Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares down at midday, Genting drags

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STOCKS NEWS SINGAPORE-Shares down at midday, Genting drags May 11th 2012, 04:47 Fri May 11, 2012 12:47am EDT Singapore shares fell by midday, dragged down by casino operator Genting Singapore PLC and investors retreating from risky assets on concerns about global growth. Genting shares plunged as much as 4.5 percent to a two-month low after it posted a decline in quarterly earnings and several brokerages lowered their target prices. By midday, Genting recouped some losses and was down 3.6 percent at S$1.61 with 74.2 million shares changing hands. This was 2.9 times its average daily volume over the last five sessions. CLSA cut its target price for Genting to S$2.33 from S$2.39, and kept its buy rating. CIMB Research trimmed Genting's target price to S$1.95 from S$2.00 and kept its outperform rating. The benchmark Straits Times Index was down 0.7 percent at 2,882.76, extending its losses for the third-straight session. A surprise loss from JPMorgan Chase & Co added to jittery sentiment. Asian markets tracked a sharp fall in U.S. stock index futures on Thursday evening after the bank said it suffered a trading loss of at least $2 billion from a failed hedging strategy. "I don't think JPMorgan's news would have helped but that's not the main reason (for today's market decline)," said Markus Rosgen, head of Asia Pacific Equity Strategy at Citigroup. "If you look at the latest economic data that we've had this week, export growth is slowing in China and in Taiwan. People are reassessing growth expectations." 1221 (0421 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:00 STOCKS NEWS SINGAPORE-CIMB cuts CityDev target price CIMB Research has cut its target price for Singapore property developer City Developments Ltd to S$9.05 from S$9.14 and kept its underperform rating. CityDev shares were 0.2 percent lower at S$10.20, but have gained about 15 percent since the start of the year. CityDev, Southeast Asia's second-largest developer, posted a 45 percent drop in first-quarter net profit to S$156.8 million on Thursday, hurt by lower margins from property development and an absence of one-time gains. This was below CIMB's expectations because of disappointing profit margins for new projects, which could be a recurring trend with new sales largely from the mass market, the broker said. CIMB cut its core earnings-per-share estimates for CityDev in 2012-2014 by 3-14 percent due to higher cost assumptions, it said. For related story click 1136 (0336 GMT) (Reporting by Charmian Kok in Singapore; Editing by Chris Lewis; charmian.kok@thomsonreuters.com) ************************************************************ 11:21 UPDATE 1-STOCKS NEWS SINGAPORE-Brokers upgrade Noble after results Several brokers upgraded their ratings on Noble Group Ltd , citing an improved outlook after the Singapore-listed commodities company posted its first-quarter results. Noble shares were down 1.3 percent at S$1.155 at 0316 GMT, slightly underperforming the broader Straits Times Index which lost 0.6 percent. Noble stock has gained more than 2 percent so far this year. CIMB Research said a strong rebound in Noble's energy and metals, minerals and ores segment more than offset seasonal weakness from its agricultural division in its first quarter. Noble will be a beneficiary of improving economies and new Chief Executive Yusuf Alireza brings a renewed focus on profits, CIMB added. It upgraded Noble to outperform from trading buy and raised its price target to S$1.42 from S$1.40. DMG & Partners Securities said it was positive on Noble on the back of increased confidence in its earnings outlook, stronger performance from sugar with the April-December production cycle and potentially better crushing margins in China. The broker upgraded Noble to buy from neutral and lifted its price target to S$1.60 from S$1.30. DBS Vickers said Noble's agricultural harvest and further expansion of energy division was expected to boost profit sequentially. It raised its earnings estimates for Noble's 2012-2014 fiscal years by 3-4 percent on higher contributions from the mining and ores segment. DBS Vickers upgraded Noble stock to buy from hold and raised its price target to S$1.40 from S$1.30. Noble posted a 46 percent fall in first-quarter net profit on Thursday, dragged down by losses on supply chain assets. 1116 (0316 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Chris Lewis; eveline.danubrata@thomsonreuters.com) ********************************************************* 11:05 STOCKS NEWS SINGAPORE: Fortune REIT rises after broker upgrade Shares of Singapore-listed Fortune Real Estate Investment Trust FORT.SI rose as much as 3.6 percent to a four-year high after it reported a rise in its distribution income for the first quarter. Units of Fortune REIT were up 2.6 percent at HK$4.28, and have gained about 14 percent since the start of the year. Fortune REIT said its income available for distribution in January-March rose 16.9 percent to HK$131.8 million ($16.98 million)from a year ago, which exceeded OCBC Investment Research's expectations. "Retail continues to remain a bright spot in the Hong Kong economy," said OCBC in a report. OCBC raised its target price for Fortune REIT to HKS$5.22 from HK$4.88 and kept its buy rating, citing expectations that two Hong Kong retail properties acquired in February will see full contributions in the next three quarters. The broker also increased its 2012 distribution per unit forecast for Fortune REIT to 31.7 Hong Kong cents from 29.4 Hong Kong cents. For related story click link.reuters.com/pem28s 1043 (0243 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ********************************************************* 10:13 STOCKS NEWS SINGAPORE-UE E&C falls after OCBC cuts target price Shares of UE E&C Ltd fell 6 percent to S$0.55 after OCBC Investment Research cut its target price on the Singapore construction and engineering firm to S$0.71 from S$0.82, while keeping its "buy" rating. The broker said UE E&C could be hurt if labour costs rise, given the Singapore government's stricter foreign manpower quota for the construction industry. Shares of UE E&C have gained about 43 percent so far this year. The construction firm saw an improvement in overall gross margins for its first quarter, but this could go down if labour costs rise, OCBC said. UE E&C reported on Thursday a 19 percent year-on-year fall in first-quarter net profit to S$4 million, mainly due to lower contribution from existing projects, the broker said in a report. For UE E&C's first quarter results, click 0938 (0138 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com; Editing by Chris Gallagher) ********************************************************* 08:41 STOCKS NEWS SINGAPORE-Index futures down 0.2 pct Singapore index futures fell 0.2 percent on Friday, indicating the benchmark Straits Times Index is likely to open down. Asian shares retreated early on Friday, spooked by JPMorgan's $2 billion huge loss from a failed hedging strategy, with investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook. For related story click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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