Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Down by midday; NOL outperforms

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STOCKS NEWS SINGAPORE-Down by midday; NOL outperforms Apr 30th 2012, 04:25 Mon Apr 30, 2012 12:25am EDT Singapore shares eased by midday on Monday, but container shipping firm Neptune Orient Lines outperformed the market after a broker upgraded the stock, citing its recent price fall despite higher freight rates. The Straits Times Index was down 0.2 percent, or 6.15 points, at 2,975.43. Shares of NOL, the world's seventh-largest container shipping company, rose as much as 2.9 percent to S$1.24. OCBC Investment Research upgraded NOL stock to buy from hold but kept its target price of S$1.38. OCBC said NOL's recent share price correction "does not seem warranted", adding that better discipline by shipping liners in managing capacity and refraining from pricing wars may alleviate concerns about oversupply in the sector. Shares of consumer electronics distributor JEL Corp Holdings , the top traded stock by volume in the Singapore market, fell as much as 14 percent after analysts said its recent price surge may have run ahead of fundamentals. JEL's share price has been retreating after it increased about 14 times to a more than five-year high of S$0.158 after an investment by Singapore billionaire Sam Goi. "The STI has been unable to break past the 50-day moving average of 2,988 points so we are seeing some pressure," said Ng Kian Teck, lead analyst at SIAS Research. "Penny stock holders are turning more cautious and taking money off some speculative positions." 1210 (0410 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuter.com) ************************************************************ 11:26 STOCKS NEWS SINGAPORE-Phillip ups Ho Bee price target 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) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuter.com) ************************************************************ 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; eveline.danubrata@thomsonreuter.com) Link this Share this Digg this Email Reprints

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