Singapore shares are likely to rise on Thursday after gains on Wall Street overnight although lower than expected earnings by market heavyweight Singapore Telecommunications (STEL.SI) may weigh on sentiment.

SingTel, Southeast Asia's largest telecoms firm, reported lower-than-expected quarterly profit, partly due to the cost of acquisitions by its Indian ally. Its July-September net profit was $892 million, down from $956 million a year ago.

The benchmark Straits Times Index <.FTSTI> fell 0.74% on Wednesday to 3,289.24 points.

City Developments (CTDM.SI), Southeast Asia's second-largest property firm, posted a 1.1% rise in third quarter net profit to $195.8 million as higher income from hotels were offset by a drop in development income.

Property developer Overseas Union Enterprise (OVES.SI) said on Wednesday its third quarter net profit jumped by over 16 times to $127.1 million from the year ago period, driven by higher sales from its hospitality division and a fair value gain of $128.4 million from the acquisition of two office towers.

UOL Group (UTOS.SI) said its third quarter net profit rose 18% to $124.7 million, up from $104.1 million a year ago, boostedby higher sales from property development. The firm said it had a record quarterly revenue of $345.2 million in the July-September period, up 7% from $323.9 million a year ago.

SC Global (SCGO.SI), which develops high-end residences, said its third quarter net profit jumped more than six times to $33.4 million from $5.4 million a year ago, on the back of higher revenue from its development projects in Singapore.

China Aviation Oil (Singapore) Corp. (CAO SP): China’s biggest supplier of jet fuel said third-quarter net income fell 26% from a year earlier to US$13.8 million ($17.8 million). The stock slid 0.6% to $1.67.

City Developments (CIT SP): Singapore’s second-biggest property developer said third-quarter profit rose 1.1% to $195.8 million from a year earlier, while revenue fell 21% to $745.5 million. Separately, the shares were cut to “neutral” from “overweight” at JPMorgan Chase & Co. The stock gained 1.4% to $13.48.

Mandarin Oriental International (MAND SP): The operator of luxury hotels said a continuation of the occupancy-led recovery reported in the first half of the year has enabled the company to increase average room rates. The stock retreated 3.8% to $2.02.

Neptune Orient Lines (NOL SP): Southeast Asia’s biggest container carrier was cut to “neutral” from “outperform” at Macquarie Group The stock lost 1.3% to $2.24.

Yanlord Land Group (YLLG SP): The China-based developer said third-quarter net income rose 21% from a year earlier to $110 million. The stock declined 2.2% to $1.80.