Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares down; NOL leads losses

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STOCKS NEWS SINGAPORE-Shares down; NOL leads losses Jul 12th 2012, 04:59 Thu Jul 12, 2012 12:59am EDT Singapore's main index fell for the first time in three sessions as it neared a key resistance level and an unexpected rate cut from South Korea together with a drop in Australian employment added to worries about the worsening global economy. The benchmark Straits Times Index fell 0.4 percent to 2,977.72 points, and a total of 271 securities declined during the session while 153 gained and 164 were untraded. Container shipping firm Neptune Orient Lines (NOL) was the biggest loser on the STI, falling 2.2 percent to S$1.12, hurt by concerns trade may weaken on slower growth. "Investors will be more cautious as the STI approaches the key 3,000 resistance and we may see a slight correction for the rest of the week," said a local trader. Investor sentiment was also weakened after minutes from a Federal Reserve meeting in June showed conditions may need to worsen before policymakers possibly buy more bonds to stimulate the U.S. economy. 1249 (0449 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:32 STOCKS NEWS SINGAPORE-UOB ups ST Engineering target price UOB Kay Hian raised its target price for Singapore Technologies Engineering to S$3.78 from S$3.34 and kept its 'buy' rating, citing continued order wins. By 0425 GMT, ST Engineering shares were 1.8 percent lower at S$3.21 and have gained 19.3 percent since the start of the year, compared to the Straits Times Index's 12.5 percent rise. In the second quarter, ST Engineering secured S$1.5 billion worth of new contracts, 100 percent higher than the previous quarter, suggesting its order book in April-June will likely surpass S$12.3 billion, which was achieved at end-2011. Despite this, ST Engineering is trading at 0.81 times its orderbook, a discount to its 5-year average of 0.88 times, said UOB. 1227 (0427 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:40 STOCKS NEWS SINGAPORE-Sakari falls to two-week low Shares of Sakari Resources Ltd fell as much as 5.6 percent to a two-week low, after Credit Suisse slashed its 2013 earnings forecast for the coal miner by 34 percent to reflect lower coal price assumptions. By 0314 GMT, shares of Sakari were down 4.5 percent at S$1.375 on volume of 26.9 million shares, 1.5 times its average daily volume over the last five sessions. Credit Suisse cut its coal price assumptions for benchmark Newcastle grade to $98 per tonne for 2012 and to $100 per tonne for next year. It now expects earnings per share for Sakari this year to be $0.11 and $0.14 in 2013. "Though we remain optimistic on thermal coal demand strength, we continue to believe that prices will remain under pressure until significant supply cuts begin to emerge," said Credit Suisse. The brokerage, which expects earnings momentum to be weak starting from the second quarter, also cut its 2013 earnings forecast for other Southeast Asian coal companies such as PT Tambang Batubara Bukit Asam Tbk and PT Harum Energy Tbk. Sakari has still outperformed its global peers over the past four weeks, up 12 percent compared with a 2.8 percent fall in the Thomson Reuters Asia Pacific and Russia Coal Index . 1121 (0321 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:27 STOCKS NEWS SINGAPORE-DBS downgrades CH Offshore to hold DBS Vickers downgraded marine service provider CH Offshore to 'hold' from 'buy' and cut its target price to S$0.44 from S$0.50, citing greater earnings risk as its high-value charters expire. By 0217 GMT, shares of CH Offshore were 1.2 percent lower at S$0.415, and have gained 18.6 percent since the start of the year, compared to Thomson Reuters Asia Pacific and Russia Energy Index's 4.8 percent fall. Two of CH Offshore's charters to Latin America, which accounted for 54 percent of its 2011 gross profit, have concluded their four-year terms and will not be extended, DBS said. Although, the brokerage said, the anchor handling tug and supply vessels (AHTS) charter market had bottomed out and is recovering, current day rates are only 60-80 percent of previous peak levels. As a result, DBS cut its 2013 profit forecast for CH Offshore by 22 percent. 1021 (0221 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:24 STOCKS NEWS SINGAPORE-CIMB starts Dairy Farm at outperform CIMB Research has initiated coverage of supermarket operator Dairy Farm International Holdings Ltd with an 'outperforming' rating and a target price of $12.00, citing its growth potential, underpinned by emerging Southeast Asian markets. By 0114 GMT, shares of Dairy Farm were flat at $10.50 and have gained 12.5 percent so far this year. Although Dairy Farm is perceived as a defensive stock, CIMB said it offers growth opportunities due to its presence in Southeast Asia's fast-growing economies, such as Indonesia. "With accelerating income growth, rapid urbanisation and room to grow for the modern format, its ASEAN markets provide the foundation for the group's next phase of growth," said CIMB. Indonesia is the largest retail market for Dairy Farm, the brokerage added, and has a very high proportion of traditional stores and favourable population demographics. CIMB expects Dairy Farm's sales to grow at a compounded 13 percent a year from fiscal 2011-2014. 0918 (0118 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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