Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC upgrades UOL to buy

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STOCKS NEWS SINGAPORE-OCBC upgrades UOL to buy May 14th 2012, 01:22 Sun May 13, 2012 9:22pm EDT 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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