Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Home prices well supported - Credit Suisse

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STOCKS NEWS SINGAPORE-Home prices well supported - Credit Suisse Jul 13th 2012, 02:31 Thu Jul 12, 2012 10:31pm EDT Singapore's residential property prices are well supported at current levels, despite the weak global economic outlook, as home owners have little debt and remain bullish about the sector, according to a Credit Suisse survey. "At least 76 percent of households are able to afford a property fairly easily. We also note that 47 percent do not have an existing mortgage, while another 46 percent have only one mortgage," the Swiss bank said in a report. "Meanwhile, 30 percent have over S$100,000 in liquid assets (cash-in-hand), which in our view could easily form the down payment towards buying a property," Credit Suisse added. Credit Suisse said the majority of Singaporean and local residents expect property prices and rents to continue rising, even though close to 60 percent expect further government measures to cool the sector. The Swiss bank has overweight ratings on CapitaLand and City Developments with target prices of S$3.70 and S$12.65, respectively. 1024 (0224 GMT) (Reporting by Kevin Lim in Singapore; kevin.lim@thomsonreuters.com) ************************************************************ 10:23 STOCKS NEWS SINGAPORE-Citi upgrades Genting Singapore to neutral Citigroup upgraded casino operator Genting Singapore to neutral from sell, citing limited downside in its share price at current levels, but cut its target price to S$1.42 to S$1.47, due to a slowdown in VIP volumes. By 0210 GMT, Genting shares were 0.4 percent higher at S$1.375 and have fallen nearly 9 percent so far this year, versus the Straits Times Index's 12.7 percent rise. Genting is trading at all all-time low of about 8.5 times its estimated 2013 EV/EBITDA multiple, therefore downside risk to its stock is limited, said Citi. However, Citi cut its estimate for Singapore's gross gaming revenue to $6.2 billion from $6.5 billion, and expects Genting's Resorts World Sentosa casino in Singapore to lose market share to rival Marina Bay Sands in the mass market segment due to the opening of a train station at Marina Bay Sands in January this year. Citi forecasts Genting will report revenue of S$757 million in the second quarter, up 6 percent from a year ago and EBITDA of S$355 million. 1012 (0212 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:26 STOCKS NEWS SINGAPORE-CIMB ups Ezra target price CIMB Research raised its target price for offshore services firm Ezra Holdings to S$1.38 from S$1.21 and kept its 'outperform' rating, after it reported strong quarterly earnings. At 0114 GMT, Ezra shares were 2.3 percent higher at S$1.115, with 4.2 million shares traded, compared to its full day average volume of 4.3 million over the last five sessions. So far this year, Ezra has surged 33 percent, outperforming the FT ST Oil & Gas's 21.5 percent rise. Ezra's third-quarter net profit jumped 248 percent to $22.4 million from a year earlier, helped by a strong contribution from its subsea segment and foreign exchange gains. CIMB expects Ezra to see a strong pick-up in revenue and profits in the current quarter as there are more projects in the pipeline, and margins could rise to 16-18 percent. "It is making good progress in the subsea market with profitable execution and order wins, which could catalyse the stock," said CIMB in a report. It said Ezra was on track for a strong earnings recovery for fiscal 2013. To read a statement, click 0917 (0117 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) (Editing by Eric Meijer) Link this Share this Digg this Email Reprints

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