Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index rises, led by Wilmar

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STOCKS NEWS SINGAPORE-Index rises, led by Wilmar May 22nd 2012, 04:25 Tue May 22, 2012 12:25am EDT Singapore shares rose by midday, with palm oil giant Wilmar International Ltd outperforming the market as traders scooped up the stock after a heavy sell-off triggered by the firm's worse-than-expected quarterly earnings. The Straits Times Index (STI) was up 1 percent at 2,817.73 points, but still around 7 percent lower than the year-high of 3,035.78 reached in mid-March. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.1 percent. "It's more of a rebound after the STI tested a support of 2,760 points. But generally investors are still quite cautious, and the STI is also quite close to a strong resistance of 2,840 points," said Ng Kian Teck, lead analyst at SIAS Research. Wilmar stock rose more than 3 percent after the palm oil firm's quarterly profit fall two weeks ago sent its shares tumbling about 21 percent to a recent low of S$3.71. OCBC Investment Research said after the sell-off, Wilmar's valuations were "not demanding". But OCBC said Wilmar's muted outlook was still a concern, cutting its price target to S$3.87 from S$4.30. Commodities firm Olam International Ltd rose 2.5 percent. Shares of consumer goods distributor JEL Corp surged 15 percent on nearly 183 million shares - the top traded stock by volume - after a positive media report said the firm appeared on track to rebuild its business. 1201 (0401 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com; Editing by Robert Birsel) ************************************************************ 10:49 STOCKS NEWS SINGAPORE-UOB Kay Hian starts Bumitama at 'buy' UOB Kay Hian initiated coverage of Bumitama Agri Ltd with a "buy" rating and a target price of S$1.10, citing the palm oil firm's production prospects and strong oil extraction rate. Bumitama shares were up 0.6 percent at S$0.90, about 21 percent higher than its initial public offering price of S$0.745. Bumitama made its trading debut on the Singapore bourse on April 12. UOB Kay Hian said it expects Bumitama's fresh fruit bunch (FFB) production to double in three years, driven by a 15-20 percent increase in mature areas every year, large young areas and progressive new plantings of 13,000 hectares per year. Bumitama also had a strong oil extraction rate (OER) of 24 percent in 2011, one of the highest in the industry, mainly due to newer mills and good practices of harvesting and loose fruit collection, UOB Kay Hian said. The broker noted that a high OER is important as it refers to the total crude palm oil volume each mill can extract from each tonne of FFB. 1023 (0223 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com; Editing by Chris Gallagher) ************************************************************ 09:48 STOCKS NEWS SINGAPORE-Tiger Air upgraded to hold by OCBC OCBC Investment Research upgraded Tiger Airways Holdings Ltd to hold from sell and raised its price target to S$0.67 from S$0.60, citing the budget carrier's improving operations and joint venture plans. Tiger shares were up 0.8 percent at S$0.645, bringing their gains to 1.6 percent so far this year. The FT ST Small Cap Index was up 0.6 percent. Tiger is on track to begin operations in Sydney as its second base from July this year, OCBC said, adding that the carrier will then be able to ramp up its operations to 64 sectors per day and optimise the utilisation of its 10 aircraft. OCBC also said Tiger's strategy of forming regional joint ventures, which can absorb some aircraft deliveries, is taking shape. But OCBC warned that execution risks are still a concern. Tiger's fleet will grow to 43 by the end of the 2013 fiscal year, which means Indonesia's PT Mandala Airlines and the Philippines' South East Asian Airlines have to each absorb another five aircraft from Tiger, OCBC said. If this fails, Tiger's core operations will again be saddled with too many aircraft, OCBC noted. For a related story, click 0927 (0127 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Muralikumar Anantharaman; eveline.danubrata@thomsonreuters.com ********************************************************* 08:51 STOCKS NEWS SINGAPORE-Index futures rise 1 pct Singapore index futures rose 1 percent early on Tuesday, indicating a higher start for the benchmark Straits Times Index. Asian markets kept gains on Tuesday after reclaiming some ground to move off lows for the year the day before, as hopes grew that Europe would embark on fresh action to address its debt crisis while promoting growth. 0847 (0147 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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