Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Nam Cheong jumps on contract win

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STOCKS NEWS SINGAPORE-Nam Cheong jumps on contract win Jun 21st 2012, 01:53 Wed Jun 20, 2012 9:53pm EDT Shares of Singapore-listed Malaysian offshore vessel builder Nam Cheong Ltd surged as much as 13.7 percent to a seven-week high after it said it was awarded a letter of intent for projects worth $130 million. By 0134 GMT, Nam Cheong shares were 10.7 percent higher at S$0.186. Around 9.8 million shares changed hands, 5.7 times its average daily volume over the last five sessions. The letter of intent was to build four multi-purpose platform supply vessels, which will bring Nam Cheong's order book to 874 million ringgit ($276.98 million), surpassing last year's order book of 638 million ringgit, said AmFraser Securities. "Nam Cheong is one of our top picks in the offshore and marine sector, with exposure to Malaysia's booming oil & gas scene," said AmFraser in a note. The brokerage has a buy rating on Nam Cheong, with a target price of S$0.28. To read the statement, click on (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 3.1555 Malaysian ringgits)

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