Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DBS upgrades Amtek to buy

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STOCKS NEWS SINGAPORE-DBS upgrades Amtek to buy May 14th 2012, 02:48 Sun May 13, 2012 10:48pm EDT DBS Vickers upgraded precision engineering firm Amtek Engineering Ltd to buy from hold and raised its target price to S$0.82 from S$0.75, citing better than expected quarterly earnings. Shares of Amtek were 1.6 percent higher at S$0.65 and have gained 10.2 percent since the start of the year. Amtek said its third quarter net profit fell 21 percent to $7.8 million from a year ago but this was higher than DBS's expectations due to stronger than expected sales in all business segments. Near term earnings are expected to improve, helped by a recovery in the hard disk drive segment and better margins, DBS said. Amtek also announced a surprise interim dividend of 2.3 Singapore cents. DBS said it expects Amtek to declare another dividend for the next quarter, lifting its dividend payout ratio to 55 percent from 50 percent. For related statement, click 1043 (0243 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:08 STOCKS NEWS SINGAPORE-CIMB raises Frasers Commercial target CIMB Research raised its target price for Frasers Commercial Trust, which owns office assets in Asia, to S$1.14 from S$0.96 and maintained its outperform rating. Units of FCT were flat at S$0.935 but have gained 27 percent since the start of the year. The broker raised its distribution per unit estimates for FCT to factor in the use of proceeds from the sale of its KeyPoint property to partially redeem its convertible perpetual preferred units. FCT could unlock more value for its unitholders as the management is looking to exit the Japanese market, where its assets are worth S$114 million in total, CIMB said. CIMB said it expects FCT's stock price to see more upside as it offered an attractive yield of 8.9 percent for the fiscal year ended September. For related story, click 1004 (0204 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:22 STOCKS NEWS SINGAPORE-OCBC upgrades UOL to buy OCBC Investment Research has upgraded property developer UOL Group Ltd to buy from hold and raised its target price to S$4.80 from S$4.77, citing higher average selling prices for one of its projects in Singapore. By 0111 GMT, shares of UOL were 0.5 percent lower at S$4.47 but have risen nearly 12 percent since the start of the year. UOL's first quarter net profit fell 63 percent to S$84 million ($67.2 million) due to lower revenue from property development and a drop in its share of profits from associated companies. This was in line with OCBC's expectations, with the broker saying UOL will continue to see revenue recognition from several Singapore properties. "Given limited land bank, we believe UOL to be relatively sheltered from uncertainties in the domestic residential space ahead," OCBC said in a report. For related story, click 0917 (0117 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:46 STOCKS NEWS SINGAPORE-Index futures up 0.3 percent Singapore index futures edged up 0.3 percent, indicating a positive start for the benchmark Straits Times Index after the market fell 3.6 percent last week. Asian shares eased on Monday as investors saw more reasons to cut risk after talks in Greece to form a new government failed, a German vote pointed to growing opposition to austerity steps and China took further steps to support its fragile growth. For related story, click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 1.2504 Singapore dollars) Link this Share this Digg this Email Reprints

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