A Singapore Airlines Boeing 747-400 freighter, registration 9V-SFI performing flight SQ-7108 from Sydney,NS (Australia) to Kuala Lumpur (Malaysia) with 4 crew and a cargo of 2,186 sheep, was enroute at FL320 about 400nm south of Denpasar (Indonesia) when the crew received a smoke indication in a cargo bay, descended the aircraft to FL250 and diverted to Bali Denpasar for a safe landing about 45 minutes later. Emergency services did not find any trace of fire, heat or smoke.