Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index up; GLP, Yoma rise

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STOCKS NEWS SINGAPORE-Index up; GLP, Yoma rise May 29th 2012, 04:58 Tue May 29, 2012 12:58am EDT Singapore shares edged higher, supported by gains in Global Logistic Properties (GLP), which owns logistics facilities in China and Japan, while small-cap property developer Yoma Strategic Holdings Ltd surged. By midday, the Straits Times Index was up 0.4 percent at 2,798.84 points after earlier hitting 2,801.52, its highest in a week. Asian markets gained 1 percent. GLP shares rose as much as 4.4 percent to a one-month-high at S$2.15 and were the second-highest traded stock by value in the market. GLP shares have added nearly 9 percent since the firm's fourth-quarter result last week. "It's a mix of having a growth angle coupled with strong cash flows. GLP's share price has fallen together with other developers in the last couple of weeks, so there's also a little bit of catch-up," said Donald Chua, an analyst at CIMB Research. Yoma shares extended gains from the previous day after the property developer's 2012 fiscal year net profit more than doubled from a year ago, and it said it has seen strong demand for its apartments in Myanmar. Yoma shares jumped as much as 21 percent on volume of 34 million shares, 2.6 times the average full-day volume over the past 30 days. Yoma was the third-highest traded stock by value. 1241 (0441 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 12:43 STOCKS NEWS SINGAPORE-JP Morgan cuts Wilmar to neutral J.P. Morgan Securities downgraded Wilmar International Ltd to neutral from overweight as the recovery in oilseeds crush margin in April appears short-lived. Shares of the world's largest listed palm oil firm were flat at S$3.76, compared with the Straits Times Index's .FTSTI 0.4 percent gain. Wilmar has plunged nearly 25 percent since the start of the year. The brokerage also cut its target price on the stock to S$4.30 from S$5.20. "The strong recovery in China's soybean crush margin was short-lived, with downtrend continuing through May. We now see little likelihood of the oilseeds and grains segment reversing its losses in the first quarter," JP Morgan said in a report. Wilmar may see flat to weaker earnings in the second quarter compared with previous quarter, and consensus earnings estimates may have further downside of about 20 to 30 percent if crush margins remain under pressure, the broker said. 1213 (0413 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:16 STOCKS NEWS SINGAPORE-Citi raises Tat Hong to buy Citigroup upgraded Tat Hong Holdings Ltd TAT.SI to buy from sell and raised its target price to S$1.40 from S$0.64, citing a recovery in equipment sales and rising utilisation levels for the firm's crawler crane division across the region. By 1043 (0243 GMT), Tat Hong shares were up 0.5 percent at S$1.03, slightly outperforming the FT ST Small Cap Index .FTFSTS which was 0.1 percent higher. The stock has gained 16.5 percent so far this year. Tat Hong's fourth-quarter net profit nearly tripled to S$11.2 million ($8.8 million) compared with the year-ago period, outperforming consensus estimate, helped by growth across its business segments and higher gross margins, Citi said. The company reported quarterly results on Monday. DBS Vickers raised its target price on Tat Hong stock to S$1.13 from S$1.08, but maintained its "hold" rating, citing limited upside at current levels. "The group remains well-positioned to ride on the robust construction activities in Asia-Pac, which is relatively insulated from the economic slowdown in Europe or US," DBS wrote in a note to clients. For Tat Hong's full-year financial results, click (nSNZc2hZ2w) 1045 (0245 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonruters.com) ************************************************************ 09:55 STOCKS NEWS SINGAPORE-Yoma up on profits, Myanmar outlook Shares of Yoma Strategic Holdings Ltd extended gains from the previous day after the property developer said its 2012 fiscal year net profit more than doubled from a year earlier and it has seen strong demand for its apartments in Myanmar. Yoma shares rose as much as 7.9 percent, outperforming the FT ST Small Cap Index which was 0.1 percent higher, on volume of 13.7 million shares. Yoma was the second-highest traded stock by volume in the Singapore market. "More positive developments such as the easing of U.S. sanctions and reforms of the local currency will simplify the process of investment in Myanmar and continue to stoke the flames of the real estate market," Maybank Kim Eng said. Yoma said on top of its property business, it will also build its agriculture and automobile operations in Myanmar. For example, black pepper is currently being planted at the firm's 100,000 acre Maw Tin Estate, Yoma said. For related stories, click,, . 0936 (0136 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 1.2774 Singapore dollars) Link this Share this Digg this Email Reprints

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