Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-STX OSV rises after order win

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STOCKS NEWS SINGAPORE-STX OSV rises after order win Jun 15th 2012, 01:57 Thu Jun 14, 2012 9:57pm EDT Shares of STX OSV Holdings Ltd rose as much as 3.52 percent after the offshore vessel builder said it had won a $235 million contract, prompting analysts to raise their target prices for the stock. By 0156 GMT, shares of STX OSV were up 3.2 percent at S$1.465, and have gained about 26 percent since the start of the year, compared with the FTSE ST Oil & Gas Index's 13 percent gain. STX OSV said its won a contract worth 1.4 billion Norwegian crown ($235 million) to design and build an advanced offshore subsea construction vessel for Ocean Installer and Solstad Offshore. CIMB Research said this was STX OSV's largest contract win since its listing in Singapore and its fifth subsea order so far this year. CIMB raised its target price for STX OSV to S$2.09 from S$2.02 and kept its 'outperform' rating, as it bumps up its order target for the company to 10 billion Norwegian crowns, from 9 billion Norwegian crowns. "Investment in drilling units in 2011 should pave the way for such vessels, which are needed for field development. We continue to see opportunities in the subsea segment," said CIMB. Another brokerage DMG & Partners also lifted its earnings per share estimates for STX OSV in 2012-2013 by 4-6 percent, upgrading its target price to S$2.05 from S$2.00. For a related statement click 0942 (0142 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:40 STOCKS NEWS SINGAPORE-Index futures up 0.1 pct Singapore index futures were 0.2 percent higher, indicating a slightly positive start for the benchmark Straits Times Index. Asian shares edged up on Friday, and the euro held most of the previous session's gains, as nervous investors took comfort from plans for coordinated action by major central banks to stabilise markets if Sunday's election in Greece results in turmoil. (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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