Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Midas falls on Q1 profit warning

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STOCKS NEWS SINGAPORE-Midas falls on Q1 profit warning May 9th 2012, 02:27 Tue May 8, 2012 10:27pm EDT 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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