Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Nomura upgrades Wing Tai to buy

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STOCKS NEWS SINGAPORE-Nomura upgrades Wing Tai to buy Jun 29th 2012, 02:09 Thu Jun 28, 2012 10:09pm EDT Nomura Equity Research upgraded property developer Wing Tai Holdings to 'buy' from 'neutral' and raised its target price to S$1.76 from S$1.60. Wing Tai shares were up 0.8 percent at S$1.33 and have risen 41 percent so far this year. Nomura said while the market is concerned about Wing Tai's exposure to the tepid prime luxury segment, most of the downside risk is already priced in. It believes the market's current valuation of Wing Tai's portfolio is "overly conservative". Potential catalysts for re-rating include higher-than-expected dividend and redevelopment of existing properties to realise hidden value, Nomura said. "To replenish its residential land bank at a reasonable cost, we believe the company could explore redevelopment potential of its existing properties, such as the industrial properties in Kovan," Nomura said. 1000 (0200 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 09:36 STOCKS NEWS SINGAPORE-OCBC upgrades Tiger Air to buy OCBC Investment Research upgraded Singapore's Tiger Airways Holdings Ltd to 'buy' from 'hold' and raised its target price to S$0.76 from S$0.67, citing lower jet fuel prices and expected improvement in the budget carrier's operations. Tiger shares were up 2.2 percent at S$0.685 and have risen nearly 8 percent so far this year. OCBC said Tiger is likely to benefit from the current respite in jet fuel prices, especially with fuel cost contributing to more than 40 percent of its operating costs. OCBC estimated that Tiger can achieve around S$5 million ($3.9 million) of savings in fuel costs in the first quarter of 2013 fiscal year, given the 7 percent quarter-on-quarter fall in average jet fuel prices. With Tiger's Australian unit flying more sectors and lowering its unit fixed cost and Tiger Singapore more focused on improving yields and load factors, the budget carrier's profitability is poised to considerably improve in 2013, OCBC said. 0930 (0130 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 1.2804 Singapore dollars) Link this Share this Digg this Email Reprints

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