Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Deutsche cuts COSCO, Yangzijiang target prices

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STOCKS NEWS SINGAPORE-Deutsche cuts COSCO, Yangzijiang target prices Jul 31st 2012, 03:18 Mon Jul 30, 2012 11:18pm EDT Deutsche Bank cut its target prices for COSCO Corp Singapore Ltd and Yangzijiang, citing poor outlook for the Chinese shipbuilding sector. Shares of Yangzijiang were 0.5 percent lower at S$1.005 by 0305 GMT. They have risen 10.4 percent so far this year. COSCO was down 0.5 percent at S$0.955. It has gained 9 percent this year, compared with the FT ST Industrial Index's 13.7 percent rise. "Operating conditions and outlook in the Chinese shipbuilding sector remain challenging," due to declining new orders, falling ship prices, weak vessel financing and intensifying competition amongst Chinese yards, said Deutsche Bank in a report. The brokerage cut its target price for Yangzijiang to S$1.10 from S$1.20, kept its 'hold' rating, and lowered its new order assumptions in 2012-2014 by 13-33 percent. It also lowered COSCO's target price to S$1.00 from S$1.10, maintained its 'hold' rating and cut its new order assumptions for 2012-2013 by 11-17 percent. As a result, it trimmed its net income estimates for the shipbuilder by 9.1-9.4 percent over the same period. 1111 (0311 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:56 STOCKS NEWS SINGAPORE-OCBC raises target on Tiger Airways OCBC Investment Research raised its target price on Tiger Airways Holdings Ltd to S$0.83 from S$0.76 and maintained its buy rating, citing the Singapore budget carrier's improved operations. Tiger shares were up 0.7 percent at S$0.695 and have risen around 9 percent so far this year versus the 15 percent gain in the FT ST Small Cap Index. Tiger's passenger yields in its fiscal first quarter rose 9 percent from a year earlier, while the fall in average jet fuel prices provided some cost relief, OCBC noted. OCBC said the first-quarter operating profit posted by Tiger's Singapore operations bodes well for the rest of the 2013 fiscal year as it is no longer burdened with excess aircraft, allowing it to moderate its capacity expansion in 2013. Tiger's Australian unit is primed for recovery with the ramping up of its operations to 60 sectors a day, after being hit by flying restrictions, and the expected peak travel season later in the year, OCBC said. For a related story, click 0946 (0146 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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