Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Orchard Parade up on asset spin-off plan

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STOCKS NEWS SINGAPORE-Orchard Parade up on asset spin-off plan Jun 13th 2012, 01:46 Tue Jun 12, 2012 9:46pm EDT Shares of hotel and property group Orchard Parade Holdings Ltd jumped as much as 17 percent to their highest level in more than four years, after the company said it will divest three of its hospitality assets into a trust. By 0119 GMT, Orchard Parade shares were 15.4 percent up at S$1.875, and have surged about 46.5 percent since the start of the year. DMG & Partners initiated coverage of Orchard Parade, the hospitality arm of property developer Far East Organisation, with a 'buy' rating and target price of S$2.23. "Spinning off its hospitality assets into a real estate investment trust will enable the group to monetise its hotels at a good valuation and create a platform for sustainable growth," DMG said in a report. Far East also has another five hotels and several serviced residences which it could inject into the hospitality trust, DMG said, adding that Orchard Parade could also sell its 49.5 percent stake in Yeo Hiap Seng Ltd, a non-core investment, generating more capital to be redeployed into the property business. For related statement click 0921 (0121 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:40 STOCKS NEWS SINGAPORE-Index futures down 0.2 pct Singapore index futures fell 0.2 percent, indicating the benchmark Straits Times Index may open down. Asian shares rose on Wednesday, following gains in European and U.S. markets where bargain hunters bought beaten down stocks, but markets remained vulnerable to the euro zone's debt woes as Spanish yields hit record highs on worries over banks. For related story click 0839 (0039 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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