Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares down but F&N outperforms

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STOCKS NEWS SINGAPORE-Shares down but F&N outperforms Aug 8th 2012, 06:22 Wed Aug 8, 2012 2:22am EDT Singapore shares fell by midday, extending their losses on Tuesday, but conglomerate Fraser and Neave outperformed the broader market after it received a higher offer for its stake in Asia Pacific Breweries Ltd. By 0558 GMT, the benchmark Straits Times Index fell 0.5 percent to 3,052.39 points as investors booked profits ahead of a National Day holiday on Thursday. Singapore underperformed other Asian bourses, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 percent. F&N was the strongest gainer on the index, rising as much as 2.9 percent after a group linked to Thai billionaire Charoen Sirivadhanabhakdi challenged Heineken's $6 billion bid for APB by offering S$55 a share for F&N's direct stake in the Singapore brewer. Shares of F&N were up 2.8 percent at S$8.51, while APB shares gained 6 percent to S$51.80, after hitting a record high of S$52.20 earlier in the session. 1406 (0606 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:07 STOCKS NEWS SINGAPORE-Sembcorp Marine up after $4 bln order wins Shares of rigbuilder Sembcorp Marine Ltd rose as much as 2.2 percent after it said it had won about $4 billion worth of contracts from Sete Brasil to build drillships. By 0259 GMT, SembMarine shares were 1.6 percent higher at S$4.99 with 3.4 million shares traded, compared to its full-day average volume of 4.8 million over the last five sessions. SembMarine has gained about 30.7 percent so far this year, compared to the Straits Times Index's 15 percent rise. The Sete Brasil orders will lift SembMarine's year-to-date new orders to S$8.1 billion, and its order book to a record of S$11.6 billion, CIMB Research said. The brokerage noted that SembMarine is in the running for at least another $3.8 billion worth of projects, including two floating production storage and offloading topsides from Brazilian state-led oil firm Petrobras. Barclays also recommended investors to switch out of Keppel Corp to SembMarine as it expects more contract wins for the latter and improving operating margin in the second half. Keppel has also outperformed SembMarine by about 15 percent since March, Barclays said. For related story click 1100 (0300 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:21 STOCKS NEWS SINGAPORE-OCBC raises UOB target price OCBC Investment Research raised its target price for United Overseas Bank to S$21.30 from S$19.74, citing better-than-expected second-quarter earnings. By 0207 GMT, shares of UOB were up 0.7 percent at S$20.09, and have gained 31.6 percent so far this year, compared to the Straits Times Index's 15.9 percent. UOB posted a 12 percent rise in its second-quarter net profit to S$713 million, helped by strong fee and commission income. OCBC raised its 2012 earnings estimate for UOB to S$2.73 billion from S$2.57 billion, and expects the bank's trade finance and wealth businesses to continue growing. UOB also announced its chaiman Wee Cho Yaw will step down next year, but OCBC does not expect this to have any impact on business strategy. Wee will be replaced by former Singapore Exchange chief executive Hsieh Fu Hua. 1009 (0209 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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