Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DBS downgrades OKP to hold

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STOCKS NEWS SINGAPORE-DBS downgrades OKP to hold May 9th 2012, 04:56 Wed May 9, 2012 12:56am EDT DBS Vickers reduced its rating on infrastructure and civil engineering company OKP Holdings Ltd to hold from buy and lowered its price target to S$0.65 from S$0.75. OKP's shares were down 6.8 percent at S$0.55, but have risen about 3 percent so far this year. The broker cut its 2012 earnings estimates for OKP by 16 percent due to risks of lower margins and slow recognition from its order book. OKP's first-quarter net profit fell 42 percent to S$3.1 million and came in lower than DBS' expectations. For OKP Holding's results, click. 1250 (0450 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 12:47 STOCKS NEWS SINGAPORE-CIMB upgrades Wing Tai to outperform CIMB Research raised its rating on property developer Wing Tai Holdings Ltd to outperform from neutral and increased the target price to S$1.38 from S$1.33 on expectations of improving demand for its high-end projects. Wing Tai's shares were up 0.9 percent S$1.17, and have gained 24 percent so far this year, outperforming the market. Wing Tai's third-quarter net profit fell 74 percent to S$42.3 million, hurt by a fall in sales from its developments. CIMB said although Wing Tai's sales were sluggish, this has been priced in its shares, trading at 0.5 times its price-to-book value. "We sense a turning point as inventory is starting to move. Recent rebates and incentives offered are likely sufficient to stir sales volumes," CIMB said in a report. For Wing Tai's results, click: link.reuters.com/nec28s 1240 (0440 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ******************************************************* 12:37 STOCKS NEWS SINGAPORE-Index falls to 3-month low, COSCO declines Singapore's key index retreated to the lowest level in more than three months in a regional sell-off on Greece bailout uncertainty, while COSCO Corp Singapore Ltd dropping after reporting weak results and a muted outlook. The Straits Times Index was down 0.7 percent at 2,911.90 points after hitting an intra-day low of 2,906.33, the weakest since early February. MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.2 percent. "Eurozone concerns weigh on investors' sentiment as the worry intensified that Greece may exit the Eurozone and contagion fear crept back after pro-austerity parties were unable to gain majority control in this week's elections," brokerage DBS Vickers said in a report. COSCO shares dropped as much as 3.5 percent to S$0.965, the lowest since mid-January, after reporting a 25 percent fall in first-quarter net profit. Brokers cut their forecasts for the company, highlighting pressure on margins. DBS Group Holdings and palm oil firm Wilmar International figured among large-cap losers in market and both stocks shed more than 2 percent. But shares of Singapore Telecommunications Ltd edged up 1 percent after the company acquired a mobile advertising startup and said the group's mobile users rose 11 percent to 445 million in March. 1230 (0430 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 12:26 STOCKS NEWS SINGAPORE-SingTel's Q4 net profit seen up 6.5 pct-poll Singapore Telecommunications Ltd is expected to report a 6.5 percent rise in fourth-quarter net profit to S$1.06 billion, according to six analysts surveyed by Reuters, reversing a trend of four consecutive quarterly earnings declines at Southeast Asia's largest telecoms company. A strong performance in Indonesia and Thailand is expected to outweigh the weak results from its Indian affiliates, Bharti Airtel, which suffered a 28 percent drop in January-March profit, partly due to stiffer competitions. "We assume both Singapore and Australia achieve 2012 financial year earnings before interest, tax, depreciation and amortisation guidance but only by the slimmest of margins, and with a strong fourth quarter," Commonwealth Securities said in a report. The brokerage said contributions from Bharti on a post-tax basis is expected to fall by 41 percent, while Telkomsel's contribution on a post-tax basis would increase by 25 percent. SingTel's shares have edged up nearly 2 percent so far this year, underperforming the 10 percent rise in the wider market . 1200 (0400 GMT) (Reporting by Leonard How and Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) ************************************************************ 10:27 STOCKS NEWS SINGAPORE-Midas falls on Q1 profit warning Shares of Midas Holdings, which supplies aluminium components to trains in China, shed as much as 8.5 percent after the company forecast a significant drop in quarterly net profit. Midas shares fell to S$0.325, the lowest since end-December. The company said the expected profit fall in its first-quarter was mainly due to lower revenue, higher operating expenses and finance costs, as well as share of losses from an associated firm, Nanjing SR Puzhen Rail Transport Co Ltd. OCBC Investment Research forecast Midas' first-quarter revenue to fall 31 percent and net profit to drop 47 percent from a year ago, given the challenging conditions in China's railway sector. It maintained its hold rating and a price target of S$0.375. link.reuters.com/qac28s 1010 (0210 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) *********************************************************** 10:08 STOCKS NEWS SINGAPORE-COSCO falls on weak results, outlook Shares of COSCO Corp (Singapore) Ltd declined after the Chinese shipbuilder reported a 25 percent drop in quarterly net profit and warned that business and operating conditions for the rest of the year would remain challenging. Brokers cut their forecasts on COSCO and the shares fell as much as 3.5 percent to S$0.965, the lowest since mid-January, while the FT ST Mid Cap index lost 0.8 percent. As of Tuesday's close, the stock had gained 14 percent, in line with the index. "Shipbuilding, ship repair and conversion margins will continue to face downward pressure. Share price will likely remain in doldrums," UOB Kay Hian said. It cut its price target to S$0.90 from S$0.93 and retained its sell rating. The broker said COSCO is eyeing total new offshore contract wins of $2 billion for 2012, but the company is unlikely to meet its target of securing orders for 20-25 bulk carriers due to the current difficult shipping environment. Out of 21 brokers tracking COSCO, 18 have a sell or strong sell, two have a hold and one has a strong buy rating. OCBC Investment Research said more Chinese yards are taking on repair work to compensate for the lack of shipbuilding orders, resulting in very competitive pricing. It maintained its hold rating and S$0.98 price target. For a related story, click 0950 (0150 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) *********************************************************** 08:38 STOCKS NEWS SINGAPORE-Index futures fall 0.5 pct Singapore index futures fell 0.5 percent early on Wednesday, indicating a lower start for the benchmark Straits Times Index. Asian shares fell and the euro stayed under pressure on Wednesday as Greek politicians struggled to form a government after elections, raising the risk that a hard-won bailout could be nullified. 0833 (0033 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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