Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC ups SATS target price

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STOCKS NEWS SINGAPORE-OCBC ups SATS target price May 15th 2012, 02:38 Mon May 14, 2012 10:38pm EDT OCBC Investment Research raised its target price on aircraft ground handling and food services firm SATS Ltd to S$2.55 from S$2.43 and maintained a hold rating, citing its stable growth and high dividend payout ratio. SATS posted a fourth-quarter net profit of S$50.1 million for the fiscal year ended March 2012, 1.2 percent lower than a year ago but its highest for the year. Full-year 2012 profit fell 10.7 percent from a year ago to S$170.9 million. However, full-year revenue from the company's gateway services and in-flight catering segments saw year-on-year growth of 9 percent and 13 percent respectively, OCBC said. SATS management proposed a final and special dividend of S$0.06 and S$0.15 per share respectively, equal to a full-year dividend payout of 169 percent of net profit, the broker said. SATS shares were up 0.8 percent at S$2.63 and have gained 22.3 percent so far this year, outperforming the broader market . For SATS' earnings for fiscal 2012, click 1016 (0216 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 10:24 STOCKS NEWS SINGAPORE-Midas falls on poor Q1, target price cuts Shares of Midas Holdings, which supplies aluminium components to trains in China, fell as much as 6 percent to a three and a half year low after it reported worse-than-expected quarterly earnings, prompting brokers to cut target prices on the stock. Midas shares were 4.7 percent lower at S$0.305 with 1.1 million shares changing hands. The stock has fallen about 7.6 percent since the start of the year. Midas posted a 74.7 percent plunge in first quarter net profit to 15.3 million yuan ($2.4 million), compared to 60.4 million yuan a year ago, hit by lower contributions from its aluminium alloy business and under what DMG & Partners and OCBC Investment Research had expected. DMG cut its target price for Midas to S$0.29 from S$0.37, and lowered its earnings estimates for 2012-2013 by about 50 percent, maintaining its neutral rating. The broker said Midas' revenue was also disappointing, due to slower delivery of orders. "China's Ministry of Railways has yet to re-ignite contract tenders for high-speed rail train cars, despite repeated reaffirmation of its long-term commitment to the sector," said OCBC in a report. The broker cut its target price for Midas to S$0.33 from S$0.375, and kept its hold rating. For related story click 1003 (0203 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:41 STOCKS NEWS SINGAPORE-CIMB downgrades China Minzhong 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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