Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB, OCBC raise CapitaCommercial target price

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STOCKS NEWS SINGAPORE-CIMB, OCBC raise CapitaCommercial target price Jul 23rd 2012, 03:32 Sun Jul 22, 2012 11:32pm EDT CIMB Research raised its target price for CapitaCommercial Trust to S$1.48 from S$1.41 and kept its 'outperform' rating as it expects the trust to see higher rents. Units of CapitaCommercial rose 1.1 percent to S$1.345. They have surged 27.5 percent so far this year, compared with the FT ST Real Estate Investment Trust's 20.8 percent gain. CapitaCommercial said on Friday its second-quarter distribution per unit rose 7.3 percent to 2.06 Singapore cents from a year ago. "With more lease expiries in 2013 and low expiring rents, we think CapitaCommercial Trust could offer the strongest rental reversion next year among office real estate investment trusts," CIMB said in a report. Separately, OCBC Investment Research also raised its target price for CapitaCommercial to S$1.31 from S$1.14 and maintained its 'neutral' rating. It expects short-term vacancy rates to stabilise for the rest of the year due to limited new supply in Singapore's central business district until the second half of 2013. For related statement click 1125 (0325 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:56 STOCKS NEWS SINGAPORE-JB Foods jumps 40 pct above IPO price Shares of JB Foods Ltd, a Malaysian cocoa ingredient producer, surged 40 percent above the initial public offering price of S$0.30 on their trading debut in Singapore. JB Foods shares leapt as high as S$0.42 on volume of more than 130 million shares. The stock was the top traded by both value and volume in the overall Singapore market. The FT ST Small Cap Index was down 0.5 percent. JB Foods sold 100 million shares, comprising 84 million new shares, at S$0.30 each. The company said it intends to use the net proceeds of S$23 million ($18.3 million) to fund acquisitions, finance the construction of a factory and a warehouse in Malaysia, acquire production equipment and machinery, among others. JB Foods is one of the latest small-cap IPOs in the Singapore market. Food caterer Neo Group Ltd made a strong trading debut two weeks ago, but its shares have fallen and were now trading only about 3 percent above its IPO price. 1050 (0250 GMT) ($1 = 1.2569 Singapore dollars) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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