Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Swiber rises on contract win

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STOCKS NEWS SINGAPORE-Swiber rises on contract win Mar 27th 2012, 01:38 Mon Mar 26, 2012 9:38pm EDT Shares of Swiber Holdings Ltd jumped as much as 6 percent after the offshore services firm won a $273 million contract in the Gulf of Mexico. Swiber was up 4.5 percent at S$0.70, with 18 million shares traded in the first 25 minutes of trade. It was among the top five traded stocks by value. Volume was 2.5 times the average daily volume traded over the last five sessions. "The Gulf of Mexico is new turf for Swiber, which has been focusing on Asian waters. This contract has raised Swiber's market position in the offshore construction industry," CIMB said in a report and maintained its outperform rating with a target price of S$0.79. Swiber's order book has risen to $1.3 billion with the latest contract, and CIMB said it expects the company to secure more smaller contracts in Asia over the next six months. Swiber said the contract, awarded by an oil major from the Gulf of Mexico, involves offshore construction works for the procurement, transportation and installation of pipeline in the Gulf of Mexico. For a related story, click: 0925 (0125 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) ************************************************************ 09:07 STOCKS NEWS SINGAPORE-Nomura starts STX OSV as reduce Nomura initiates coverage of Singapore-listed offshore vessel builder STX OSV Holdings Ltd with a reduce rating and a target price of S$1.68. STX OSV's shares have risen 53 percent so far this year to close at S$1.78 on Monday. "Although the outlook for the company and the offshore support industry remains relatively positive, order book replenishment remains a concern," Nomura said in a report. The broker said new contracts secured so far this year only accounts for 10 percent of Nomura's order win assumptions. It said STX OSV's valuations also look lofty, as it is trading at 8.7 times its 2012 forward price-to-earnings ratio, the high end of its historical PE band of 4-9 times. Out of 12 brokers tracking the stock, 11 have a buy or strong buy and one has a hold rating. For a related story, click: 0857 (0045 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) ************************************************************ STOCKS NEWS SINGAPORE-Singapore index futures rise Singapore index futures rose 1 percent, indicating a strong start for the benchmark Straits Times Index. The Nikkei share average was up 1.6 percent, while Korean shares gained 0.9 percent, buoyed by Federal Reserve Chairman Ben Bernanke's signal for supportive monetary policy. 0839 (0039 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) Link this Share this Digg this Email Reprints

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