Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Vessel-builder STX OSV up, preferred bidder eyed

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STOCKS NEWS SINGAPORE-Vessel-builder STX OSV up, preferred bidder eyed May 15th 2012, 04:05 Tue May 15, 2012 12:05am EDT Shares of offshore vessel builder STX OSV Holdings Ltd extended their gain from the previous day on expectation that its parent company will soon announce a preferred bidder for a stake sale in the Singapore-listed firm. STX OSV shares rose as much as 5.2 percent to S$1.63 on Tuesday, the highest since May 3. The volume was 7.8 million shares, 1.2 times the average full-day volume traded over the past 30 days. STX OSV stock outperformed the FT ST Mid Cap Index which was down 0.6 percent. "Its parent could reveal preferred bidder this week, sustaining situational interest in the counter," DBS Vickers said, maintaining its buy rating and S$2.00 price target A STX OSV spokeswoman said the company was unable to comment on market speculation about a preferred bidder. South Korea's STX Corp has put its 50.75 percent stake in STX OSV, valued at about $800 million, on the block and hired J.P. Morgan and Standard Chartered to find a buyer. Italian government-owned ship builder Fincantieri SpA is among the suitors vying for a controlling stake in STX OSV, a source familiar with the matter said last month. DMG & Partners Securities said STX OSV's first-quarter earnings were in line with forecast. It maintained its buy rating and S$2.00 price target on the stock. For a related story, click link.reuters.com/dew28s 1121 (0321 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Sanjeev Miglani; eveline.danubrata@thomsonreuters.com) ************************************************************ 10:38 STOCKS NEWS SINGAPORE-OCBC ups SATS target price 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) ($1 = 5.9286 Norwegian krones) Link this Share this Digg this Email Reprints

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