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TPG Telecom Limited (TPM) upgraded its FY10 EBITDA guidance from $140 million – $150 million to $152 million – $158 million. The company also announced group EBITDA of $77.1 million and a net profit after tax of $27.5 million for the half year ended 31 January 2010.

TPG Telecom said the results represent a 34% increase on the EBITDA achieved in the corresponding period and a 443% increase on the NPAT achieved for the same period.

The company reported earnings per share of 3.8 cents for the six-month period.

TPG Telecom said broadband subscriber growth has continued strongly, with net additions of 54,000 in the six months to 31 January 2010, 48,000 of which were on-net, and subscribers totaling 460,000 at March 2010.

The company said it had accumulated cash reserves of $47.2 million, after paying $17.6 million in the half year to subscribe for 2.8 million shares in Pipe Networks Limited.

“These cash reserves will be used, together with the $66.2m raised through the institutional placement and share purchase plan conducted in February, and the new debt facility signed in March, to fund the acquisition of 100% of the remaining shares in Pipe under the scheme of arrangement approved on 17 March and payable on 31 March 2010,” TPG said.

The acquisition of Pipe Networks became effective on 17 March 2010 after being unanimously supported by Pipe’s board and 94% of the company’s shareholders.

TPG Telecom declared a fully franked interim dividend of 2c per share.

At the close of trade Monday, TPG Telecom shares were trading at $2.12.

New Hope Corporation (NHC) said today that it would sell off its 16.7% stake in Arrow Energy Limited to the company that would be jointly formed by Royal Dutch Shell and Petrochina. At the end of January, New Hope held 122.6 million shares worth around $576 million based on the updated takeover offer of $4.70 per share from Shell and Petrochina.

In the six months the diversified energy company reported a 93% slump in profit to just $111.5 million from $1.8 billion for the six months to 31 January 2010.

In the previous period however the bottom line was boosted from the proceeds of the $2.45 billion sale of the New Saraji Project to the BHP Billiton Mitsubishi Alliance (BMA) in 2008.

Stripping out one-off items New Hope said its profit had fallen a more modest 15.8% from $132 million as the stronger Aussie dollar affected exports and lower US dollar sale prices.

Looking ahead, New Hope declined to forecast an earnings figure, however said that it would retain its previously advised production guidance for 2010 of between 5.5 and 6.0 million tonnes.

Elsewhere the company said planning was underway to take advantage of a new mining lease at the New Acland mine, which if granted in late 2010 or early 2011, will enable production capacity to be incrementally increased up to 10 million tonnes per annum, subject to market conditions, rail and port capacity.

Commenting on the results for the previous six months, which included a 19.4% climb in revenue to $367 million, CEO Rob Neale said the result was underpinned by a 15.2% rise in coal production to 2.8 million tonnes.

“Our current expansion projects, especially at New Acland and our Queensland Bulk Handling port facility, remain on schedule and on budget,” Mr Neale said.

At the open Tuesday, New Hope shares were trading up 16c to $5.04.

UBS has downgraded Premier Investments (NEUTRAL, price target $9.00) despite a positive view on the company’s medium term prospects. The broker neutralised its view based on recent share price strength on short term operating headwinds.

In a note on the company’s first half results, UBS says apparel trading conditions were likely to remain difficult in the second half of the year, particularly given the company is cycling a comparable period that benefited from government stimulus.

This is a view shared by Citi (HOLD, price target $8.80). Citi goes on to say that historically PMV’s PE ratio has a strong correlation with movements in like-for-like sales, which suggests a weak share performance as the company faces operating headwinds over the second half of the year.

However, UBS says that over the medium term, the company remains strategically positioned with a strong balance sheet that it could deploy by licensing an international brand and rolling out new stores. Alternatively the group could acquire a small to mid sized retailer.

Also focusing on the PMV’s balance sheet, Goldman Sachs JBWere (BUY, price target $10.40) says an acquisition of capital management initiative is necessary to drive a share price re-rating. The broker expects this to occur over the next 6 to 12 months.

UBS has downgraded Premier Investments (NEUTRAL, price target $9.00) despite a positive view on the company’s medium term prospects. The broker neutralised its view based on recent share price strength on short term operating headwinds.

In a note on the company’s first half results, UBS says apparel trading conditions were likely to remain difficult in the second half of the year, particularly given the company is cycling a comparable period that benefited from government stimulus.

This is a view shared by Citi (HOLD, price target $8.80). Citi goes on to say that historically PMV’s PE ratio has a strong correlation with movements in like-for-like sales, which suggests a weak share performance as the company faces operating headwinds over the second half of the year.

However, UBS says that over the medium term, the company remains strategically positioned with a strong balance sheet that it could deploy by licensing an international brand and rolling out new stores. Alternatively the group could acquire a small to mid sized retailer.

Also focusing on the PMV’s balance sheet, Goldman Sachs JBWere (BUY, price target $10.40) says an acquisition of capital management initiative is necessary to drive a share price re-rating. The broker expects this to occur over the next 6 to 12 months.

Citi has upgraded AGL Energy to BUY with a price target of $16.60.

Asciano Group (AIO) announced it has secured a long-term rail haulage contract with Australian Freight forwarding company Sadleirs Transport that would generate over $150 million in revenue over the next seven years. The company said as part of the agreement its Pacific National operation would extend its current services that provide Sadliers transport rail vans between Sydney and Perth to also accommodate Sadliers haulage needs between Melbourne to Perth. Asciano said the agreement reinforces Pacific National’s leading position in the Intermodal freight market.

Isoft Group Limited (ISF) announced that NHS Shared Business Services (NHS SBS) has extended its contract for iSOFT Business Solutions to host its Oracle finance and purchasing applications by an additional two years. The company said the latest contract, worth $9.8 million, extends the original $47.8 million agreement, signed in March 2008, to 2016.

Asciano Group (AIO) announced it has secured a long-term rail haulage contract with Australian Freight forwarding company Sadleirs Transport that would generate over $150 million in revenue over the next seven years. The company said as part of the agreement its Pacific National operation would extend its current services that provide Sadliers transport rail vans between Sydney and Perth to also accommodate Sadliers haulage needs between Melbourne to Perth. Asciano said the agreement reinforces Pacific National’s leading position in the Intermodal freight market.

Isoft Group Limited (ISF) announced that NHS Shared Business Services (NHS SBS) has extended its contract for iSOFT Business Solutions to host its Oracle finance and purchasing applications by an additional two years. The company said the latest contract, worth $9.8 million, extends the original $47.8 million agreement, signed in March 2008, to 2016.

US markets moved higher Monday, led by healthcare stocks as they rallied after President Obama’s expanded healthcare plan was passed in the US House of Representatives. Under the plan, despite the big pharmaceutical companies being required to pay new fees, they will have access to up to 32 million new customers.

Weighing on the market were lingering doubts over the ability of Greece to repay its debts.

Meanwhile many investors are staying on the sidelines at least until more economic news is out later in the week, including existing home sales and durable goods orders.

The Dow Jones gained 43.91 points, or 0.41%, to 10,785.89, the S&P 500 advanced 5.91 points, 0.51%, to 1,165.81 and the NASDAQ put on 20.99 points, or 0.88%, to 2,395.40.

Among the major pharmaceutical stocks, Merck, Pfizer and Bristol Myers Squibb added 0.6%, 1.4% and 1.8% respectively.

Another sector of the market, hospital operators were the biggest gainers on the prospect of having more customers to treat.

Tenet Healthcare spiked 9%, while Community Health Systems rallied 6.2%.

Specifically for the insurers in the market, some rallied, while other fell. Cigna climbed 0.5%, while Humana was 1.4% below the line.

Among the financial stocks, Citigroup climbed 3.6%, while Bank of America was 0.8% higher.

Goldman Sachs shed 1%, while JPMorgan shares were 0.7% dearer.

In tech news, Google has re-routed Chinese mainland traffic through their Hong Kong servers, effectively ending censorship through the search engine as their spat over computer hacking with the Chinese government continues.

Its shares lost just 0.5%, while rival Yahoo! retreated 0.6%. It was a flat day overall for the sector with Apple the biggest mover among the big software stocks, adding 1.1%.

In other stocks, Caterpillar, whose CEO last week attacked the proposed healthcare bill saying it would cost his company $100 million, saw its shares climb 1%.

In oil stocks Exxon Mobil, Chevron and ConocoPhillips shares fell 0.1%, 0.7% and 0.5% respectively.

NYMEX light crude oil for April delivery rose US47c to US$81.15 a barrel.

COMEX gold for April delivery fell US$8 to US$1,099.60 per ounce.

European Markets

A decline among the financial stocks was countered a rally from the healthcare sector Monday with many European markets finishing the day near where they started. In Europe eyes were still turned to Greece as doubts remain over any European aid package to the country.

The benchmark UK FTSE 100 lost 5.58 points or 0.10% to 5,644.54, while the French CAC40 put on 2.56, or 0.07% to 3,928.00. The German DAX climbed 5.07, or 0.08% to 5,987.50.

The decline in banking stocks came after an International Monetary Fund official said many western economies faced serious problems repaying their debt.

In the UK, Barclays lost 1.1% and Royal Bank of Scotland was down 0.5%.

On the continent, Deutsche Bank and BNP Paribas drifted 0.2% and 0.3% lower.

As with their US counterparts, many pharmaceutical stocks gained ground, including GlaxoSmithKline and Astrazeneca, which put on 0.6% and 1% respectively.

However Swiss giant Novartis dipped 0.3%.

Among the miners, BHP Billiton and Anglo American were both 0.8% higher, while Rio Tinto was 1.6% above the line.

Many investors Monday turned to the more defensive food and tobacco industries.

British Foods and Nestle climbed 0.3% and 1.4% respectively.

Japanese Stocks

The Nikkei was closed for public holiday

Hong Kong Markets

The Hang Seng fell Monday as investors reacted negatively to India raising its interest rates. Banks were weaker, while property stocks, which have been running hot this year also lost ground.

The Hang Seng fell 437.57, or 2.05% to 20,933.25.

Bank of China was 1.5% lower, while HSBC slumped 2.1%. ICBC was 2.7% weaker.

Among property stocks, China Overseas Land lost 3.8%. China Resources Land gave up 1.7%. Hang Lung Properties, which gets 40% of sales from China, lost 4.6%.

Resource stocks were also weaker, including PetroChina which retreated 2.7%

Chinalco tumbled 4.1% on softer metal prices. Jiangxi Copper retreated 1.9%.

US markets moved higher Monday, led by healthcare stocks as they rallied after President Obama’s expanded healthcare plan was passed in the US House of Representatives. Under the plan, despite the big pharmaceutical companies being required to pay new fees, they will have access to up to 32 million new customers.

Weighing on the market were lingering doubts over the ability of Greece to repay its debts.

Meanwhile many investors are staying on the sidelines at least until more economic news is out later in the week, including existing home sales and durable goods orders.

The Dow Jones gained 43.91 points, or 0.41%, to 10,785.89, the S&P 500 advanced 5.91 points, 0.51%, to 1,165.81 and the NASDAQ put on 20.99 points, or 0.88%, to 2,395.40.

Among the major pharmaceutical stocks, Merck, Pfizer and Bristol Myers Squibb added 0.6%, 1.4% and 1.8% respectively.

Another sector of the market, hospital operators were the biggest gainers on the prospect of having more customers to treat.

Tenet Healthcare spiked 9%, while Community Health Systems rallied 6.2%.

Specifically for the insurers in the market, some rallied, while other fell. Cigna climbed 0.5%, while Humana was 1.4% below the line.

Among the financial stocks, Citigroup climbed 3.6%, while Bank of America was 0.8% higher.

Goldman Sachs shed 1%, while JPMorgan shares were 0.7% dearer.

In tech news, Google has re-routed Chinese mainland traffic through their Hong Kong servers, effectively ending censorship through the search engine as their spat over computer hacking with the Chinese government continues.

Its shares lost just 0.5%, while rival Yahoo! retreated 0.6%. It was a flat day overall for the sector with Apple the biggest mover among the big software stocks, adding 1.1%.

In other stocks, Caterpillar, whose CEO last week attacked the proposed healthcare bill saying it would cost his company $100 million, saw its shares climb 1%.

In oil stocks Exxon Mobil, Chevron and ConocoPhillips shares fell 0.1%, 0.7% and 0.5% respectively.

NYMEX light crude oil for April delivery rose US47c to US$81.15 a barrel.

COMEX gold for April delivery fell US$8 to US$1,099.60 per ounce.

European Markets

A decline among the financial stocks was countered a rally from the healthcare sector Monday with many European markets finishing the day near where they started. In Europe eyes were still turned to Greece as doubts remain over any European aid package to the country.

The benchmark UK FTSE 100 lost 5.58 points or 0.10% to 5,644.54, while the French CAC40 put on 2.56, or 0.07% to 3,928.00. The German DAX climbed 5.07, or 0.08% to 5,987.50.

The decline in banking stocks came after an International Monetary Fund official said many western economies faced serious problems repaying their debt.

In the UK, Barclays lost 1.1% and Royal Bank of Scotland was down 0.5%.

On the continent, Deutsche Bank and BNP Paribas drifted 0.2% and 0.3% lower.

As with their US counterparts, many pharmaceutical stocks gained ground, including GlaxoSmithKline and Astrazeneca, which put on 0.6% and 1% respectively.

However Swiss giant Novartis dipped 0.3%.

Among the miners, BHP Billiton and Anglo American were both 0.8% higher, while Rio Tinto was 1.6% above the line.

Many investors Monday turned to the more defensive food and tobacco industries.

British Foods and Nestle climbed 0.3% and 1.4% respectively.

Japanese Stocks

The Nikkei was closed for public holiday

Hong Kong Markets

The Hang Seng fell Monday as investors reacted negatively to India raising its interest rates. Banks were weaker, while property stocks, which have been running hot this year also lost ground.

The Hang Seng fell 437.57, or 2.05% to 20,933.25.

Bank of China was 1.5% lower, while HSBC slumped 2.1%. ICBC was 2.7% weaker.

Among property stocks, China Overseas Land lost 3.8%. China Resources Land gave up 1.7%. Hang Lung Properties, which gets 40% of sales from China, lost 4.6%.

Resource stocks were also weaker, including PetroChina which retreated 2.7%

Chinalco tumbled 4.1% on softer metal prices. Jiangxi Copper retreated 1.9%.

The Australian market remained mired in negative territory through the afternoon, lacking any real impetus to move higher following a weak lead from international markets. In healthcare new President Obama saw his historic healthcare bill pass, however the move saw little reaction from Australian healthcare stocks.

In consumer news, The February 2010 seasonally adjusted estimate for total sales of new motor vehicles decreased by 1.9% to just over 85,035 when compared to January 2010.

The major driver for the decline was an 8.6% slump in the sale of business vehicles following the withdrawal of a tax break for such purchases.

At the end of the day, the All Ords had lost 42.6 to 4,847.5, while the ASX/200 shed 42.0 to 4,830.2. Over 2.2 billion shares worth around $4 billion had changed hands.

By the close, the Healthcare sector was down 0.2%. The sector’s largest stock CSL shed 10c, or 0.3% to $35.86.

Cochlear added 85c, or 1.3% to $70.34.

Banks and Financials shed 0.8% as the big four banks all fell below the gain line.

ANZ dipped 41c, or 1.6% to $24.70 as the company said it had completed the acquisition of The Royal Bank of Scotland’s retail and commercial businesses in Hong Kong. The company also announced the launch of a new service known as ANZ Signature Priority Banking.

CBA and Westpac lost 0.8% and 1.2% to $55.75 and $27.11 respectively.

NAB slid 19c to $26.71 as the company, along with insurer AXA Asia-Pacific, announced an extension to an agreement related to the proposal by NAB to acquire 100% of AXA APH until 29 March 2010.

The insurers were mostly trading close to the gain line, with AMP, down 0.8% the only one to show any significant movement.

The Property Trust sector was down 0.3% with GPT, which rose 1c, or 1.8%, the only major stock to move higher.

Mirvac shed 1.5c to $1.48 as the group issued and priced $150 million in new domestic bond notes.
 
Heavyweight miners BHP Billiton and Rio Tinto fell 1.4% and 1.5% to $42.59 and $75.03 respectively, taking a combined 10 points off the broader indices.

The Materials and Resources sector shed 1.5%.

Chemicals and explosives company Incitec Pivot slumped 4.8% to $3.37 after JPMorgan downgraded its rating on the stock to “neutral”, arguing the diammonium phosphate price momentum stalled and is beginning to reverse.

Lihir Gold and Macarthur Coal dropped 1.3% and 4% to $3.16 and $11.85.

The Energy sector slid 0.8% after the price of crude weakened in the US following a rise in the greenback against the euro, while an unexpected increase to interest rates in India also contributed to the movement.

Of the majors Woodside shed 21c to $46.52, while Santos and Oil Search were 1.2% and 0.8% lower.

Arrow Energy fell 19c, or 3.6% to $5.10 after the company recommended shareholders accept a revised takeover offer from joint bidders Royal Dutch Shell and PetroChina. The offer means shareholders would receive one share in a new listed entity, Dart Energy Limited, and cash of $4.70 per share, up from a previous offer of $4.45 per share.

Coal stock New Hope dropped 5.1%. Oilfield engineering firm WorleyParsons shed 3.2% to $25.39.

Origin bucked the trend, rallying 22c, or 1.3% to $16.70.

Industrials dipped 0.3% as gains from three major players countered widespread losses elsewhere in the sector.

Leighton and Asciano were both 1.1% weaker, while Downer EDI fell 3.2% to $7.36.

Brambles rallied 16c to $7.65. MAp and Transurban rose 0.3% and 0.4% respectively.

Woolworths led the Consumer Staples sector 0.6% lower. The supermarket chain lost 35c, or 1.2% to $28.43.

Wesfarmers shed 6c to $31.74 as Metcash put on 5c, or 1.2% to $4.17. 

 The Consumer Discretionary sector was 0.6% in the red.

Premier Investments dropped 3.8% to $8.67 after reporting a 13.7% fall in profit to $42.4 million for the half-year ended 30 January. The group declined to forecast earnings figures for the second half of the year.

On the other hand, JB Hi-Fi rose 34c, or 1.7% to $20.14, while Myer fell 2.1% to $3.30.

Media players News Corp and Fairfax lost 1.1% and 1.4%, while Ten Network fell 3.5% to $1.815.

Telstra lost 1c to $3.15 as the Telecommunications sector lost 0.2%.

Around the region, the NZSE50 gained 2.9 to 3,233.3. The Straits Times Index lost 10.1 to 2,905.6. The Hang Seng dipped 361.7 to 21,009.1.

Spot gold was trading at US$1,108.00 per ounce, while the Aussie was buying US$0.9145.

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Oil Search expects limited oil price movement
Oil Search said a natural decline in production from the company’s existing mature oil fields and limited upward movements in the oil price due to slow economic growth would impact its future earnings.

At the bell, Oil Search shares were down 5c to $5.85.

Mirvac forecasts upswing in property market
Mirvac said that the company had earned 48% of its projected earnings in the first six months of the year, a strong result considering that traditionally earnings for the property group were skewed 40/60 to the latter half of the year.

At the end of the day, Mirvac shares were down 1.5c to $1.48.

Premier Investments profit dips 13%
Premier Investments, owners of the Just Jeans brand, reported a 13.7% fall in profit to $42.4 million for the half-year ended 30 January. Looking ahead, Premier Investments said it was cautiously optimistic about achieving ‘acceptable margin growth’ in the second half of the year, given the company’s strong brand.

At the close, Premier Investment shares were trading down 34c to $8.67.

Arrow recommends revised offer
Arrow Energy recommended shareholders accept a revised takeover offer from joint bidders Royal Dutch Shell and PetroChina (CSCo). The company said, if implemented, shareholders would receive one share in a new listed entity, Dart Energy Limited, and cash of $4.70 per share, up from a previous offer of $4.45 per share.

At the finish, Arrow Energy shares were down 19c to $5.10.

ANZ completes RBS Hong Kong acquisition
Australia and New Zealand Banking Group announced it had completed the acquisition of The Royal Bank of Scotland’s (“RBS”) retail and commercial businesses in Hong Kong. The company also announced the launch of a new service known as ANZ Signature Priority Banking, which is to be rolled out across Asia Pacific over the next 18 months.

At the bell, ANZ shares were trading down 41c to $24.70.

AXA and NAB extend agreement
AXA Asia Pacific Holdings and National Australia Bank announced that they have extended an agreement related to the proposal by NAB to acquire 100% of AXA APH until 29 March 2010. AXA APH said the proposal includes the acquisition of AXA APH’s Australian and New Zealand businesses, and the divestment of AXA APH’s Asian businesses to AXA SA.

At the end of the session, AXA APH shares were trading up 1c to $6.30, while NAB shares were trading down 19c to $26.71.