Reuters: Hot Stocks: REFILE-UPDATE 1-STOCKS NEWS SINGAPORE-Brokers upgrade Noble after results

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REFILE-UPDATE 1-STOCKS NEWS SINGAPORE-Brokers upgrade Noble after results May 11th 2012, 03:21 Thu May 10, 2012 11:21pm EDT (Removes extraneous word from headline) Several brokers upgraded their ratings on Noble Group Ltd , citing an improved outlook after the Singapore-listed commodities company posted its first-quarter results. Noble shares were down 1.3 percent at S$1.155 at 0316 GMT, slightly underperforming the broader Straits Times Index which lost 0.6 percent. Noble stock has gained more than 2 percent so far this year. CIMB Research said a strong rebound in Noble's energy and metals, minerals and ores segment more than offset seasonal weakness from its agricultural division in its first quarter. Noble will be a beneficiary of improving economies and new Chief Executive Yusuf Alireza brings a renewed focus on profits, CIMB added. It upgraded Noble to outperform from trading buy and raised its price target to S$1.42 from S$1.40. DMG & Partners Securities said it was positive on Noble on the back of increased confidence in its earnings outlook, stronger performance from sugar with the April-December production cycle and potentially better crushing margins in China. The broker upgraded Noble to buy from neutral and lifted its price target to S$1.60 from S$1.30. DBS Vickers said Noble's agricultural harvest and further expansion of energy division was expected to boost profit sequentially. It raised its earnings estimates for Noble's 2012-2014 fiscal years by 3-4 percent on higher contributions from the mining and ores segment. DBS Vickers upgraded Noble stock to buy from hold and raised its price target to S$1.40 from S$1.30. Noble posted a 46 percent fall in first-quarter net profit on Thursday, dragged down by losses on supply chain assets. 1116 (0316 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Chris Lewis; eveline.danubrata@thomsonreuters.com) ********************************************************* 11:05 STOCKS NEWS SINGAPORE: Fortune REIT rises after broker upgrade Shares of Singapore-listed Fortune Real Estate Investment Trust FORT.SI rose as much as 3.6 percent to a four-year high after it reported a rise in its distribution income for the first quarter. Units of Fortune REIT were up 2.6 percent at HK$4.28, and have gained about 14 percent since the start of the year. Fortune REIT said its income available for distribution in January-March rose 16.9 percent to HK$131.8 million ($16.98 million)from a year ago, which exceeded OCBC Investment Research's expectations. "Retail continues to remain a bright spot in the Hong Kong economy," said OCBC in a report. OCBC raised its target price for Fortune REIT to HKS$5.22 from HK$4.88 and kept its buy rating, citing expectations that two Hong Kong retail properties acquired in February will see full contributions in the next three quarters. The broker also increased its 2012 distribution per unit forecast for Fortune REIT to 31.7 Hong Kong cents from 29.4 Hong Kong cents. For related story click link.reuters.com/pem28s 1043 (0243 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ********************************************************* 10:13 STOCKS NEWS SINGAPORE-UE E&C falls after OCBC cuts target price Shares of UE E&C Ltd fell 6 percent to S$0.55 after OCBC Investment Research cut its target price on the Singapore construction and engineering firm to S$0.71 from S$0.82, while keeping its "buy" rating. The broker said UE E&C could be hurt if labour costs rise, given the Singapore government's stricter foreign manpower quota for the construction industry. Shares of UE E&C have gained about 43 percent so far this year. The construction firm saw an improvement in overall gross margins for its first quarter, but this could go down if labour costs rise, OCBC said. UE E&C reported on Thursday a 19 percent year-on-year fall in first-quarter net profit to S$4 million, mainly due to lower contribution from existing projects, the broker said in a report. For UE E&C's first quarter results, click 0938 (0138 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com; Editing by Chris Gallagher) ********************************************************* 08:41 STOCKS NEWS SINGAPORE-Index futures down 0.2 pct Singapore index futures fell 0.2 percent on Friday, indicating the benchmark Straits Times Index is likely to open down. Asian shares retreated early on Friday, spooked by JPMorgan's $2 billion huge loss from a failed hedging strategy, with investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook. 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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