Singapore Stocks: DBS Group, Genting, SATS, SIA Engineering
Singapore’s Straits Times Index (FSSTI) gained 0.2 percent to 3,193.54 at the close, erasing losses of as much as 0.6 percent. About the same number of stocks rose and fell in the gauge of 30 companies.
Shares on the measure trade at an average 14.8 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
DBS Group Holdings Ltd. (DBS) , Southeast Asia’s biggest lender, gained 1.5 percent to S$15.32, the highest since April 2010, before the release of its second quarter results tomorrow. The bank is expected to post a net income of S$750 million ($625 million), according to the average of six estimates compiled by Bloomberg. That compares with a net loss of S$300 million a year earlier.
Genting Singapore Plc (GENS) , the operator of one of two casino resorts in the city-state, climbed 6.1 percent to S$1.92, the biggest advance on the benchmark Straits Times Index, amid speculation the company will report increased profit after rival Las Vegas Sands Corp. reported second-quarter net income that beat analysts’ estimates.
The earnings of Las Vegas Sands is a reflection of the growing gaming business in Singapore, said Magdalene Choong, an analyst at Phillip Securities Pte in Singapore. UOB-Kay Hian Holdings Ltd. raised the stock to “buy” from “hold,” saying the company is benefiting from the increasing number of gamblers from China who are coming to the city-state.
SATS Ltd. (SATS) , the ground-handling-services provider partly owned by Temasek Holdings Pte, declined 2.7 percent to S$2.51. The company said first-quarter net income dropped 4.1 percent from a year earlier to S$42.5 million.
SIA Engineering Co. (SIE SP), the aircraft maintenance unit of Singapore Airlines Ltd. (SIA) , dropped 1.7 percent to S$4.09. The company said first-quarter net income fell to S$68.1 million from S$70.8 million a year earlier.
Singapore Technologies Engineering Ltd. (STE) , Asia’s biggest aircraft maintenance company, advanced 1.3 percent to S$3.06. The company said its ST Aerospace unit won about S$260 million of contracts in the second quarter.
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org.
To contact the editor responsible for this story: Nick Gentle at email@example.com.