Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CityDev shares fall to 3-week low

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STOCKS NEWS SINGAPORE-CityDev shares fall to 3-week low Aug 15th 2012, 07:47 Wed Aug 15, 2012 3:47am EDT Shares of City Developments Ltd fell as much as 2.7 percent to a three-week low after it reported a slide in second-quarter net profit and analysts advised investors to take profit on the property developer. By 0714 GMT, CityDev shares were down 2.5 percent at S$11.53, with 1.3 million shares traded, 1.5 times its average daily volume over the last few sessions. CityDev said on Tuesday its second-quarter net profit plunged 37.7 percent to S$137.7 million from a year ago, partly due to the lack of one-off divestment gains. DBS Vickers downgraded CityDev to fully valued and Maybank Kim Eng cut its rating to sell from hold, citing high valuations. CityDev shares have gained about 30 percent since the start of the year, outperforming the Straits Times Index's 15 percent gain. "With management now adopting a markedly cautious outlook, current valuations appear rich," said Maybank, adding that CityDev is trading at 0.93 times its restated net asset value, above its 5-year mean of 0.84 times. It also noted that CityDev is likely to see fewer launches in the second half of the year and slower business for its hotel arm Millennium & Copthorne. However, it raised its target price to S$10.30 from S$9.45, factoring in a smaller discount of 20 percent to its RNAV. 1529 (0729 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 13:54 STOCKS NEWS SINGAPORE-Shares down at midday; Wilmar drags Singapore shares fell at midday, reversing from three straight sessions of gains, dragged by heavy losses in Wilmar International's stock after it posted quarterly earnings that missed expectations. By 0539 GMT, the Straits Times Index's fell 0.9 percent to 3,060.27 points. Asian shares also traded lower, with the MSCI Asia Pacific ex-Japan falling 0.6 percent. Wilmar shares tumbled 8 percent to S$3.12 by midday. It has lost around 37.6 percent so far this year, making it the worst performing stock on the STI. Wilmar's poor results prompted CIMB Research to lower its target price to S$3.52 from S$4.10. "Second quarter results were below expectations as losses from its oilseeds and grains division as well as lower profit from its estates trumped the stronger palm refining margin," said CIMB in a report, while maintaining its neutral rating. 1349 (0549 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:01 STOCKS NEWS SINGAPORE-GLP up at record; brokers raise target prices Shares of Global Logistic Properties (GLP), which owns factories in China and Japan, rose as much as 3.4 percent to a record high after it reported strong quarterly earnings, prompting analysts to raise their target prices for the stock. By 0147 GMT, shares of GLP were up 3 percent at S$2.41, having surged 36.8 percent so far this year, versus the Straits Times Index's 15 percent gain. GLP said its first-quarter net profit rose 57.2 percent to $153 million from a year ago, helped partly by higher revenue from the completion and stabilization of development projects in China. "Leasing momentum was robust, offsetting slower completions in the first quarter," said CIMB Research, which raised its target price for GLP to S$2.48 from S$2.40, citing improving fund management income. However, the brokerage downgraded GLP to 'neutral' from 'outperform', citing high valuations. Citigroup also raised its target price for GLP to S$2.99 from S$2.68 while keeping its 'buy' rating, citing strong growth in China and Japan. GLP will continue to see strong growth in China, where it is in 29 cities and can enjoy first-mover advantages in tier 2 and 3 cities where logistic facilities remain under-supplied, said Citi. 0948 (0148 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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