Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Singapore shares fall 1 pct to 1-month low

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS SINGAPORE-Singapore shares fall 1 pct to 1-month low Apr 11th 2012, 05:32 Wed Apr 11, 2012 1:32am EDT Singapore shares fell 1 percent to a one-month low, as concerns over slowing growth and renewed worries over the debt problems of struggling euro zone economies hurt risk appetite. At midday, the benchmark Straits Times Index had dropped to 2,951.68, slightly above an intraday low of 2,949.90. Data from China on Tuesday also suggested softening domestic demand after imports in March rose a smaller-than-expected 5.3 percent year-on-year. Rising Spanish and Italian bond yields also added to nervousness. "We are mainly in line with the region, and we are reacting to renewed concerns about the euro zone's debt woes. Spain and Italy are coming back into focus with debt yields rising again," said Jason Hughes, head of premium client management at IG Markets. He added that a bailout for weaker euro zone economies such as Spain cannot be ruled out, as yields had risen to "worrying" levels again. MSCI's broadest index of Asia Pacific shares outside Japan fell 0.8 percent to a 10-week low while Japan's Nikkei average dropped 1.5 percent to its lowest level in nearly two months. For related story, click 1306 (0506 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:38 STOCKS NEWS SINGAPORE-CIMB upgrades Singapore to overweight CIMB Research raised its rating on Singapore stocks to overweight from underweight, and highlighted inexpensive valuations in the offshore marine sector. Singapore stocks, being more exposed to external economies and markets, stand to benefit from the improving macro environment, with better-than-expected employment and production figures from the United States, the brokerage said. "Singapore has been an underweight for some time and with a recovering growth and return-on-equity trend, it is time to put the market back into the spotlight," CIMB said in a regional strategy report. It downgraded Thailand to neutral and Malaysia to underweight and retained its overweight rating on Indonesia. It said Singapore has also been a significant underperformer since the peak of 2007, and valuations remain cheap despite the run-up in recent months. The benchmark Straits Times Index has gained 12 percent this year, but underperformed markets in Vietnam, Philippines and Thailand. The broker's ASEAN 4-Model portfolio includes Singapore-listed offshore vessel builder STX OSV Holdings Ltd , and Keppel Corp and it has an outperform rating on both stocks. (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:59 STOCKS NEWS SINGAPORE-China Fashion shares jump 10 pct Shares of Singapore-listed China Fashion Holdings Ltd rose as much as 13.8 percent to a two-month high, after the company announced plans to buy an oil and gas firm in a S$41 million reverse takeover deal. China Fashion shares were up 8.6 percent at S$0.063 with over 78.5 million shares traded, 2.9 times its average full-day volume traded over the last five sessions. China Fashion said it plans to acquire oil and gas firm Golden Rainbow Enterprise Ltd in a reverse takeover, by issuing 103.4 million new shares to Techwin Energy Ltd at S$0.40 each. For related company statement, click 1045 (0245 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ******************************************************* STOCKS NEWS SINGAPORE-Nam Cheong up, Amfraser eyes O&G boom Shares of Nam Cheong jumped as much as 15.4 percent after a broker highlighted the Singapore-listed offshore vessel builder could benefit from a boom in Malaysia's oil and gas sector. Nam Cheong shares were up 10.3 percent at S$0.215, with more than 38.5 million shares traded. This was 7.1 times its average full-day volume traded over the last five sessions. The company's shares have surged 65 percent so far this year. Amfraser initiated coverage of Nam Cheong with a buy rating and a target price of S$0.28, adding that the company was the largest offshore vessel builder in Malaysia, with an estimated 50-75 percent market share. "(Nam Cheong) is positioned to ride the oil & gas up-cycle set in motion by Petronas' massive 5-year capex budget," Amfraser said in a report. Last year, Malaysia's national oil company Petronas revised its 5-year capital expenditure target upwards to 300 billion ringgit ($97.5 billion). Amfraser said although 2011 was a poor year for Nam Cheong, order wins have since recovered and it expects the company's earnings per share to jump by 56 percent this year. For related story on Nam Cheong, click 1033 (0233 GMT) ($1 = 3.0760 Malaysian ringgits) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ***************************************************** 09:47 STOCKS NEWS SINGAPORE-CIMB downgrades Keppel T&T to neutral CIMB Research cut its rating on Singapore logistics firm Keppel Telecommunications & Transportation Ltd (Keppel T&T) to neutral from outperform and lowered its target price to S$1.22 from S$1.24. Keppel T&T shares were unchanged at S$1.23, and have gained 11 percent since the start of the year. CIMB lowered its earnings per share estimates for Keppel T&T by 1-5 percent for 2012-2014 to account for higher interest expense as it borrows more to fund developments. The broker said that while the company's expansion into Jilin in China should help develop its core logistics business further, meaningful contributions from the country will only come in after a few years. "While its core logistics and data-centre earnings could continue to grow, full-year contributions from new warehouse capacity and data-centre expansion are largely in the price," said CIMB. 0943 (0143 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:22 STOCKS NEWS SINGAPORE-UOB upgrades SATS to hold UOB Kay Hian raised its rating on airline services company SATS Ltd to hold from sell and increased its target price to S$2.43 from S$2.34, citing an attractive dividend yield. Shares of SATS ticked up 0.4 percent to S$2.54, and have risen about 18 percent so far this year. UOB expects SATS to pay out a special and final dividend of 17 Singapore cents, in the absence of any plans for major mergers and acquisitions, implying a dividend yield of about 10 percent. Previous concerns over a slowdown in passenger and cargo traffic have also abated, due to a boost in low-cost carrier traffic, which will lead to incremental earnings and cash flow for SATS, UOB said. 1000 (0200 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 09:47 STOCKS NEWS SINGAPORE-CIMB downgrades Keppel T&T to neutral CIMB Research cut its rating on Singapore logistics firm Keppel Telecommunications & Transportation Ltd (Keppel T&T) to neutral from outperform and lowered its target price to S$1.22 from S$1.24. Keppel T&T shares were unchanged at S$1.23, and have gained 11 percent since the start of the year. CIMB lowered its earnings per share estimates for Keppel T&T by 1-5 percent for 2012-2014 to account for higher interest expense as it borrows more to fund developments. The broker said that while the company's expansion into Jilin in China should help develop its core logistics business further, meaningful contributions from the country will only come in after a few years. "While its core logistics and data-centre earnings could continue to grow, full-year contributions from new warehouse capacity and data-centre expansion are largely in the price," said CIMB. 0943 (0143 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 09:24 STOCKS NEWS SINGAPORE-OCBC cuts Cache Logistics target price OCBC Investment Research has cut its target price for Singapore's Cache Logistics Trust to S$1.11 from S$1.19, while keeping its buy rating, to reflect the private placement of new units. Units of Cache were unchanged at S$0.995 and have gained 4.8 percent so far this year. Last month, Cache Logistics issued 60 million new units at S$0.985 each, which saw strong take-up from Asian and European investors, the broker said. Proceeds will be used to fund the purchase of a Singapore industrial property and the acquisition will give the trust additional debt headroom of S$120 million, OCBC said. "We continue to favour Cache as one of the preferred picks in the industrial REIT (real estate investment trust) space," it added. (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 08:49 STOCKS NEWS SINGAPORE-Index futures down 1 pct Singapore index futures are currently down by about 1 percent, signalling a weak start for the benchmark Straits Times Index on Wednesday. Asian shares were lower in early trade, as uncertainty over global growth prospects, and resurfacing worries about debt restructuring in the euro zone, prompted investors to continue trimming their risk exposures. For related story, click [ID:nL3E8FA2VY} (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions