Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-UE E&C falls after OCBC cuts target price

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STOCKS NEWS SINGAPORE-UE E&C falls after OCBC cuts target price May 11th 2012, 02:12 Thu May 10, 2012 10:12pm EDT 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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