Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Citigroup upgrades OCBC to buy

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STOCKS NEWS SINGAPORE-Citigroup upgrades OCBC to buy May 7th 2012, 05:16 Mon May 7, 2012 1:16am EDT Citigroup raised its rating on Oversea-Chinese Banking Corporation Ltd to buy from neutral and increased its price target to S$10.03 from S$9.40. The broker upgraded its recommendation ahead of what it expects to be a "robust" first quarter result and said its revised 2012 profit forecast of S$2.68 billion was 14 percent above the consensus estimate of S$2.35 billion. "Profits should be lifted by a strong life insurance result, and we took a positive read through from recently reported first quarter bank results, which suggested some return of loan pricing power, a benign markets backdrop for treasury and continued low provisions, with no signs of asset-quality deterioration," Citi said in a report. Shares of OCBC were down 1 percent at S$8.86 and have gained 13 percent so far this year, versus a 21.6 percent rise in DBS Group Holdings and a 20 percent jump in United Overseas Bank. For Great Eastern's quarterly results, click: . 1305 (0505 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 11:27 STOCKS NEWS SINGAPORE-Maybank ups City Developments to hold Maybank Kim Eng upgraded property developer City Developments Ltd to hold from sell and raised its price target to S$9.45 from S$9.30, ci ting stable hotel operations and less expensive valuations. Shares of City Developments were down 1.7 percent at S$10.41 and have gained around 17 percent so far this year, outperforming the broader market. The developer has seen slow but steady demand for units in its mass-market projects for the first quarter this year, selling over 250 units in March, the brokerage said, citing data from the Urban Redevelopment Authority. Kim Eng does not expect profits from these projects to be recognised soon as they are in early stages of construction. However, unsold units would see slower take-up down the road as competitors push out newer projects into the market, possibly slowing sales, it said. "We think that City Developments' share price is still vulnerable to potential policy risks concerning Singapore's residential property market, given its perception as a bellwether," Kim Eng said. 1115 (0315 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 08:49 STOCKS NEWS SINGAPORE-Index futures fall 1.4 pct Singapore index futures fell 1.4 percent early on Monday, indicating a weaker start for the benchmark Straits Times Index. Risk assets fell broadly on Monday after elections in Greece and France fueled questions about whether struggling euro zone economies will continue to pursue austerity measures which are seen by markets as crucial to resolving the bloc's debt crisis. 0841 local time (0041 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 0.6189 British pounds) Link this Share this Digg this Email Reprints

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