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Tuesday April 29, 2014 - 05:03:29 GMT
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| | Email Asian Market Update: Samsung Electronics Q1 profit boosted by chip segment; China officially announces easing of property curbs - Source

- (NZ) NEW ZEALAND MAR TRADE BALANCE (NZ$): 920M V 900ME (5th straight month of trade surplus) - (KR) SOUTH KOREA MAR CURRENT ACCOUNT BALANCE: $7.3B V $4.5B PRIOR; GOODS BALANCE: $8.0B V $5.4B PRIOR Market Snapshot (as of 03:30 GMT): - Nikkei225 closed, S&P/ASX -0.6%, Kospi -0.2%, Shanghai Composite +0.2%, Hang Seng +0.5%, Jun S&P500 +0.2% at 1,869, Jun gold -0.3% at $1,295, Jun crude oil flat at $100.85/brl ***Highlights/Observations/Insights*** - Samsung Electronics posted its final Q1 results that were largely above consensus and company's preliminary estimates (Reports Q1 Final Net KRW7.5T v KRW6.8Te, Op profit KRW8.5T v KRW8.40T prelim, Rev KRW53.7T v KRW53.0T prelim), however shares are moderately lower. Analysts pointed to the decline in operating profits for the 2nd consecutive quarter as well as a flat projection for 2014 CAPEX, with subsequent reports indicating the expenditures had risen in 8 out of the past 10 years. Operating profit growth was the highest in the chip segment, rising to KRW1.95T v KRW1.07T y/y, while profits in TV and display segments fell. Broader Korea's Kospi is also down modestly despite the saber-rattling by the North. Pyongyang was reported to have established a launch firing area near western sea border, prompting Seoul to warn it would respond if artillery from the North fell into South territory - Down Under, New Zealand posted its 5th consecutive month of trade surpluses. Exports were up 15% y/y, imports up 13%, and overall exports of dairy products up an impressive 45%, despite some large declines in prices as reported in the recent Fonterra Global Dairy Trade auctions. Australia is leading regional indices lower despite an upgrade in output projections from Oil Search and M&A activity with ROC-Horizon Oil merger of equals. Australia PM Abbott warned there is a need to address significant budget problems, suggesting the possibility of an increase in tax rates. - China's Shanghai Composite has come off its overnight lows after falling to its worst levels in over a month. Official confirmation of easing property curbs in Guangxi Province - the first formal shift after weeks of press speculation - has helped to improve sentiment, despite a report of additional 22 pre-IPO disclosures received by the China Securities Regulatory Commission (CSRC). Separately, PBoC announced its 21st consecutive net drain - its single operation for the week ahead of the May 1st holiday period. - Markets in Tokyo were closed in observance of Showa Day, as traders brace for tomorrow's BOJ policy statement, accompanying update on projections for growth/inflation, and a large set of corporate earnings announcements. ***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$500M in indexed 2018 Bonds; avg yield: 0.9530%; bid-to-cover: 3.96x - (CN) PBoC to drain CNY50B in 28-day repos (21st consecutive drain); Injects net CNY91B this week v drained CNY2B prior - USD/CNY: (CN) PBoC sets yuan mid point at 6.1556 v 6.1565 prior setting (strongest setting since Apr 14th; 5th consecutive firmer setting) ***Equities*** US markets: - AMKR: Reports Q1 $0.09 v $0.01e, R$696M v $679Me; +6.1% afterhours - BWLD: Reports Q1 $1.49 v $1.35e, R$367.9M v $363Me; +5.3% afterhours - N: Guides FY14 $0.24-0.26 v $0.26e, R$540-545M v $540Me (prior $0.24-0.26, R$535-540M); Guides Q2 $0.02-0.03 v $0.04e, R$130-132M v $132Me; +2.0% afterhours - HIG: Reports Q1 $1.18 v $0.93e, R$2.86B v $2.81Be; +1.8% afterhours - HLF: Reports Q1 $1.50 v $1.30e, R$1.26B v $1.23Be; Terminates dividend in favor of stock buyback; Announces $216M (3.6% of market cap) increase in share repurchase program; -0.7% afterhours - UCTT: Reports Q1 $0.27 v $0.29e, R$144.2M v $138Me; -18.0% afterhours Post Afterhours close: - JEC: Reports Q2 $0.63* v $0.89e, R$3.18B v $3.33Be - NOK: Announces 5B capital structure optimization program (including special dividend and buyback for 2.25B), to resume ordinary dividend at 0.11/share; Confirms new CEO Notable movers by sector: - Consumer Discretionary: Bright Dairy & Food 600597.CN +4.7% (Q1 results) - Materials: Luoyang Glass 1108.HK +4.2% (Q1 results) - Energy: China Petroleum & Chemical Corp 386.HK -1.2% (Q1 results); Oil Search OSH.AU +1.0% (raises FY production guidance); Senex Energy SXY.AU -6.7% (Q3 production results) - Industrials: China Shipbuilding Industry Company 601989.CN -1.6% (FY13 results); First Tractor 38.HK -2.2% (Q1 results); Guangzhou Automobile Group 2238.HK +3.3% (Q1 results); Daewoo Engineering & Constr 047040.KR +6.4% (Q1 results) - Technology: Samsung Electronics 005930.KR -1.8% (Q1 final results); Gree Electric Appliances 000651.CN +3.6% (Q1 results) - Source


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