Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-S'pore, Bangkok commercial assets to drive investment-Pacific Star

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STOCKS NEWS SINGAPORE-S'pore, Bangkok commercial assets to drive investment-Pacific Star Aug 29th 2012, 07:51 Wed Aug 29, 2012 3:51am EDT Pacific Star Group, a real-estate investment firm, said it expects retail and office sectors in Singapore and Bangkok to drive investment in Asia's property sector, despite a deteriorating Chinese outlook and global economic woes. Property companies or trusts that own commercial assets include Keppel Land, CapitaCommercial Trust, Suntec REIT and CapitaMall Trust. Singapore-listed developers have gained about 31 percent so far this year, while real-estate investment trusts have risen 26 percent, compared to the benchmark Straits Times Index's 15 percent increase. Singapore continues to be an attractive business centre, with firm leasing demand from non-banking sectors cushioning softer demand from the financial sector, Pacific said in a statement. Thailand's capital Bangkok has also seen enquiries for office leases rising amid improving post-flood economic environment and a tight supply pipeline, it added. "Healthy domestic conditions and buoyant tourism growth underpin the favourable outlook for the Southeast Asian retail markets of Singapore, Kuala Lumpur and Bangkok." Demand in the retail sector is driven by a large number of international retailers setting up shop in those markets, it said. Pacific manages prime office, residential and retail space across Asia and has advised deals worth more than $6 billion since its inception in 2001. 1544 (0744 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 1:00 STOCKS NEWS SINGAPORE-Index slightly higher, Olam underperforms Singapore shares were slightly up, but Olam International underperformed the broader market after the commodities firm reported a 14 percent fall in fourth-quarter net profit and several brokers cut their target prices. The Straits Times Index was up 0.25 percent at 3,047.72 points, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 percent higher. Olam shares fell as much as 3 percent to a three-week low and were the biggest decliner on the STI on Wednesday. Some 19.9 million shares changed hands, 1.9 times the average full-day volume over the past 30 days. Shares of Sembcorp Marine Ltd, the world's second-largest oil rig builder, rose as much as 1.4 percent after its unit secured a contract worth $674 million to carry out work for two floating production storage and offloading vessels. The Singapore-listed shares of IHH Healthcare Bhd rose as much as 3.6 percent after the world's second-biggest listed healthcare provider by market value posted a more than five-fold jump in second-quarter profit. IHH is also listed in Kuala Lumpur. 1250 (0450 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 12:11 STOCKS NEWS SINGAPORE-Olam down after Q4 profit fall, brokers cut target Shares of Olam International Ltd fell as much as 3 percent to a three-week low after the Singapore commodities firm reported a 14 percent fall in fourth-quarter net profit and several brokers cut their target prices. Olam shares hit an intra-day low of S$1.93 on Wednesday, the weakest level since Aug 7. More than 19 million shares changed hands, 1.8 times the average full-day volume over the past 30 days. Olam reported net profit of S$109.5 million ($87.4 million) for the three months ended June, down from S$127.4 million a year earlier, partly dragged by its industrial raw materials segment. "Olam expects challenging market conditions to persist in the near term (in particular cotton, for at least another six months)," DBS Vickers said, cutting its earnings estimates for 2013-2015 fiscal years by 9-14 percent on lower margin outlook. DBS reduced its target price on Olam to S$1.80 from S$2.00 and maintained its 'hold' rating. Nomura said with Olam shares having gone up 20 percent in the last three months and no visible near-term catalyst, it expects some weakness in the stock. Nomura cut its target price to S$2.50 from S$2.60 but maintained 'buy'. CIMB Research said it believes Olam has survived the worst of the earnings compression, as cotton is expected to recover from the second quarter of 2013 and the group will reap rewards as acquisitions start to pay off. CIMB maintained its 'outperform' rating and S$2.61 target price on Olam. 1152 (0452 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 1.2532 Singapore dollars) Link this Share this Digg this Email Reprints

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