Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares slip as Olam drags

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS SINGAPORE-Shares slip as Olam drags Aug 24th 2012, 04:32 Fri Aug 24, 2012 12:32am EDT Singapore shares slipped at midday, dragged by commodity firm Olam International, as investors scaled back expectations of more stimulus measures from the U.S. Federal Reserve. By 0423 GMT, the benchmark Straits Times Index was down 0.2 percent at 3,050.21 points. Other Asian bourses also traded lower, and the MSCI Asia Pacific Ex-Japan fell 1.1 percent. Olam shares were the biggest hit on the STI, falling as much as 2.5 percent to a two-week low. DMG & Partners said it expects Olam's 2012 earnings to reflect softness in its cotton and wood businesses, driven by delayed cotton procurement from Australian farms and higher counterparty risks in some markets. However, DMG said it expects Olam to see good volume growth for its food business in the fourth quarter and for the company to report net profit of S$352 million for the year ended June, compared to S$430 million a year earlier. Olam is set to report full year results on Aug 28. Olam shares were down 1.7 percent at S$1.995, and DMG has a 'buy' rating on the stock with a target price of S$2.56. 1225 (0425 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:04 STOCKS NEWS SINGAPORE-Singapore Post could spin off assets-OCBC With property listings gathering pace in Singapore, it could be an opportune time for Singapore Post to spin off some of its post office assets, OCBC Investment Research said. Singapore Post has a property portfolio, consisting of 16 potentially saleable post offices, that may bring in substantial cash when unlocked, OCBC said. It has a 'buy' rating and target price of S$1.14 on the company. Shares of Singapore Post were flat at S$1.06 and have gained 13.4 percent so far this year, compared to the FT ST Industrials Index's 17.7 percent rise. The brokerage added that its crown jewel, Singapore Post Centre, currently used for industrial office and retail purposes, is worth S$756 million, but could increase to about S$1.56 billion if it is converted to full commercial use. "With current high property prices in Singapore, an increasing number of companies have listed their property assets due to favourable valuations," said OCBC. Singapore has seen several initial public offerings of property assets, including Ascendas Hospitality Trust and Far East Hospitality Trust's $575 million IPO. 1155 (0355 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions