Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares pare gains at midday

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STOCKS NEWS SINGAPORE-Shares pare gains at midday May 24th 2012, 05:00 Thu May 24, 2012 1:00am EDT Singapore shares pared earlier gains at midday, weighed by worries of a messy Greek exit from the euro zone and after Chinese data showed persistent weakness in its economy. The benchmark Straits Times Index was up 0.03 percent 2,781.33 points, down from its intraday high of 2,791.32. European Union leaders at an informal meeting on Wednesday said they wanted Greece to stay in the euro zone while respecting commitments it had made in return for its bailout. But the leaders have been advised by senior officials to prepare contingency plans in case Greece exits. China's HSBC Flash Purchasing Managers Index, an indicator of the country's industrial activity, retreated to 48.7 in May from 49.3 in April. "The weakness in today's market is a result of a confluence of factors. Some people think the PMI is a real worry," said Carey Wong, investment analyst at OCBC Investment Research. "We've been talking to a few manufacturing companies and capacity is idle. There's definitely a risk that demand may not be there," he added, which may weigh on the rest of Asia, including export-dependent countries like Singapore. For related story click 1245 (0445 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:34 STOCKS NEWS SINGAPORE-Maybank cuts Sarin target price Maybank Kim Eng lowered its target price for Sarin Technologies Ltd, an Israeli company that sells diamond scanners, to S$1.82 from S$2.28 and kept its buy rating, to account for a proposed bonus share issue. Shares of Sarin were up 4.6 percent at S$1.15, and have surged 89 percent since the start of the year, outperforming the key Straits Times Index's 5 percent gain. Sarin has proposed a 1-for-4 bonus share issue, which would increase existing share capital to 339.6 million shares from 271.7 million shares, said Maybank. Sarin plans to expand into a new growth market, the polished diamond segment, by launching its light performance technology product D-Light in a few weeks, the broker said. Maybank estimates it could potentially contribute annual revenue of about $40 million and net profit of $29 million. For related statement click 1106 (0306 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:31 STOCKS NEWS SINGAPORE-CIMB cuts Bukit Sembawang target price CIMB Research has cut its target price for property developer Bukit Sembawang Estates to S$5.72 from S$5.80 but kept its outperform rating, citing lower than expected full year earnings. Shares of Bukit Sembawang were 1.8 percent higher at S$4.48 and have gained 14.3 percent since the start of the year, versus the benchmark Straits Times Index's 5.4 percent rise. Bukit Sembawang said its net profit for the fourth quarter fell 18.3 percent to S$21.5 million ($16.8 million) from a year earlier. Its core profit for the fiscal year ended in March came in below CIMB's expectations, as the company saw lower recognitions from its projects. But its balance sheet remained strong, CIMB said, allowing it to pay shareholders a higher-than-expected dividend of 18 Singapore cents, compared to 12 Singapore cents in 2011. For the next fiscal year, CIMB expects Bukit Sembawang's earnings to be supported by pre-sales of Singapore residential developments Luxus Hills and Verdure. For related statement click 1027 (0227 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:56 STOCKS NEWS SINGAPORE-Oil prices down but oil, gas still attractive Although oil prices have come off highs, current levels are still elevated and capital spending in the oil and gas industry will continue, OCBC Investment Research said. "Renewed concern about the euro zone has resulted in increasing uncertainty in the markets, contributing to a correction in oil prices," OCBC said in a report. But it said oil prices at current levels are more sustainable for a global economic recovery, benefiting oil and gas players including rigbuilder Keppel Corp. Keppel posted a 141 percent rise in its January-March net profit to S$750.8 million ($586.8 million), which came in above OCBC's expectations, while smaller rival Sembcorp Marine's first quarter net profit of S$113 million was below its estimates. OCBC remains overweight on the oil and gas sector and said Keppel and offshore marine company Ezion Holdings Ltd were its top picks. It has buy ratings for both companies with a target price of S$13.38 for Keppel and S$1.13 for Ezion. Shares of Keppel were up 0.3 percent at S$10.04 and have gained about 8 percent since the start of the year. Ezion shares were 2 percent higher at S$0.76 and have jumped 15 percent since the start of the year. For related story click 0939 (0139 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:51 STOCKS NEWS SINGAPORE-Index futures up 0.1 pct Singapore index futures was up 0.1 percent, indicating a weak start for the benchmark Straits Times Index. Asian shares were steady but remained vulnerable on Thursday amid signs European leaders were unable to deliver meaningful measures to resolve the region's deepening debt crisis. 0850 (0250 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 1.2796 Singapore dollars) (Editing by Michael Perry) Link this Share this Digg this Email Reprints

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