Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Citi downgrades Wilmar to hold

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STOCKS NEWS SINGAPORE-Citi downgrades Wilmar to hold Mar 28th 2012, 03:45 Tue Mar 27, 2012 11:45pm EDT Citigroup reduced its rating on Singapore palm oil firm Wilmar International Ltd to hold from buy and cut its target price to S$5.30 from S$6.10. Wilmar shares were down 1 percent at S$4.97. The shares are flat so far this year, underperforming a 14 percent rise in the broader market. Citigroup said the company's second half of 2011 was a disappointment as it had weak margin trends at both its oilseeds and palm merchandizing units due to heightened volatility. While market normalization will help Wilmar's margins recover in these two segments in 2012 fiscal year, the pace of recovery this year will be muted as Wilmar did not record sharply reduced inventory and receivables in the second half of 2011, Citi said in a report. "While execution on expansion plans in Indonesia may be slow for new entrants, there is now potential that more competitors (both existing and new) may be encouraged to set up facilities." 1140 (0340 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata.thomsonreuters.com) ************************************************************ 10:19 STOCK NEWS SINGAPORE-Otto Marine falls after rights issue Shares of Singapore's Otto Marine Ltd declined as much as 11.1 percent after the offshore marine firm proposed a rights issue to raise around S$75.6 million ($60 million). Otto Marine shares were down 9 percent at S$0.131 on volume of 13.7 million shares, 3.3 times the average full-day volume traded over the past 30 days. The stock was among the top five traded shares by volume. Otto Marine said on Wednesday it plans to issue up to 945.21 million rights shares at S$0.08 each on the basis of one rights share for every two existing shares. For a related story, click: 1010 (0210 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata.thomsonreuters.com) ****************************************************** 08:50 STOCKS NEWS SINGAPORE-Singapore index futures slip Singapore index futures fell 0.2 percent, indicating a weak start for the benchmark Straits Times Index. Asian shares drifted lower on Wednesday as investors waited for more clues on the state of the U.S. economy, after hopes for further stimulus from the U.S. Federal Reserve strengthened risk appetite and boosted prices the previous session. 0847 (0047 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata.thomsonreuters.com) ($1 = 1.2563 Singapore dollars) Link this Share this Digg this Email Reprints

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