Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Nam Cheong rises after winning sales contracts

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STOCKS NEWS SINGAPORE-Nam Cheong rises after winning sales contracts Aug 23rd 2012, 02:24 Wed Aug 22, 2012 10:24pm EDT Shares of Singapore-listed Nam Cheong Ltd rose as much as 2.7 percent after the offshore marine group won sales contracts for three vessels worth $43.8 million and DBS Vickers maintained its 'buy' rating on the stock. In early trading, Nam Cheong shares were up 2.2 percent at S$0.187 with 4.8 million shares traded, 1.5 times the average full-day volume over the past 30 days. Nam Cheong was among the top 20 traded stocks by volume in the Singapore market. The latest contracts are expected to contribute positively to its earnings for the financial years ending 2012 and 2013, Nam Cheong said, adding that its order book stood at around 912 million ringgit ($291.2 million). Two anchor handling towing supply vessels were sold to repeat customers, while the sale of a platform supply vessel marks the penetration of a new offshore oil and gas market for Nam Cheong and expands its future geographic scope, DBS said. "These sale contracts also further strengthen Nam Cheong's track record of being able to sell its built-to-stock vessels well ahead of completion," DBS said. It maintained its 'buy' rating and target price of S$0.24. 1015 (0215 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ STOCKS NEWS SINGAPORE-Nomura cuts SGX target to S$7.60 Nomura cut its target price on Singapore Exchange Ltd (SGX) to S$7.60 from S$9.40 and maintained its 'neutral' rating, saying that the bourse operator's sluggish revenue momentum is expected to continue. SGX shares were unchanged on Thursday morning. The stock has risen 13.5 percent so far this year versus a 16 percent gain in the broader Straits Times Index. Nomura said the drop in its target price was mainly to reflect lower expectations for SGX's securities average daily value traded (DVT) to S$1.3 billion ($1.04 billion) from S$2.0 billion. It added that DVT will have to recover above S$1.5 billion to support a re-rating. But SGX is diversifying its revenue base in terms of products and geographies, Nomura said, adding that potential tie-ups with other bourses could generate upside to revenue. 0950 (0150 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 1.2517 Singapore dollars) ($1 = 3.1315 Malaysian ringgits) Link this Share this Digg this Email Reprints

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