Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts Sheng Siong to neutral

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STOCKS NEWS SINGAPORE-CIMB cuts Sheng Siong to neutral Apr 26th 2012, 02:37 Wed Apr 25, 2012 10:37pm EDT CIMB Research downgraded supermarket chain operator Sheng Siong Group Ltd to neutral from outperform and cut its target price to S$0.49 from S$0.51, citing intense competition that could further hurt its profits. Sheng Siong's shares were down 1 percent at S$0.48, but have gained 9 percent so far this year, underperforming the FT ST Small Caps Index's 16 percent rise. Sheng Siong reported a 74 percent rise in quarterly net profit to S$16.8 million, but CIMB said its core earnings per share was below its expectations, due to lower-than-expected gross margins. CIMB cut its 2012-2014 earnings per share estimates for Sheng Siong by 3-8 percent and said the company's cost savings from bulk handling and higher-margin fresh foods were eroded by higher promotions and discounts. Out of 5 analysts tracking Sheng Siong, 2 have a buy rating while 3 have a hold recommendation. For related statement, click link.reuters.com/wuf87s 1025 (0225 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:00 STOCKS NEWS SINGAPORE-Maybank downgrades SIA to hold Maybank Kim Eng cut its rating on Singapore Airlines Ltd (SIA) to hold from buy and expects the airline to report a weak quarterly results due to rising fuel prices. The brokerage reduced SIA's target price to S$11.05 from S$14.40. The airline's shares were 0.3 percent lower at S$10.67, and have gained 5 percent so far this year versus a 12 percent rise in the main market. SIA reports January-March results on May 9. Out of 23 analysts tracking SIA, only 6 have a buy rating, 13 have a hold and 4 have a sell recommendation. "Concerns over jet fuel prices, together with lingering uncertainties in the global economy, in particular Europe, pose strong headwinds to SIA and the aviation sector as a whole," Kim Eng said in a report. It said although SIA's passenger yields seem to be steadying, falling cargo yields could hurt its profitability. 0950 (0150 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ********************************************************** 08:43 STOCKS NEWS SINGAPORE-Index futures up 0.1 percent Singapore index futures inched up 0.1 percent, indicating a weak start for the benchmark Straits Times Index . Asian shares gained on Thursday, retaining positive momentum as the Federal Reserve reassured markets that it will keep its very accommodative stance to support growth, and optimism grew over strong corporate earnings after Apple Inc's robust results. To read a related story, click 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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