Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts target price on CSE Global

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STOCKS NEWS SINGAPORE-CIMB cuts target price on CSE Global May 11th 2012, 04:43 Fri May 11, 2012 12:43am EDT CIMB Research lowered its price target on CSE Global Ltd to S$0.89 from S$0.90 but kept its outperform rating on the systems integrator for the global oil industry, citing first-quarter results that met expectations and set up the company for earnings improvements later in the year. Shares of CSE were up 1.5 percent at S$0.705 but have fallen 6 percent so far this year, in line with the broader market . CSE announced on Thursday a 0.4 percent seasonal rise to its first-quarter net profit of S$12.6 million ($10 million), which formed 22 percent of CIMB's full-year forecast. The group also had higher operating costs for the quarter, although they were offset by lower administrative costs. This was due to a lower-than-expected gross margin of 31.4 percent, caused by the recognition of S$9 million zero-margin revenue from two telecoms projects in the Middle East, CIMB said. For CSE Global's first quarter results, click 1131 (0331 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 10:41 STOCKS NEWS SINGAPORE-Brokers upgrade Noble after results 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 0.9 percent at S$1.16 at 0236 GMT, but have gained 2.2 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. Noble posted a 46 percent fall in first-quarter net profit on Thursday, dragged down by losses on supply chain assets. 1027 (0227 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Chris Lewis; eveline.danubrata@thomsonreuters.com) ********************************************************* 13:04 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) ($1 = 1.2498 Singapore dollars) Link this Share this Digg this Email Reprints

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