Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares down at midday; Wilmar drags

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STOCKS NEWS SINGAPORE-Shares down at midday; Wilmar drags Aug 15th 2012, 05:54 Wed Aug 15, 2012 1:54am EDT 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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