Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares steady, SMRT declines

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STOCKS NEWS SINGAPORE-Shares steady, SMRT declines Apr 25th 2012, 05:58 Wed Apr 25, 2012 1:58am EDT Singapore shares were little changed, with Asian markets supported by signs of an improving U.S. housing market and firm U.S. corporate earnings. Shares of SMRT Corp Ltd, Singapore's main subway operator, extended early losses and fell 3.8 percent after it announced a S$900 million ($722 million) plan on renewal and preventive maintenance, prompting Deutsche Bank to downgrade the stock to hold. The benchmark Straits Times Index eased 0.04 percent to 2,973.2. However, rig builders Keppel Corp Ltd and Sembcorp Marine Ltd fell 1.5 percent and 1.9 percent respectively after the shares traded ex-dividend. Asian shares rose as investors turned to the Federal Reserve's policy meeting while keeping a bullish mood based on firm U.S. corporate earnings, signs of an improving U.S. housing market, and healthy demand for euro zone sovereign debt. 1345 (0545 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:59 STOCKS NEWS SINGAPORE-IEV Holdings up after contract win Shares of IEV Holdings Ltd jumped as much as 10.3 percent after the engineering company secured a two-year compressed natural gas (CNG) supply contract from PT Unilever Indonesia Tbk. IEV shares were up 8.1 percent at S$0.735, having surged 56 percent so far this year. PT Unilever, which manufactures home, personal care and food products, will buy more than 350,000 million metric British thermal units (mmbtu) of CNG. The revenue of more than $5 million from the contract is expected to boost the net tangible assets or earnings per share of IEV for the current financial year ending December 2012, the company said in a statement. UOB Kay Hian expects IEV to increase CNG processing capacity to 1.5 million mmbtu per annum this year from 1 million. It also forecast production to rise to 1.4 million mmbtu by the end of 2013 from 1 million in 2011. "We see further earnings upside as we have not factored in gas volume growth and margin expansion arising from IEV's upstream expansion and gas concession," UOB Kay Hian said, maintaining its buy rating and S$1.23 target price on the stock. For related stories, click link.reuters.com/tez77s and nL3E8C50AY 1228 (0428 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 12:01 STOCKS NEWS SINGAPORE-CIMB ups Suntec REIT target price CIMB Research raised its target price on Suntec Real Estate Investment Trust (REIT), which owns malls and offices in Singapore, to S$1.47 from S$1.45 and maintained its outperform rating. Suntec REIT was up 0.4 percent at S$1.29, having gained 20 percent so far this year. Suntec REIT has seen better rental reversions and stronger occupancy from its Suntec City offices, CIMB said. It also expects the firm to get goods and services tax rebates for the One Raffles Quay office building complex. Suntec REIT's management also said it is on track to hit its return on investment target of 10.1 percent from the improvement of its Suntec City mall, in view of secured pre-commitments of more than 45 percent, CIMB said. "With limited distribution per unit downside and at 0.65 times price-to-book value, we reckon its risk-reward remains in favour of a positioning for a bottom and successful remake of Suntec City Mall," CIMB said. Singapore office rents have come under pressure in recent quarters as the weaker global economic outlook led firms to hold back expansion. For a related story, click link.reuters.com/fez77s 1130 (0330 GMT) (Reporting by Leonard How and Eveline Danubrata in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 11:26 STOCKS NEWS SINGAPORE-JEL valuations high - Maybank The jump in shares of consumer electronics distributor JEL Corp Holdings JELC.SI to current levels has "no fundamental basis," broker Maybank Kim Eng said. The stock rose 26 percent to an all-time high of S$0.126 on Wednesday on speculation that recent investment in JEL by Singapore tycoon Sam Goi will improve operations at the unprofitable company. Around 300 million JEL shares were traded, making the company the most actively traded stock on the Singapore exchange. The exchange issued a query regarding the trading activity. JEL's shares have has surged 11 fold so far in April. The company reported a full-year loss of S$378,000 ($303,400) in February. The impact of any business restructuring on proftibility at JEL, currently on the Singapore Exchange's watch list, will take time, Kim Eng said. For related story click 0955 (0155 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:11 STOCKS NEWS SINGAPORE-SMRT shares hit one-week low 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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