Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index falls slightly, Noble outperforms

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STOCKS NEWS SINGAPORE-Index falls slightly, Noble outperforms Aug 27th 2012, 04:51 Mon Aug 27, 2012 12:51am EDT Singapore shares were slightly lower, largely in line with regional bourses, but commodities firm Noble Group Ltd outperformed the market after news that it is gearing up for its biggest push in decades into the base metals market. Hong Kong-based Noble is putting renewed focus on markets such as copper and zinc after breakneck growth in energy, which now delivers two-thirds of its revenues. Noble shares rose as much as 2.4 percent and were the biggest gainer on the Straits Times Index. The STI was down 0.1 percent at 3,045.92 points, while MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 percent. Fraser and Neave Ltd shares gave up some of their earlier gains after the drinks and property conglomerate said it will pay out around S$4 billion ($3.2 billion) to shareholders if they approve the sale of its stake in Asia Pacific Breweries to Heineken. F&N shares were down 0.1 percent, after rising as much as 1.4 percent earlier. The stock was the top traded by value in the Singapore market. Far East Hospitality Trust, which owns hotels and serviced residences, is expected to make its tading debut on the Singapore Exchange at 1400 (0600 GMT) after pricing its initial public offering at the top end of an indicative range. 1245 (0445 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 11:42 STOCKS NEWS SINGAPORE-Genting HK falls on poor earnings, UOB downgrade Shares of Genting Hong Kong fell as much as 5.6 percent after the company reported poorer-than-expected earnings and UOB Kay Hian downgraded the gaming company to 'sell' from 'buy'. By 0325 GMT, Genting Hong Kong shares were down 4.2 percent at $0.345, having gained 30.2 percent so far this year. Genting Hong Kong, which also owns cruise ships, posted a 37 percent fall in its half year net profit to $38 million compared to a year earlier. UOB cut its target price for Genting Hong Kong to $0.32 from $0.38, on lower-than-expected earnings from its Asian cruise ship fleet due to lower occupancy rates and sharply smaller margins at its Philippine casino Resorts World Manila. The brokerage cut its earnings forecasts for Genting Hong Kong by 32 percent in 2012 and 26 percent in 2013. 1126 (0326 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:31 STOCKS NEWS SINGAPORE-DMG likes CDL, Far East Hospitality Trust DMG & Partners Securities said the recent listings of hospitality real estate investment trusts in Singapore gave investors more choices to benefit from tourism, adding that its top picks in the sector are CDL Hospitality Trusts and Far East Hospitality Trust. CDL units were up 1.3 percent at S$1.985 and have risen around 28 percent so far this year versus the 21 percent gain in the FT ST Midcap Index. Ascendas Hospitality Trust made its debut on the Singapore Exchange last month, while Far East is set to start trading at 1400 (0600 GMT) after pricing its initial public offering at the top end of an indicative range to raise $575 million. DMG said CDL and Far East, which derive more than 80 percent of revenue from Singapore, will continue to benefit from the rising tourist arrivals in the city-state. Singapore is expected to attract 14-15 million visitors this year, up from 13.2 million last year, DMG said. The broker added that a range of new attractions, together with the integrated resorts and a growing meetings, incentives, conferencing and exhibitions (MICE) market, should drive high occupancies and room rates. CDL was trading at a yield of 6.5 percent for 2013 fiscal year, while Far East traded at a 6.3 percent yield, DMG said, adding that other factors to consider include cost of funding, the sponsor's track record and characteristics of the properties. 1120 (0320 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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