MARKET PULSE: DBS, LMIRT, Roxy, CapLand (06 Aug 2012)

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: OCBC

Price Call: BUY

Target Price: 15.94

Stock Name: LippoMalls
Company Name: LIPPO MALLS INDO RETAIL TRUST

Research House: OCBC

Price Call: BUY

Target Price: 0.45

Stock Name: Roxy-Pacific
Company Name: ROXY-PACIFIC HOLDINGS LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 0.50

Stock Name: Capitaland
Company Name: CAPITALAND LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 3.32

MARKET PULSE: DBS, LMIRT, Roxy, CapLand

06 Aug 2012

KEY IDEA DBS: 2Q earnings were in line with expectations Summary: DBS Group Holdings Ltd posted 2Q12 net earnings of S$810m or 1H net earnings of S$1743m. This was in line with consensus expectation. Net Interest Margin (NIM) fell from 1.80% in 2Q11 and 1.77% in 1Q12 to 1.72% in 2Q12. It declared an unchanged interim dividend of 28 cents. Margin pressure is likely to remain for the rest of the year, but management expects to mitigate this by undertaking a few measures like increasing cross-sell, raising productivity, bringing down its cost-to-income ratio, focusing on further growing several of its key businesses (including SME and Wealth), managing its funding, etc. We have raised our FY12 earnings estimates from S$3138m to S$3252m. Based on the same unchanged 1.3x book, we increased our fair value estimate from S$15.40 to S$15.94. Retain BUY. (Carmen Lee) MORE REPORTS Lippo Malls Indo Retail Trust: Potential asset injection in the near term Summary: Lippo Malls Indonesia Retail Trust's (LMIRT) 1H12 DPU of 1.48 S cents was slightly below our expectations due to larger-than-expect impact from unfavourable forex movement. However, the portfolio operating metrics and outlook remain buoyant. As at 30 Jun, LMIRT's overall occupancy rate remained steady at 94.7% vs. 94.5 in prior quarter. This is significantly higher than Indonesia's retail industry average of 86.7%. We also understand that LMIRT launched two bonds in early Jul. This leads us to believe that another round of acquisitions may be imminent, given that its financial position was already very strong. This may potentially boost LMIRT's DPU going forward. We maintain our BUYrating on LMIRT with revised fair value of S$0.45 (S$0.43 previously) as we tweak our rental assumptions in FY13-14 to reflect better growth outlook. (Kevin Tan) Roxy-Pacific Holdings: Sharp execution on land-banking Summary: Roxy-Pacific announced 2Q12 PATMI of S$17.7m - up 8% YoY. This is in line with expectations and 1H12 PATMI now forms 49% of our FY12 forecast. Management also declared an interim dividend of 0.67 S-cents, which we expect to be recurring due to the strong cash-flow ahead from S$817.2m of progress billings currently. We note sharp execution on land-banking with four en-bloc sites acquired over the last quarter, leading to S$238m of capital being re-deployed into residential land. Previously launched projects are showing strong sales conversion rates, with the exception of Wis@Changi for which management has stopped active marketing with a view to potentially retain the office units for investment income. Maintain BUY rating with an increased fair value estimate of S$0.50 (30% RNAV disc.), versus S$0.45 previously, due to accretion from land acquisitions. (Eli Lee) CapitaLand: An addition to the London hospitality portfolio Summary: The serviced residence business unit of CapitaLand (CAPL), the Ascott Limited, has agreed to acquire a hotel in London, the 230-unit Cavendish London, for GBP158.8m (S$311m). The group expects to convert the asset into a serviced residence under the Ascott brand and rename it the Ascott St James London. The development is located on Jermyn St, in the St. James area of Mayfair, and would increase Ascott's portfolio to seven properties in Central London. At a price of S$1.35m per room, we believe that the price paid is fair and see little accretion to CAPL's RNAV at this juncture. In addition, we also note that CAPL has announced last Friday the establishment of a S$5b Euro Medium Term Note Programme, further increasing its accessibility to the capital markets and enhancing its balance sheet flexibility. Maintain BUYwith an unchanged fair value estimate of S$3.32 (25% discount to RNAV). (Eli Lee)

For more information on the above, visit www.ocbcresearch.comfor the detailed report.

NEWS HEADLINES - US stocks jumped on Friday with better-than-expected July jobs data and optimism that the ECB may restart its bond purchasing programme. The Dow rose 1.7% to 13,096.17. The S&P 500 index climbed or 1.9% to 1,390.99. - LionGold Corp Ltd has, as at 2 Aug, received valid acceptances of ~59% of the issued and paid-up capital of Castlemaine Goldfields Limited, which is listed on the Australian Stock Exchange. - United Industrial Corporation posted 2Q12 revenue of S$139m, down 41% YoY. PATMI declined 46% to S$82m. - Global Invacom Group has acquired a 100% stake in The Waveguide Solution Limited, a UK microwave waveguide transmission specialist, for £4.75m (~S$9.27m). - Oakwell Engineering Limited has agreed to dispose its 51% stake in the issued share capital of Oakwell-Breen Pte Ltd for a consideration of S$2.3m.

MARKET PULSE: SembCorp Marine, Hyflux, DBS, LMIRT, Roxy-Pacific (3 Aug 2012)

Stock Name: SembMar
Company Name: SEMBCORP MARINE LTD

Research House: OCBC

Price Call: BUY

Target Price: 5.69

Stock Name: Hyflux
Company Name: HYFLUX LTD

Research House: OCBC

Price Call: HOLD

Target Price: 1.35

MARKET PULSE: SembCorp Marine, Hyflux, DBS, LMIRT, Roxy-Pacific

03 Aug 2012

KEY IDEA Sembcorp Marine: Expecting more in 2H12 Sembcorp Marine (SMM) reported a 46.4% YoY rise in revenue but saw a 4.6% fall in net profit to S$142.8m in 2Q12, such that 1H12 net profit accounted for about 40% of both ours and the street's full year estimates. However we had noted in our earlier report "More going for SMM in 2H12" (27 Jun 2012) that we expect SMM's earnings to pick up in 2H12 as higher margin contracts contribute to the group's results. Operating margin was 13.1% in 2Q12 but the group is still striving to achieve 14-15% for the year. Enquiries remain healthy and we expect them to consequently add to the group's current order book of S$6.6b (vs S$5.1b as at end 2011). Meanwhile, construction at the Singapore and Brazil yards are progressing well. We tweak our estimates and update the market value of Cosco Corp in our SOTP valuation. As such, our fair value estimate slips slightly from S$5.71 to S$5.69. Maintain BUY. (Low Pei Han) MORE REPORTS Hyflux: 2Q12 results in-line Hyflux Ltd saw 1H12 revenue +66% to S$329.3m, meeting 56% of our FY12 forecast, while net profit rose 15% to S$25.2m, or 39% of our full-year forecast. We deem the results to be in-line as Hyflux typically achieves 40% of its earnings in the first half. It also declared an interim dividend of 0.7c/share, up from 0.6c last year. Current order book stands at S$1.6b, but the achievement of financial close of its Dahej desalination project in India could bump it up to S$2.2b (we expect it to be more of a FY13 story). As results were mostly in line with our expectations, we maintain our HOLD rating and S$1.35 fair value (18x FY12F EPS). (Carey Wong) DBS: 2Q earnings were in line with expectations DBS Group Holdings Ltd posted 2Q12 net earnings of S$810m, slightly above market expectations of S$807m from a Bloomberg poll. This is up 10% YoY, but down 13% QoQ. Overall, 1H12 earnings amounted to S$1743m, up 13%. Net Interest Income rose 10% YoY but was down 1% QoQ to S$1324m in 2Q12. Non-interest Income fell 3% YoY and 24% QoQ to S$621m. The QoQ decline was largely due to strong trading gains in 1Q12. Net Interest Margin (NIM) fell from 1.80% in 2Q11 and 1.77% in 1Q12 to 1.72% in 2Q12. It declared an unchanged interim dividend of 28 cents. The stock will be quoted ex-dividend on 15 Aug 2012. Pending the outcome of the analysts' briefing later on in the day, we may revise our earnings estimates. For now, we put our Buy rating and fair value estimate of S$15.40 UNDER REVIEW as the stock has appreciated in recent weeks and is now trading close to our fair value estimate. (Carmen Lee) Lippo Malls Indo Retail Trust: First take on 2QFY12 results Lippo Malls Indonesia Retail Trust's (LMIRT) reported its 2QFY12 results after the market close yesterday. NPI and distributable income grew significantly by 36.2% and 44.3% YoY to S$30.7m and S$17.1m respectively, due to full-quarter contribution from Pluit Village and Plaza Medan Fair that were acquired in Dec 2011. DPU for the quarter came in at 0.79 S cents, down from 1.09 S cents as a result of the 1-for-1 rights issue in 4Q11. However, this represents a 14.5% QoQ improvement from DPU of 0.69 S cents achieved in prior quarter. For 1HFY12, NPI was up 37.1% YoY to S$61.6m, meeting 51.1% of full-year estimate. 1HFY12 DPU, on the other hand, was down 34.5% to 1.48 S cents, equivalent to 42.9% of our DPU projection. This is slightly below our expectations, as the impact from unfavourable forex movement was larger than expected. We will be speaking to management later to get more insight on its financial performance and outlook. For now, we put our Buy rating and S$0.43 fair value estimate UNDER REVIEW. (Kevin Tan) Roxy-Pacific Holdings: 2Q12 results within expectations Roxy-Pacific announced 2Q12 PATMI of S$17.7m - up 8% YoY. This is in line with expectations and 1H12 PATMI (S$26.8m) now forms 49% of our FY12 forecast. 2Q12 top-line came in at S$52.7m, which increased 13% YoY mostly due to recognition from Spottiswoode 18 and Space@Kovan and a 3% YoY uptick in hotel revenue as RevPar climbed to S$181.2 in 2Q12 (2Q11: S$175.4). We note ROXY's gross margin improved 10 percentage points YoY to 29% as the group began revenue recognition at key development projects with higher margins. Management has also declared an interim dividend of 0.67 S-cents. We would speak with management later today regarding 2Q12 results, and in the meantime, put Buy rating at a fair value estimate of S$0.45 (25% RNAV discount) UNDER REVIEW. (Eli Lee)

For more information on the above, visit www.ocbcresearch.comfor the detailed report.

NEWS HEADLINES - Disappointment with the European Central Bank's latest meeting led to a slide in stocks and commodities. The Dow and the S&P 500 Index both fell 0.7%. Crude-oil prices declined 2% to $87.13 a barrel. - Millennium & Copthorne Hotels' 2Q12 revenue grew 1.2% YoY to £198.4m. Net profit after tax climbed 55.2% to £43.0m. - United Overseas Insurance registered a 40.5% YoY increase in 2Q12 net profit to S$10.0m. - Global Premium Hotels' 2Q12 revenue grew 11.8% to S$15.2m. PATMI declined by 37.2% to S$4.4m. Administrative expenses had increased 86.8% YoY to S$6.8m, including one-off IPO expenses of ~S$1.4m. - BBR Holdings posted a 37.1% YoY decline in earnings to S$2.92m for 2Q12. Revenue decreased 53.4% YoY to S$59.11m, mainly due to decreased revenue recognized from general construction projects.

CIMB cuts Cosco target price

CIMB Research cut its target price for Chinese shipbuilder Cosco Corp Singapore to $0.85 from $0.92 and kept its ‘underperform’ rating, citing lower-than-expected net profit and inconsistent margins.

Shares of Cosco were down 1% at S$0.955, but have gained 9% so far this year, underperforming the FT ST Industrial Index’s 12.9% rise.

Cosco said its second quarter net profit fell 13% to $27.6 million, partly due to lower revenue from shipyard operations and its shipbuilding segment.

The brokerage cut its 2012-2014 earnings per share estimates for Cosco by 13-15%, and noted that management expects the shipbuilding margin to be dragged by the execution of low-value projects ahead.

Deutsche Bank said that although Cosco's execution was improving, industry conditions remain challenging.

“Conditions are deteriorating in the Chinese shipbuilding sector. New vessel contracting continues to decline,” Deutsche said in a report. It maintained its ‘hold’ rating on the stock with a target price of $0.95.

UOBKH - SP: OCBC 1Q12 Flash Note - Higher fee income, lower provisioning

Stock Name: OCBC Bk
Company Name: OVERSEA-CHINESE BANKING CORP

Research House: UOB KayHian

Price Call: BUY

Target Price: 11.98

OCBC BUY
Price/Target: S$9.58/S$11.98 Mkt Cap: US$26,436m Daily Vol: US$29.5m 1-Yr Hi/Lo: S$9.88/S$7.68

2Q12: Higher fee income, lower provisioning

Year to 31 Dec (S$m)	2Q12	yoy %	qoq %	Remarks
Net Interest Income	931	12.6	-2.1	NIM contracted by 9bp.
Non-Interest Income	596	1.7	-29.6	Fee income higher-than-anticipated.
Total Income	1527	8.1	-15.0
Operating Expense	(661)	7.0	5.8
Pre-Provision Profit	866	8.9	-26.1
Provisions	(38)	-32.1	-60.4	NPL ratio declined marginally 0.9%.
Net Profit	648	12.3	-22.1	1Q12 earnings included S$56m gain from disposal of a property in Melbourne.
EPS (¢)	17.5	10.1	-27.7
BVPS (S$)	6.33	8.0	0.2
Key Ratios (%):	2Q12	1Q12	2Q11
Net Interest Margin	1.77	1.86	1.87	More placements in interbank.
Loan/Deposit Ratio	85.3	84.4	89.1
Core Equity Tier-1 CAR	11.1	11.6	11.9
NPL Ratio	0.9	1.0	0.8

• OCBC report net profit of S$648m (-22% qoq and +12% yoy) for 2Q12, ahead of our forecast of S$608m and consensus estimate of S$616m. Upside surprises came from higher fee income and lower provisioning.
• Adopting a conservative posture:Loan grew 2.8% qoq and 14% yoy, driven by 3.8% qoq expansion for Singapore and 10.3% qoq expansion for Indonesia. Net interest margin contracted 9bp on a sequential basis to 1.77% as deposits collected were largely placed out in the interbank market.
• Growth from non-interest income:Fee income expanded 16% qoq and 6% yoy driven by wealth management, loans related fees and investment banking. Life insurance contribution income of S$71m while trading income made positive contribution of S$75m.
• Muted provisioning. Total provisions were lower at S$38m compared to S$96m in 1Q12. Specific provisions were muted at only S$13m. This is not surprising given the large increase in NPLs that are not overdue, especially during the CEO transition period. NPL ratio declined slightly from 1.0% to 0.9% indicating resilient asset quality.
• OCBC has declared interim dividend of 16 cents/share, higher than 15 cents/share declared last year. The scrip dividend scheme does not apply to the interim dividend.

OIR BITES: Ezion's 4th major LNG contract in Australia

Stock Name: EzionHldg
Company Name: EZION HOLDINGS LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 1.13

OIR BITES: Ezion's 4th major LNG contract in Australia 2 Aug 2012

Dear TRs, We attended Ezion's briefing this morning and here are some takeaways: - Ezion has won its 4th major LNG related project in Australia (3rdone in Queensland): o Gorgon LNG o QCLNG 1 - commences Jul 2012 o Curtis Island 2 - commences Feb 2013 o APLNG (today's announcement) - commences 2Q13 - The contract value is about US$71m for logistics and support services to haul equipment and modules for the development of LNG facilities in Queensland, Australia. o Work will carried out over 20+ months, translating to about US$35m in revenue per year, slightly higher than Ezion's previous projects. o This is related to the development of two LNG trains - there is a likelihood that the budget for two more trains (trains 3 and 4) will be approved as well, like the Gorgon LNG and earlier QCLNG projects. This could mean more work for Ezion subsequently. - Five to six sets of vessels (tugs, barges) will be required, and capex of US$90m is similar to Ezion's earlier projects o The group currently plans to charter the vessels, but will not rule out the possibility of going "full capex" later as the vessels may be used for other similar projects in Australia that may come up down the road. o We expect about 20% net profit margin initially for the group, which may trend upwards to about 30%+ in later stages - We view this latest development positively as: o It shows the group's ability to secure projects of similar nature (in terms of work scope and margins) in quick succession, and illustrates its close relationship with the oil majors who are its customers o We expect more tenders to come up as given Australia's buoyant LNG scene and Ezion is well-placed to secure them, although the group is likely to focus on projects on the Western or North Western side of Australia (e.g. Wheatstone) after clinching several Eastern projects. This contract is expected to increase our FY13 earnings estimate by about 9%, but as Ezion will be announcing its 2Q12 results either Tue or Wed next week, we hold off adjusting our estimates till then. Maintain BUY with S$1.13 fair value estimate.

Warm regards,

Company Registration No: 198301152E

MARKET PULSE: Industrial REITs, CapitaLand, COSCO (2 Aug 2012)

Stock Name: Capitaland
Company Name: CAPITALAND LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 3.32

Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD

Research House: OCBC

Price Call: SELL

Target Price: 0.84

MARKET PULSE: Industrial REITs, CapitaLand, COSCO

2 Aug 2012

KEY IDEA Industrial REITs: 2Q12 results roundup Industrial landlords continued to deliver, meeting expectations for 2Q12. Going forward, we believe that industrial REITs will likely maintain their financial performances, driven by contribution from recent investments and healthy leasing activities in the industrial space. We also note that a few industrial REITs had cited the possibility of further positive rental reversions, as current market rents are still above the passing rents at some of their assets. As at 30 Jun, the subsector average occupancy rate stood at 98.4%, representing a 60-bp improvement QoQ, while the aggregate leverage was still comfortable at 33.5% (vs. 33.9% in 1Q). This reflects active portfolio and capital management by the REITs, as well as continued strong demand for industrial property. We maintain our OVERWEIGHT rating on the industrial REIT subsector. Cache Logistics remains our preferred pick, given its attractive FY12F DPU yield of 7.6% and robust portfolio. (Kevin Tan) MORE REPORTS CapitaLand: Uptick in Chinese sales CapitaLand (CAPL) announced 2Q12 PATMI of S$385.9m - down 3.3% YoY. Adjusting for revaluations and impairments, we estimate core PATMI at S$179.5m, which is broadly in line with expectations. In China, residential units sold leaped 218% QoQ to 812 units as buyer sentiments rebounded somewhat. Management indicates they had increased prices in the 4%-5% range, and expects to launch about 4k units in China this year (unchanged from 1Q12 guidance). 202 residential units were sold in Singapore over 2Q12 (57 in 1Q12) with most of the QoQ increase due to the Sky Habitat launch in Apr 12. We think CAPL's valuations remain undemanding, and continue to favor its sound balance sheet with S$5.1b in cash and net gearing of 0.41. Maintain BUY with a higher FV estimate of S$3.32 (25% RNAV disc), versus S$3.25, as we update valuations of its listed holdings. (Eli Lee) COSCO Corporation: In-line 2Q12 results COSCO Corp Singapore (COSCO) reported a 2% YoY decrease in revenue to S$975.3m and a 13% fall in net profit to S$27.6m in 2Q12, such that 1H12 net profit accounted for 50% and 43% of ours and the street's full year estimates, respectively. The slight drop in turnover was due to lower contributions from shipbuilding which more than offset the growth in shiprepair and marine engineering. Gross margin, however, increased from 7.5% in 2Q11 and 10% in 1Q12 to 12% in 2Q12; we note that unlike previous quarters which saw provision of losses for certain contracts (due to cost overruns), COSCO saw a S$15.9m reversal of expected losses that were recognized earlier. The group's order book stood at US$5.9b as at 30 Jun 2012 after receiving US$1b of new orders in 1H12 (mainly offshore). Meanwhile, current operating conditions and outlook of the Chinese shipbuilding sector remains challenging with minimal new orders and weak vessel values. Our Sell rating and fair value estimate of S$0.84 is currently under review. (Chia Jiunyang)

For more information on the above, visit www.ocbcresearch.comfor the detailed report.

NEWS HEADLINES - US stocks fell after the Federal Reserve held back from monetary easing but paved the way for further stimulus. The Dow and the S&P 500 Index both dropped 0.3%. - Japan's Suntory Group is seeking to take private Cerebos, maker of Brand's Essence of Chicken, with an offer to buy the 17.42% stake it does not own at for S$6.60/share (or ~S$365m). - CCM Group has secured two contracts worth a total of S$136.43m. The first is for a warehouse development with ancillary office and the second is for a commercial building. - Tiong Woon Corporation Holding expects to report a loss for FY12, largely due to foreign exchange loss and provision for doubtful debts. - A subsidiary of CDW Holding is selling its Suzhou factory premises to the government of Mu Du for RMB56.16m (S$11m) under a land acquisition exercise.

MARKET PULSE: Sakari, CapitaLand and Breadtalk (01 Aug 2012)

Stock Name: Sakari
Company Name: SAKARI RESOURCES LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 1.45

Stock Name: Capitaland
Company Name: CAPITALAND LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 3.25

Stock Name: BreadTalk
Company Name: BREADTALK GROUP LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 0.56

MARKET PULSE: Sakari, CapitaLand and Breadtalk

01 Aug 2012

KEY IDEA Sakari Resources: Longer-term outlook still muted Summary: Sakari Resources Limited (SRL) posted a decent improvement in 2Q12. 1H12 revenue met 49% of our FY12 forecast, while net profit met 64% of our full-year estimate. Higher sales volume, steady ASPs and improved cash costs were the key reasons behind the better-than-expected showing. We are upgrading our FY12 earnings estimate by 42% as SRL is likely to achieve the lower end of its US$85-90/ton ASP guidance for this year. However, with current global coal prices already below its ASP guidance, a prolonged slump could affect FY13 performance. With the current undemanding valuation, we maintain our HOLD rating and S$1.45 fair value. (Carey Wong) MORE REPORTS CapitaLand: Little surprises in 2Q12 numbers Summary: CAPL announced 2Q12 PATMI of S$385.9m - down 5.1% YoY. Adjusting for revaluations and impairments, we estimate 2Q12 PATMI at S$179.5m, which is broadly in line with our expectations. Top-line for the quarter came in at S$862.5m, climbing 16.5% YoY mostly due to a stronger contribution from residential sales in Singapore, China and Australia and revenues from Japanese shopping malls. In China, we saw the number of residential units sold jump 218% QoQ to 812 units, from an anemic 189 units in 1Q12, as buyer sentiments rebounded somewhat over the quarter. The Phase 3 of Beaufort in Beijing on 20 May 12 turned in positive numbers with over 61% of units launched already sold. In Singapore, 202 units were sold in 2Q12 (57 in 1Q12) with most of the increase in QoQ sales due to the Sky Habitat launch in Apr 12. We would speak with management about the results later today and in the meantime, put both our Buy rating and fair value estimate of S$3.25 UNDER REVIEW. (Eli Lee) BreadTalk Group: Stable 2Q12 expected Summary: Despite the difficult operating environment during the second quarter of the year, we remain hopeful for a stable QoQ showing in BreadTalk Group's (BTG) 2Q12 results, which are due to be released on 10 August. While F&B retail sales in Singapore have declined on a MoM basis, we do not anticipate a significant revenue drop-off due to BTG's strong bakery brand equity and popular Din Tai Fung (DTF) restaurant chain. Furthermore, BTG's operations in China and Thailand will provide additional support through strong sales in its bakery and Bangkok DTF respectively. Going forward, the environment remains challenging as costs of raw materials such as wheat and corn have touched 17 month highs on supply concerns. While we retain our confidence in management's ability to control costs, we adjusted our FY12 costs of sales projections slightly to incorporate the likelihood of a sustained elevation in raw material costs for the year. This adjustment sheds a cent off our fair value estimate to S$0.56. Reaffirm our HOLD rating ahead of BTG's 2Q12 earnings announcement. (Lim Siyi)

For more information on the above, visit www.ocbcresearch.comfor the detailed report.

NEWS HEADLINES - US stocks fell on concerns that central banks would not stimulate the global economy sufficiently. The Dow fell 0.5%, but still ended up 1% in Jul. The S&P 500 Index lost 0.5%, giving it a 1.3% rise from end-Jun. - BH Global Marine saw 2Q12 revenue decline 32% YoY to S$27.9m. PATMI fell 49% to S$2.0m. - Hotel Properties Ltd has formed a JV with two other companies to purchase a freehold, income-producing property located at 29-30 Old Burlington Street, London, for a consideration of £85m. - Parkson Retail Asia has completed its proposed acquisition 41.82% of the issued and paid up share capital of Sri Lankan company Odel for a total consideration of ~S$13.6m. - Yamada Green Resources expects to record a 4QFY12 loss, mainly due to fair-value losses from biological assets and lower gross profit from sale of self-cultivated fungi; but expects to remain profitable for FY12.