Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DBS downgrades CH Offshore to hold

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STOCKS NEWS SINGAPORE-DBS downgrades CH Offshore to hold Jul 12th 2012, 02:27 Wed Jul 11, 2012 10:27pm EDT DBS Vickers downgraded marine service provider CH Offshore to 'hold' from 'buy' and cut its target price to S$0.44 from S$0.50, citing greater earnings risk as its high-value charters expire. By 0217 GMT, shares of CH Offshore were 1.2 percent lower at S$0.415, and have gained 18.6 percent since the start of the year, compared to Thomson Reuters Asia Pacific and Russia Energy Index's 4.8 percent fall. Two of CH Offshore's charters to Latin America, which accounted for 54 percent of its 2011 gross profit, have concluded their four-year terms and will not be extended, DBS said. Although, the brokerage said, the anchor handling tug and supply vessels (AHTS) charter market had bottomed out and is recovering, current day rates are only 60-80 percent of previous peak levels. As a result, DBS cut its 2013 profit forecast for CH Offshore by 22 percent. 1021 (0221 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:24 STOCKS NEWS SINGAPORE-CIMB starts Dairy Farm at outperform CIMB Research has initiated coverage of supermarket operator Dairy Farm International Holdings Ltd with an 'outperforming' rating and a target price of $12.00, citing its growth potential, underpinned by emerging Southeast Asian markets. By 0114 GMT, shares of Dairy Farm were flat at $10.50 and have gained 12.5 percent so far this year. Although Dairy Farm is perceived as a defensive stock, CIMB said it offers growth opportunities due to its presence in Southeast Asia's fast-growing economies, such as Indonesia. "With accelerating income growth, rapid urbanisation and room to grow for the modern format, its ASEAN markets provide the foundation for the group's next phase of growth," said CIMB. Indonesia is the largest retail market for Dairy Farm, the brokerage added, and has a very high proportion of traditional stores and favourable population demographics. CIMB expects Dairy Farm's sales to grow at a compounded 13 percent a year from fiscal 2011-2014. 0918 (0118 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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