Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts Yangzijiang target price

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STOCKS NEWS SINGAPORE-CIMB cuts Yangzijiang target price May 31st 2012, 02:16 Wed May 30, 2012 10:16pm EDT CIMB Research cut its target price for China's Yangzijiang Shipbuilding (Holdings) Ltd shares to S$1.30 from S$1.43 and kept its outperform rating, citing increased risk aversion triggered by the euro zone's debt woes. Yangzijiang shares were 1.4 percent lower at S$1.025, and have gained about 12 percent so far this year, compared with the FT ST China Index's 0.3 percent gain in the same period. CIMB said that the 13.6 percent plunge in Yangzijiang in May was unwarranted and the shares are oversold, trading at 1.2 times price-to-book value. "With no news of order cancellations, we foresee a rapid recovery in its share price if and when euro zone concerns dissipate," CIMB said in a report. Yangzijiang's entry into rig building could be easier than that of other Chinese shipbuilders such as COSCO Corp Singapore Ltd and JES International Holdings, due to its strong track record, the broker said. 0931 (0131 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:43 STOCKS NEWS SINGAPORE-Index futures down 0.5 pct Singapore index futures were down 0.5 percent, signalling a lower start for the benchmark Straits Times Index . Asian shares, the euro and oil prices fell on Thursday as surging borrowing costs in troubled Spain heightened fears that more countries in the euro zone will be hit hard by the regions' debt crisis. 0846 (0046 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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