MARKET UPDATES :
- Oil prices rose in Asia on Monday, extending a sharp rebound at the end of last week, with analysts predicting the sector has bottomed out after plunging almost 50 per cent since June.US benchmark West Texas Intermediate (WTI) for February delivery gained 79 cents to US$57.92 while Brent crude for February added 91 cents to US$62.29 in afternoon trade.”We do not expect WTI and Brent to test new lows this week,” said Daniel Ang, investment analyst at Phillip Futures in Singapore.
- Olam International – Positives priced in-:4QFY6/14 earnings were in line with market expectation. Revenue dropped 11.4% YoY on lower sales volume, a change in its business mix and lower commodity prices. EBITDA, after adjusting for biological gains, was flat YoY. Excluding exceptionals, operational profit climbed by 1.5% YoY. Full-year performance benefited from upstream nut plantations, favourable coffee trading conditions, flour milling, packaged foods and sugar refining, attenuated by less favourable trading conditions for rice, grains and cotton. FY6/14 EBITDA grew 8%, excluding biological gains.
- Silverlake Axis (SAL) has formed a new 51:49 company, Silverlake HGH, with Andrew Holliday, MD of Finzsoft Solutions, a New Zealand-based financial technology company. Silverlake HGH will make a full takeover ofFinzsoft (FIN NZ, Not Rated) at NZD3.00 a share or 48.1% discount to Finzsoft’s last closing price of NZD5.78. Mr Holliday has committed to accepting the offer for his 65.9% stake in Finzsoft. In its press release, SAL highlights potentially strong synergies and the natural alignment of its target customers in the Asia Pacific.
- Wilmar International – Better soybean crushing in FY15-:oybean-crushing margins still biggest swing factor. December’s weakness to be made up by Oct/Nov’s strength, supporting decent 4Q margins. Less speculative trading to benefit real soybean crushers like Wilmar, long term.
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