Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Semisubmersible orders seen picking up

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STOCKS NEWS SINGAPORE-Semisubmersible orders seen picking up Apr 2nd 2012, 08:01 Mon Apr 2, 2012 4:01am EDT Credit Suisse expects a pick up in orders of semisubmersible rigs despite the overall slowdown in the total rig orders and picked Keppel Corp Ltd and Yangzijiang Shipbuilding Ltd as its preferred stocks in the sector. Flows of rig orders for Singapore yards have been strong since late last year as oil explorers boosted their capital spending, encouraged by stubbornly high oil prices. The brokerage said its preference for Keppel and Yangzijiang was based on the low valuation of the stocks, trading at 11 and 6 times of 2012 price-earnings ratio compared to the sector average of 12 percent. "While total rig orders have continued to slow down, semisubmersible rig orders have gained momentum, representing four out of ten rig orders placed in the first quarter of 2012," Credit Suisse said in a report. It said Sembcorp Marine Ltd and Cosco Corp had won most orders in the first quarter, but rival Keppel Corp is expected to catch up. "In the near term, we expect Yangzijiang to be rerated as it develops further as an integrated marine services provider, and concerns about financial investments fade. We also expect Keppel to catch up on award of non-Petrobras contracts." For a story on Keppel, click: 1540 (0740 GMT) (Reporting by Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) *********************************************************** STOCKS NEWS SINGAPORE-Analysts see weakness in private home prices Singapore private home prices may see further declines this year, after estimates showed the first quarterly drop in nearly three years, analysts said. "Overall private home prices dipped marginally but this likely marks the start of gradual price easing in the coming quarters," CIMB said in a report. The broker is staying neutral on the sector, but has an outperform rating on Southeast Asia's largest developer CapitaLand Ltd, its top pick in the sector. DMG & Partners said it believes private residential prices are at an inflexion point, and expects them to fall by 10-15 percent, driven by the high-end segment. The broker maintains its sell rating on developers SC Global Developments Ltd and City Developments Ltd. Shares of CapitaLand have surged 41 percent so far this year, while City Developments has jumped 27 percent, versus a 14 percent rise in the Straits Times Index this year. For a related story, click: 1535 (0735 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) *********************************************************** 13:01 STOCKS NEWS SINGAPORE-OCBC upgrades Ascott Residence Trust to buy OCBC Investment Research has upgraded Singapore's Ascott Residence Trust (ART) to buy from hold and raised its price target to S$1.12 from S$0.98 mainly due to lower capitalisation rates for European assets. ART units were up 1.4 percent at S$1.08 and have risen around 12 percent so far this year. Four of ART's 17 properties in France are in Paris and are unlikely to face significant long-term capital value downside due to their prime quality and locations, OCBC said. It added that all four of ART's properties in Britain are in prime London areas run under management contracts with minimum guaranteed income clauses. "ART shares are attractive given a robust yield of 7.9 percent, which should underpin the share price, and an undemanding price-to-book ratio of 0.8 times, which provides a reasonable margin of safety for bear case fair-value write-downs," OCBC said. 1250 (0450 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ********************************************************** STOCKS NEWS SINGAPORE-Singapore shares rise at midday Singapore shares edged higher by midday, as better-than-expected Chinese manufacturing data staved off some concerns over a hard landing in its economy. The benchmark Straits Times Index (STI) .FTSTI was up 0.13 percent at 3,014.22, nearing a one-week high. The STI extended its gains on Friday, when it closed 14 percent higher for the first quarter. "China's data helped to provide some support for the market. However, we still lack key drivers to push the market up significantly. Many investors will be watching for U.S. non-farm payrolls data at the end of the week for a better indicator," said Ng Kian Teck, lead analyst at SIAS Research. Gains in the STI are also capped ahead of U.S. and European manufacturing data that will be released later on Monday, offering clues on global factory activity. Data on Sunday showed China's official Purchasing Managers' Index (PMI) CPNMIB=ECI, which covers large factories, jumped to an 11-month high of 53.1 in March, beating forecasts. For related story, click: ************************************************************ 10:59 STOCKS NEWS SINGAPORE-Maybank Kim Eng starts Amtek at buy Maybank Kim Eng initiated coverage of Singapore's precision engineering firm Amtek Engineering Ltd with a buy rating and a target price of S$1.09. Amtek shares were up 3.5 percent at S$0.74, and have gained 25 percent so far this year. However, Amtek's shares are still below their initial public offering price of S$1.30, and Maybank recommended investors to accumulate the shares, as earnings are expected to recover from the middle of this year. Although Amtek trades at lower valuations compared to its other contract manufacturing peers, the company stands out for its high return on equity and dividend yield, as well as the potential for margin expansion, said Maybank. "A conscious effort to focus on high margin business segments could translate into opportunities for margin expansion for Amtek," the broker said. 1052 (0252 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) ************************************************************ 10:30 STOCKS NEWS SINGAPORE-UOB downgrades Wheelock to hold UOB Kay Hian cut its rating on Wheelock Properties (Singapore) Ltd to hold from buy and retained its target price at S$2.00, citing a rally in its shares this year and a cloudy outlook for luxury homes. Shares of Wheelock were 0.5 percent lower at S$1.875, and have gained 24 percent so far this year. At Wheelock's current share price, UOB estimates the market has priced in expectations of a possible privatisation of the company. Despite a pick up in overall Singapore's home sales in the first two months of the year, sentiment in the luxury market segment remain depressed and may hurt Wheelock, whose entire residential project inventory in Singapore is in the high-end, UOB said in a note. The broker said foreigners, who account for about 30-50 percent of buyers in the luxury segment, are likely to remain on the sidelines amid volatile global economic conditions and additional buyer stamp duties in Singapore. For a related story, click: 1016 (0216 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) ************************************************************ 09:56 STOCKS NEWS SINGAPORE-CIMB starts Super Group at outperform CIMB Research initiated coverage of Singapore's Super Group Ltd, which makes instant beverages, with an outperform rating and a target price of S$2.37. Shares of Super were 1.1 percent higher at S$1.825 and have surged 39 percent so far this year. "Super offers great exposure to the rapidly-growing middle classes in difficult to penetrate Southeast Asian markets like Myanmar, where it is the top seller of instant coffee," CIMB said in a report. The company has also partnered key local players such as Petra in Indonesia and San Miguel in the Philippines to tap on their distribution networks, CIMB said. The brokerage expects Super's return on equity to improve, helped by rapid growth in its ingredients segment. 0947 (0147 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) ************************************************************ 08:51 STOCKS NEWS SINGAPORE-Index futures signal positive start Singapore index futures rose 0.3 percent, indicating a positive start for the benchmark Straits Times Index, buoyed by stronger-than-expected Chinese manufacturing data. Asian shares kicked off the second quarter in positive territory on Monday as risk appetite returned, with the MSCI's broadest index of Asia Pacific shares outside Japan rising 0.5 percent. 0850 (0050 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) Link this Share this Digg this Email Reprints

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