 million). It also declared a final
dividend of 7.1 cents per share and a special dividend of 7.1
cents per share, taking full-year payout to a total of 21.0
cents per share.
M1 shares jumped as much as 4.3 percent to a nearly 10-week
high at S$3.38. More than 1.2 million shares were traded, more
than twice its average 30-day full-day volume.
Maybank Kim Eng has a "buy" rating and target price of
S$3.86 on the stock, as it expects "free cash flow to remain
strong this year and capex to decline next year."
The benchmark Straits Times Index was up 0.3
percent to 3,139.71 points by 0421 GMT, as Chinese money rates
eased after the People's Bank of China announced a surprise
injection of funds. The MSCI's broadest index of Asia-Pacific
shares outside Japan gained 0.5 percent.
Units of Keppel REIT (real estate investment trust)
advanced as much as 1.3 percent to S$1.17, its biggest
daily gain in more than nine weeks, after reporting a
fourth-quarter net property income of $37.4 million on Monday.
Keppel REIT said it achieved its highest full-year
distribution income of $214 million for 2013, with a 10.9
percent year-on-year increase in both property income and net
Despite a positive outlook on Keppel REIT's full portfolio
occupancy and Grade-A office market in Singapore, CIMB said
these factors have been factored into the share price. The
brokerage maintained its "hold" rating and target price of
S$1.25 on the stock while waiting for more meaningful catalysts.