Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Genting S'pore shares fall to near 2-yr low

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STOCKS NEWS SINGAPORE-Genting S'pore shares fall to near 2-yr low Jul 26th 2012, 02:37 Wed Jul 25, 2012 10:37pm EDT Shares of Genting Singapore fell as much as 2.3 percent to its lowest in nearly two years, after rival Las Vegas Sands' second-quarter earnings miss raised concerns over the Singapore casino operator's results. By 0222 GMT, Genting shares were 1.6 percent lower at S$1.26, with 30.2 million shares changing hands, compared to its full-day average volume of 35.2 million shares over the last five sessions. Las Vegas Sands said its net income fell to $240.6 million, missing forecasts, as its "hold," or money won from gamblers, fell at its casinos in Las Vegas, Macau and Singapore. Weak results at LVS' Singapore casino Marina Bay Sands is likely to weigh on Genting's shares, Citigroup said in a note. Marina Bay Sands reported property earnings before interest, taxes, depreciation and amortisation of $330 million, which missed Citi's $400 million estimate. The brokerage said it expects LVS' casino to continue gaining market share in the mass-market segment in Singapore, but sees Genting's rival casino Resorts World Sentosa capturing 51 percent of the VIP volume in the second quarter. 1024 (0224 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ STOCKS NEWS SINGAPORE-CIMB ups Cache Logistics' target price CIMB Research raised its target price on Cache Logistics Trust, which owns logistics assets, to S$1.19 from S$1.13 and kept its outperform rating, saying it expects the management to execute more acquisitions. By 0157 GMT, units of Cache were flat at S$1.11, and have gained nearly 17 percent so far this year. Cache posted a 5 percent fall in its April-June distribution per unit to 1.981 Singapore cents, which was in line with CIMB's estimates. "Its acquisition of assets in April and July was testament to management's ability to deliver acquisition-led growth," said CIMB, adding that it has assigned a lower risk premium to Cache due to resilience in its portfolio yields, backed by 100-percent occupied portfolio. CIMB noted that Cache will continue to explore the Malaysian market to gain familiarity, and said management prefers larger assets. For related statement click 1001 (0201 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:47 STOCKS NEWS SINGAPORE-ABN AMRO upgrades Singapore to neutral ABN AMRO Private Banking has upgraded Singapore stocks to neutral from underweight, citing potentially smaller earnings estimate cuts compared to other Asian companies. Singapore's corporate earnings will face headwinds from slowing global growth due to their exposure to overseas markets, ABN said. However, it added that consensus growth estimates for Singapore's sales and earnings are the lowest in Asia, thus Singapore may be less vulnerable to negative earnings revisions relative to regional peers. "The MSCI Singapore may thus experience a smaller magnitude of earnings cuts, helping it to outperform regional markets during the August-September period," said ABN in a note. The MSCI Singapore index has gained about 14.9 percent so far this year, compared to the MSCI Asia Pacific Ex-Japan's 2 percent rise. ABN expects loan growth to moderate in the second quarter and earnings of banks, like DBS Group, could miss expectations slightly. Margins of offshore and marine companies such as Keppel Corp and Sembcorp Marine Ltd may also disappoint as they normalize form high levels, ABN said. 0928 (0128 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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