Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts Keppel T&T target price

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STOCKS NEWS SINGAPORE-CIMB cuts Keppel T&T target price Jul 18th 2012, 01:13 Tue Jul 17, 2012 9:13pm EDT CIMB Research cut its target price for logistics company Keppel Telecommunications & Transportation to S$1.20 from S$1.22 and kept its 'neutral' rating, citing potentially higher operating expenses. By 0101 GMT, shares of Keppel T&T were 0.4 percent lower at S$1.13 and have gained 1.8 percent since the start of the year, compared to the FT ST Industrials Index's 15 percent rise. CIMB said although Keppel T&T's second quarter net profit of S$14.2 million was in line with its estimates, operating expenses were above expectations due to higher staff costs and increased maintenance for its data centres and warehouses. Keppel T&T's net gearing in the second quarter was 0.68 times, and CIMB expects it to continue rising as the company enters a capital expenditure-intensive phase in the coming years. This could give rise to capital raising including rights issue or placement of new shares, CIMB said.

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