Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares lower; Credit Suisse still positive

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STOCKS NEWS SINGAPORE-Shares lower; Credit Suisse still positive Jul 18th 2012, 04:43 Wed Jul 18, 2012 12:43am EDT Singapore shares were slightly lower at midday, snapping three straight sessions of gains while casino operator Genting Singapore was the biggest loser on the main index. The benchmark Straits Times Index was down 0.1 percent at 3,011.36 points. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, after Federal Reserve Chairman Ben Bernanke gave a gloomy view of the world economy. Genting Singapore's shares were 1.5 percent lower at S$1.325, while Fraser & Neave was down 1.4 percent at S$7.99 after rising 2.5 percent on Tuesday on news its shares held by OCBC had received a bid. However, Credit Suisse Private Bank remained positive on Singapore equities and said "the Singapore market can provide some protection during a market downdraft, given its handsome dividend yield. The private bank said it sees a positive earnings revision trend and attractive valuations as the main investment case for Singapore, noting that earnings per share revisions have bottomed out, and we are starting to see a positive revision trend. It prefers Singapore-listed real estate investment trusts, which offer an above-market distribution yield of 6.8 percent, versus a historical average yield of 6.3 percent, and exposure to the property market beyond the residential segment. 1229 (0429 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:13 STOCKS NEWS SINGAPORE-CIMB cuts Keppel T&T target price CIMB Research cut its target price for logistics company Keppel Telecommunications & Transportation to S$1.20 from S$1.22 and kept its 'neutral' rating, citing potentially higher operating expenses. By 0101 GMT, shares of Keppel T&T were 0.4 percent lower at S$1.13 and have gained 1.8 percent since the start of the year, compared to the FT ST Industrials Index's 15 percent rise. CIMB said although Keppel T&T's second quarter net profit of S$14.2 million was in line with its estimates, operating expenses were above expectations due to higher staff costs and increased maintenance for its data centres and warehouses. Keppel T&T's net gearing in the second quarter was 0.68 times, and CIMB expects it to continue rising as the company enters a capital expenditure-intensive phase in the coming years. This could give rise to capital raising including rights issue or placement of new shares, CIMB said. To read a statement, click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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