Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC cuts Lian Beng's price target

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STOCKS NEWS SINGAPORE-OCBC cuts Lian Beng's price target Apr 12th 2012, 02:02 Wed Apr 11, 2012 10:02pm EDT OCBC Investment Research lowered its price target on Singapore construction firm Lian Beng Group Ltd to S$0.47 from S$0.51 and cut this year's earnings estimates, citing slow growth in its construction business. Lian Beng's shares were flat at S$0.41, and have gained 19 percent since the start of the year. OCBC kept its buy rating. The broker cut its revenue and net profit estimates on Lian Beng for the year ending June 2012 by 16 and 10 percent respectively. "The street, including ourselves, had previously not expected Lian Beng's execution of construction projects to slow," OCBC said after the company's results. Lian Beng said its nine-month net profit rose 10 percent to S$40.5 million from a year ago, helped by improving gross profit margins. Revenue fell 12 percent to S$333.7 million, mainly due to lower construction work recognised. OCBC said the company's order book fell to S$742 million from S$772 million at the end of the second quarter. For company statement, click: link.reuters.com/gyx57s 0955 (0155 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 08:45 STOCKS NEWS SINGAPORE-Singapore futures rise 0.06 p ct Singapore index futures were 0.06 percent higher on Thursday, indicating the benchmark Straits Times Index could see a weak start. Asian shares eased while the euro firmed, reflecting investor caution despite easing concerns about sovereign funding for troubled euro-zone economies Spain and Italy that helped U.S. and European equities rebound overnight. For related story click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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