Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts COSCO target price

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STOCKS NEWS SINGAPORE-CIMB cuts COSCO target price Aug 2nd 2012, 02:31 Wed Aug 1, 2012 10:31pm EDT CIMB Research cut its target price for Chinese shipbuilder COSCO Corp Singapore Ltd to S$0.85 from S$0.92 and kept its 'underperform' rating, citing lower-than-expected net profit and inconsistent margins. Shares of COSCO were down 1 percent at S$0.955, but have gained 9 percent so far this year, underperforming the FT ST Industrial Index's 12.9 percent rise. COSCO said its second quarter net profit fell 13 percent to S$27.6 million, partly due to lower revenue from shipyard operations and its shipbuilding segment. The brokerage cut its 2012-2014 earnings per share estimates for COSCO by 13-15 percent, and noted that management expects the shipbuilding margin to be dragged by the execution of low-value projects ahead. Deutsche Bank said that although COSCO's execution was improving, industry conditions remain challenging. "Conditions are deteriorating in the Chinese shipbuilding sector. New vessel contracting continues to decline," Deutsche said in a report. It maintained its 'hold' rating on the stock with a target price of S$0.95. For related statement click 1025 (0225 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:56 STOCKS NEWS SINGAPORE-OCBC raises CapitaLand target price OCBC Investment Research raised its target price for property developer CapitaLand Ltd to S$3.32 from S$3.25, and kept its buy rating, citing higher valuations of its listed units. By 0138 GMT, shares of CapitaLand were 0.7 percent higher at S$3.06, and have surged 38 percent since the start of the year, compared to the Straits Times Index's 15 percent rise. CapitaLand posted a 3.3 percent fall in its second quarter net profit to S$385.9 million, in line with OCBC's estimates. The third-phase launch of CapitaLand's Beaufort development in Beijing saw good sales with over 61 percent of units sold, and the company sold 812 units in China in the second quarter, up 218 percent from the previous three months, OCBC said. "We think current valuations remain undemanding, and continue to favour its sound balance sheet with S$5.1 billion in cash and net gearing of 0.41," the brokerage said. To read a 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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