Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Maybank upgrades K-REIT to hold

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STOCKS NEWS SINGAPORE-Maybank upgrades K-REIT to hold Jul 6th 2012, 03:12 Thu Jul 5, 2012 11:12pm EDT Maybank Kim Eng upgraded K-REIT Asia, which owns commercial buildings, to 'hold' from 'sell' and raised its target price to S$0.99 from S$0.83, citing steps the trust took to improve unitholders' returns. By 0257 GMT, units of K-REIT were flat at S$1.075, and have gained about 29.6 percent since the start of the year, compared to the FT ST Real Estate Investment Trust's 18 percent rise. Maybank said a move by K-REIT to convert a vehicle to limited liability partnership from private limited company will result in greater tax transparency and estimated annual tax savings of S$2.2 million to S$5.2 million for 2012-2015, leading to higher distributions to unitholders. K-REIT also acquired additional 12.4 percent stake in Ocean Properties, bringing its interest to 99.9 percent. As a result, Maybank has raised its distribution per unit estimates for K-REIT by 6-12 percent for 2012-2014. For related story click 1034 (0257 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:43 STOCKS NEWS SINGAPORE-Aussino up after picking financial advisor Shares of bed linen maker Aussino Group Ltd rose as much as 12 percent to a one-week high after it said it had appointed Primepartners to be its financial advisor for a proposed reverse takeover by a Myanmar-based group. By 0232 GMT, Aussino shares were up 7.5 percent to S$0.144 and have surged 289 percent since the start of the year. Aussino shares have fallen nearly 16 percent since it emerged in late June that the reverse takeover may not go through as the firm planning to inject assets into Aussino, Max Strategic Investments, is linked to a Myanmar businessman on a U.S. blacklist. Aussino also said in a statement it was working towards executing a definitive legally-binding sale and purchase agreement before August 14. For related stories, click 1034 (0234 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:55 STOCKS NEWS SINGAPORE-OCBC upgrades Dyna-Mac to buy OCBC Investment Research upgraded oil and gas services firm Dyna-Mac Holding Ltd to buy from hold and raised its target price to S$0.45 from S$0.34, citing an increase in production capacity and growth in its non-module business. By 0142 GMT, shares of Dyna-Mac were 1.3 percent higher at S$0.405, but have fallen about 4.7 percent since the start of the year, compared to the FT ST Oil and Gas Index's 21.9 percent gain. Dyna-Mac plans to buy 70 percent stake in Paliy Marine Fabricator (Guangzhou) Ltd for S$3.8 million, which could potentially increase Dyna-Mac's maximum output by 70 percent, said OCBC. "Dyna-Mac is confident of getting sufficient new orders to fill the newly acquired yard, by leveraging on its good track record and close working relationships with its global clients," said OCBC. The brokerage said it expects Dyna-Mac to ramp up operations at its new yard over the next 12 months. It is also expanding other businesses, taking on other jobs such as turrets and land-based modules, which will help it to diversify its product offerings and lower risk, OCBC said. For related statement, click 0942 (0142 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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