Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Growing home supply to continue to weigh-analysts

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STOCKS NEWS SINGAPORE-Growing home supply to continue to weigh-analysts Jun 14th 2012, 03:21 Wed Jun 13, 2012 11:21pm EDT Singapore will release 12 private residential sites under the government land sales programme, mainly in the mass market segment, and analysts said the increasing supply of homes will continue to weigh on property developers. The 12 confirmed private residential sites, including six executive condominium (EC) sites, will yield 7,100 units, in line with expectations, and the government is expected to use supply side policies to dampen the residential market, analysts said. "The significant ramp-up of EC units should ease underlying pent-up demand in the mass-market segment, which has surprised on the upside," said Deutsche Bank in a report. "Nevertheless, we believe that the rising residential supply and inventory levels will continue to overhang the developers, and we prefer the retail and industrial sectors," it said. The brokerage prefers companies such as Keppel Land and CapitaMalls Asia, which it has buy ratings for. DBS Vickers said it expects housing supply will be maintained at more than 7,000 units in the second half of the year, and "a rising medium term inventory will cap price upside to physical property prices". By 0304 GMT, Keppel Land shares were 0.7 percent higher at S$2.94, while CapitaMalls Asia was down 0.4 percent at S$1.435, compared to the FTSE ST All-Share Index's 0.4 percent loss. 1107 (0327 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:35 STOCKS NEWS SINGAPORE-OCBC cuts Golden Agri target price OCBC Investment Research has cut its target price on shares of palm oil company Golden Agri-Resources Ltd to S$0.74 from S$0.77 and kept its buy rating, on expectations of lower crude palm oil (CPO) prices. By 0125 GMT, Golden Agri shares were down 1.5 percent, and have fallen nearly 10 percent so far this year, compared to the Straits Times Index's 5 percent gain. OCBC is lowering its CPO assumptions for this year to $925 per tonne from $1000 per tonne, citing ongoing uncertainty in the euro zone, sluggish economic growth in the United States and in China. The broker has cut its 2012 forecast for the company by 3 percent, as lower CPO prices will have a bigger impact on plantation owners such as Golden Agri. 0927 (0127 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:49 STOCKS NEWS SINGAPORE-Index futures down 0.7 pct Singapore index futures fell 0.7 percent, signalling a weak start for the benchmark Straits Times Index. Asian shares eased on Thursday as weak U.S. retail sales raised concerns about sluggish economic growth, while an Italian debt auction later will test market confidence in whether it can avoid becoming the next victim in the euro zone crisis. To read related story, click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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