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

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STOCKS NEWS SINGAPORE-OCBC cuts Yangzijiang target price Jun 21st 2012, 02:23 Wed Jun 20, 2012 10:23pm EDT OCBC Investment Research lowered its target price on shipbuilder Yangzijiang Shipbuilding (Holdings) Ltd to S$1.08 from S$1.23 while keeping its hold rating, citing a dim outlook for the industry. Shares of Yangzijiang were down nearly 1 percent at 0158 GMT at S$1.025 but have risen 12.7 percent so far this year, outperforming the benchmark Straits Times Index. Yangzijiang has cancelled a contract with Greek shipowner FreeSeas Ltd after it failed to make payments. Although the contract termination has no significant financial impact on Yangzijiang, it could be a signal of further changes in the shipbuilding industry, OCBC said. The brokerage noted that Chinese state-owned banks have distributed only $1 billion in loans to Greek shipowners, which was lower than expected. 1000 (0200 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 09:53 STOCKS NEWS SINGAPORE: Nam Cheong jumps on contract win Shares of Singapore-listed Malaysian offshore vessel builder Nam Cheong Ltd NMCG.SI 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 0953 (0153 GMT) Link this Share this Digg this Email Reprints

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