Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DMG upgrades Sheng Siong to buy

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STOCKS NEWS SINGAPORE-DMG upgrades Sheng Siong to buy Jul 4th 2012, 01:47 Tue Jul 3, 2012 9:47pm EDT DMG & Partners upgraded supermarket chain operator Sheng Siong Group Ltd to buy from neutral and raised its target price to S$0.51 from S$0.45, citing an expected strong dividend payout. At 0133 GMT, shares of Sheng Siong were up 2.3 percent at S$0.44, and have remained unchanged so far this year, compared to the FT Small Cap Index's 14.4 percent gain. The brokerage said it expects Sheng Siong to keep dividend payout at 90 percent versus its previous estimate of 50 percent, given it has no large capital expenditure plans in the near term and a positive working capital cycle. DMG also raised its 2012-2013 earnings estimates for Sheng Siong by about 0.8 percent to 1.5 percent, as two new stores are slated to open this month, increasing its gross floor area by 10 percent this year. 0937 (0137 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:25 STOCKS NEWS SINGAPORE-OCBC raises Golden Agri target price OCBC Investment Research raised its target price for palm oil firm Golden Agri-Resources Ltd to S$0.81 from S$0.74 and kept its 'buy' rating, citing a possible recovery in crude palm oil (CPO) prices. By 0114 GMT, Golden Agri shares were flat at S$0.72, and have gained 0.7 percent since the start of the year, underperforming the benchmark Straits Times Index's 12 percent rise. Golden Agri, the second largest palm oil plantation owner in the world, stands to benefit from a rebound in CPO prices, OCBC said. "We believe that a recovery of CPO prices is likely, given the concerns over the impact of a prolonged drought in the U.S. mid-west, affecting the potential supply of soybean crop," OCBC said in a report. Soybean and CPO prices have a strong correlation of 0.85, indicating that CPO prices will likely mirror a rise in soybean prices, it added. 0916 (0116 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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