Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB downgrades China Minzhong

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STOCKS NEWS SINGAPORE-CIMB downgrades China Minzhong May 15th 2012, 01:41 Mon May 14, 2012 9:41pm EDT CIMB Research downgraded China Minzhong Food Corp Ltd to neutral from outperform and cut its target price to S$0.81 from S$1.68, citing lower than expected quarterly earnings. Shares of China Minzhong were 2.7 percent lower at S$0.725, and have fallen 11 percent since the start of the year. China Minzhong said its third quarter net profit fell 7.8 percent to 240.8 million yuan ($38.1 million) from a year ago, hit by higher operating expenses and raw material costs. The company's margins were also dragged down by higher non-cash charges from its new processing facility and rising labour and fertiliser costs, CIMB said. The broker lowered its earnings estimates for China Minzhong due to the company's plans for minimal farmland expansion. "We suspect that slowing export demand could be behind the lower earnings growth, in addition to the delayed winter," said CIMB in a report. 0931 (0131 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:40 STOCKS NEWS SINGAPORE-Index futures down Singapore index futures were 0.2 percent lower, signalling a negative start for the benchmark Straits Times Index. Asian shares fell on Tuesday as investors liquidated riskier assets and sought refuge from the political turmoil fuelling fears of Greece's exit from the euro and threats to progress made so far to solve Europe's debt crisis. For related story click ($1 = 6.3215 Chinese yuan) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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