Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC starts COSCO at hold

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STOCKS NEWS SINGAPORE-OCBC starts COSCO at hold Apr 24th 2012, 02:31 Mon Apr 23, 2012 10:31pm EDT OCBC Investment Research initiated coverage of Singapore-listed Chinese shipbuilder COSCO Corp (Singapore) Ltd with a hold rating and a target price of S$0.98, citing weakness in the shipping industry. COSCO shares were 1.4 percent higher at S$1.07, and have surged 22.3 percent since the start of the year. OCBC said the operating environment for the dry bulk shipping and shipbuilding segments remains difficult due to an oversupply of vessels and fewer orders for shipbuilders. COSCO has ventured into offshore engineering, and its lack of experience in building rigs, jack-ups and drillships means it may take some time before productivity improvements are seen, OCBC said. 1007 (0207 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:44 STOCKS NEWS SINGAPORE-CIMB ups Frasers Centrepoint target price CIMB Research raised its target price for Frasers Centrepoint Trust, which owns shopping malls, to S$1.75 from S$1.65 and kept its outperform rating. Units of Frasers Centrepoint were 0.3 percent lower at S$1.555, and have gained 8 percent since the start of the year. Frasers Centrepoint on Monday said its distribution per unit for the second quarter rose 20.8 percent to a record high of 2.50 Singapore cents from a year ago, boosted by higher revenue and net property income. The broker increased its distribution per unit estimates for Frasers Centrepoint to reflect stronger rentals and margins, and positive management guidance on second half earnings. A favourable retail outlook and results from upgrading its Singapore mall Causeway Point will also help Frasers Centrepoint, CIMB said. For related story click link.reuters.com/qes77s 0913 (0113 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:41 STOCKS NEWS SINGAPORE-Index futures slightly higher Singapore index futures were up 0.03 percent, indicating a weak start for the benchmark Straits Times Index . Asian shares fell on Tuesday as political uncertainty and disappointing data in Europe raised fears the euro zone could struggle to push through austerity measures and may stay in recession until late in the year. 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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