Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-SMRT shares hit one-week low

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STOCKS NEWS SINGAPORE-SMRT shares hit one-week low Apr 25th 2012, 02:11 Tue Apr 24, 2012 10:11pm EDT Shares of Singapore's main subway operator SMRT Corp Ltd fell to a one-week low after it said it would spend S$900 million ($722 million) on renewal and preventive maintenance to address problems that have led to numerous train breakdowns in recent months. SMRT shares were 2.8 percent lower at S$1.76, with over 1 million shares changing hands in early trading, half of its average daily volume over the last five sessions. Deutsche Bank downgraded SMRT to hold from buy and cut its target price to S$1.75 from S$2.00, saying it has turned more cautious given the company's near-term operational and regulatory risks. SMRT also faced uncertainty surrounding the succession of its chief executive, it added. The broker expects a significant proportion of SMRT's renewal costs to be incurred within the next five years, and raised its capital expenditure estimates for 2013-2017 by 50 percent. Citigroup also said there may be downside risks to its fourth quarter net profit forecast for SMRT of S$39 million. "The outlook beyond looks increasingly pessimistic given the significant expenditures ahead," it said. For related story click 0955 (0155 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 09:32 STOCKS NEWS SINGAPORE-UOB starts Cordlife at buy UOB Kay Hian has initiated coverage of Cordlife Group Ltd , a cord blood and tissue banking service provider, rating the company a buy with a target price of S$0.66 and citing its growth potential in Asia. Shares of Cordlife were up 0.9 percent at S$0.565, but have fallen 17 percent since its market debut in March. Its shares are still above its IPO price of S$0.495. Cordlife has the right-of-first-refusal to acquire business assets in high-growth developing markets such as India, the Philippines and Indonesia, which have one of the lowest penetration rates for cord blood banking services in Asia, UOB said. It added that the company also has a 10 percent indirect stake in Guangzhou Tianhe Nuoya Biology Engineering, which holds the sole licence to operate a blood bank in Guangdong, China. An increase in healthcare spending in China and an expanding middle class will help to drive Cordlife's growth in the country, UOB said. The broker expects Cordlife's earnings per share to grow at an average 13.6 percent a year over the next two years. For related story click 0920 (0120 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 09:08 STOCKS NEWS SINGAPORE-Index futures up 0.7 pct Singapore index futures was 0.7 percent higher, signalling a positive start for the benchmark Straits Times Index. Asian shares rose on Wednesday as firm U.S. corporate earnings, signs of an improving U.S. housing market, and healthy demand for euro zone sovereign debt stoked risk appetite, while focus shifted to the Federal Reserve's meeting. 0846 (0046 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 1.2460 Singapore dollars) (Editing by Richard Pullin and Jonathan Hopfner) Link this Share this Digg this Email Reprints

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