Reuters: Hot Stocks: STOCKS NEWS ASEAN-OCBC downgrades CapitaCommercial Trust

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STOCKS NEWS ASEAN-OCBC downgrades CapitaCommercial Trust Mar 21st 2012, 02:04 Tue Mar 20, 2012 10:04pm EDT March 21 - OCBC Investment Research has downgraded Singapore's CapitaCommercial Trust (CCT) to hold from buy and lowered its share price target to S$1.14 from S$1.29. CCT shares were up 1.2 percent at S$1.235 in early trade. OCBC forecast office rentals in Singapore would fall 10-15 percent in the 2012 fiscal year due to macroeconomic uncertainties and an ample office pipeline. It added that office capital values could come under pressure. "For CCT's share price, we see key risks stemming from fair value write-downs as the domestic office sector softens further," OCBC said. But it said any price downside is likely to be capped by a currently undemanding valuation of 0.7 times price-to-book ratio and a fairly attractive yield of 5.7 percent for high quality Grade A office exposure. 0956 (0156 GMT) Reporting by Eveline Danubrata in Singapore Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net 09:32 STOCKS NEWS ASEAN-Otto Marine up on contract win Shares of Singapore's Otto Marine Ltd rose as much as 4.1 percent on Wednesday after the offshore marine firm said it won a North Sea ship chartering contract worth $36.5 million over five years. Otto Marine shares were up 2.7 percent at S$0.15 on volume of 6.3 million shares - 1.6 times the average full-day volume traded in the last 30 days. An option to extend the contract for two more years could raise the total value of the deal to around $52.4 million, Otto Marine said in a statement. The contract was awarded by SeaHold GEOSHIPS Ltd, a UK-based shipping company supporting offshore oil and gas and renewable energy projects. 0926 (0126 GMT) Reporting by Eveline Danubrata in Singapore Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net Link this Share this Digg this Email Reprints

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