Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Phillip ups Ho Bee price target

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STOCKS NEWS SINGAPORE-Phillip ups Ho Bee price target Apr 30th 2012, 03:26 Sun Apr 29, 2012 11:26pm EDT Phillip Securities raised its price target on real estate developer Ho Bee Investment Ltd to S$1.43 from S$1.38 and maintained its neutral rating. Shares of Ho Bee were flat at S$1.39 and have risen about 36 percent so far this year. Ho Bee's revenue for the first quarter fell 51 percent year-on-year to $38.7 million, as residential sales were hurt by a stamp duty imposed by the government aimed at cooling the housing market, the broker said. "We remain concerned over the slow residential sale in the high-end segment," said Phillip in a report. However, Phillip said one of Ho Bee's industrial properties, One Pemimpin, sold out in less than a year. The broker added that it expects Ho Bee's office development, the Metropolis at One North, to be completed earlier than expected in the third quarter of 2013, and to provide a boost the company's net asset value. 1101 (0301 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuter.com) ************************************************************ 9:30 STOCKS NEWS SINGAPORE-OCBC upgrades NOL to buy OCBC Investment Research upgraded container shipping firm Neptune Orient Lines to buy from hold but maintained its target price of S$1.38, citing a recent share price fall despite increasing freight rates. NOL shares were up 0.4 percent at S$1.21. The stock has fallen about 17 percent from its recent high of S$1.45 on April 3, much further than a 1.5 percent fall in the broader market . "The correction in NOL's share price does not seem warranted," OCBC said. The Shanghai (Export) Containerised Freight Index was currently 43 percent higher than last year, with Shanghai to Europe freight rates more than doubling, OCBC said. It added that transpacific freight rates were significantly higher than a year ago. OCBC said shipping liners, including NOL, are profitable at current freight rates. After collectively losing at least $6 billion in 2011, liners are more disciplined in managing shipping capacity and refraining from price wars, it added. 0909 (0109 GMT) ************************************************************ 08:52 STOCKS NEWS SINGAPORE-Index futures rise 0.5 pct Singapore index futures rose 0.5 percent early on Monday, indicating a higher start for the benchmark Straits Times Index. Asian shares inched higher on Monday as weaker-than-expected U.S. growth data left open the possibility of more monetary stimulus from the Federal Reserve, but trading will likely be subdued with Japanese and Chinese markets closed. 0842 (0042 GMT) (Reporting by Eveline Danubrata in Singapore; editing by Miral Fahmy) Link this Share this Digg this Email Reprints

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