Reuters: Hot Stocks: STOCKS NEWS ASEAN-Swiber falls 6%; brokers upbeat on placement

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STOCKS NEWS ASEAN-Swiber falls 6%; brokers upbeat on placement Mar 15th 2012, 04:20 Thu Mar 15, 2012 12:20am EDT Shares in Swiber Holdings Ltd fell as much as 6.4 percent on the Singapore offshore services firm's move to raise about S$62.5 million ($49 million) via a share placement, but brokers said it would Swiber cut debt and expand its footprint. CIMB Research cut its earnings per share estimates for 2012-2014 fiscal years by 5-12 percent to capture dilution from the share placement, partially offset by higher order wins. The broker said the funds should help Swiber chase more sizeable projects and break into new markets and raised its order assumption for 2012 to $600 million from $500 million. CIMB cut Swiber's target price to S$0.79 from S$0.94, but maintained its outperform rating. Swiber shares lost 4.9 percent and were among the top 20 traded by value. More than 13 million shares were traded, 1.4 times the average full-day volume traded over the past 30 days. "We believe that portion of the proceeds would be used to buy back vessels, eliminating the staggering interest cost that has been weighing on profitability," DMG & Partners Securities said. For Swiber's statement, click: link.reuters.com/jyd27s 1200 (0400 GMT) (Reporting by Eveline Danubrata in Singapore) Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net *********************************************************** 10:58 STOCKS NEWS ASEAN-OCBC cuts Singapore's Goodback to sell OCBC Investment Research downgraded its rating on logistics company, Goodpack Ltd, to sell from buy, citing a sharp rise following a deal with General Motors. While the deal was a catalyst for the group, OCBC said an almost one third increase in Goodpack's market value following the announcement this month seemed overdone. "Any revenue contribution from this deal will not be material in fiscal year 2012," the brokerage said and retained its price target at S$1.70. On Wednesday, Goodpack's shares surged to the highest level since June and were down 2.7 percent on Thursday. "Based on Goodpack's recent first half results, it is currently on track for a full-year 9 percent year-on-year revenue growth, which we deem insufficient to support the recent spike in its price," OCBC said. For a company statement, click 1040 (0240 GMT) (Reporting by Mark Tay in Singapore) Reuters messaging rm://mark.tay.thomsonreuters.com@reuters.net *********************************************************** 10:19 STOCKS NEWS ASEAN-Singapore's Interra up on Myanmar oil field Shares of Interra Resources Ltd surged as much as 8.1 percent after the Singapore petroleum exploration and production firm said its jointly controlled Goldpetrol Joint Operating Company Inc had started drilling a well in Myanmar. Interra shares rose 6.5 percent to S$0.33 and were among the top five traded stocks by volume in Singapore. More than 13 million shares were traded compared with average full-day volume of 15 million. "People might be hoping that they will find oil. The stock has also drawn interest recently because of its Myanmar exposure," said a local trader. Interra said on Wednesday YNG 3243 is the first development well to be drilled this year in the Yenangyaung oil field in Myanmar. Interra owns 60 percent of Goldpetrol, the operator of the field. For a statement, click: link.reuters.com/hud27s 1005 (0205 GMT) (Reporting by Eveline Danubrata in Singapore) Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net *********************************************************** 08:46 STOCKS NEWS ASEAN-Singapore index futures trade flat Singapore MSCI March futures edged 0.03 percent lower on Thursday, indicating a lacklustre start for the Straits Times Index. Asian shares eased on Thursday on renewed concerns about Chinese growth, but a brighter global economic outlook underpinned the dollar and kept investor risk appetite intact, reducing the appeal of safe-haven government debts. 0840 (0040 GMT) (Reporting by Eveline Danubrata in Singapore) Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net ($1 = 1.2686 Singapore dollars) Link this Share this Digg this Email Reprints

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