Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Rise at midday, cyclical stocks in play

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STOCKS NEWS SINGAPORE-Rise at midday, cyclical stocks in play Sep 21st 2012, 04:02 Fri Sep 21, 2012 12:02am EDT Singapore's key index rose by midday as stimulus measures from major central banks helped lift high-beta cyclical stocks such as developer City Developments Ltd. By 0349 GMT, the benchmark Straits Times Index was higher 0.3 percent at 3,072.14, while the MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7 percent. However, tension between Japan and China over a territorial dispute is causing uncertainties and could cap gains in the market, traders said. CityDev shares rose 1.6 percent to S$11.65, while commodity trader Olam International Ltd gained 1.5 percent at S$2.07. Container shipping firm Neptune Orient Lines rose as much as 3.1 percent to an intraday high of S$1.16 after Maybank upgraded it to 'buy' from 'sell'. 1155 (0355 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:54 STOCKS NEWS SINGAPORE-NOL up after Maybank upgrade Shares of Neptune Orient Lines (NOL) rose as much as 3 percent after Maybank Kim Eng upgraded the firm to 'buy' from 'sell', citing a demand-led container shipping recovery. At 0244 GMT, NOL shares were up 2.2 percent at S$1.15. They have gained 1.8 percent this year, compared with the Straits Times Index's 16 percent rise. The latest round of quantitative easing by the U.S. Federal Reserve and the European Union's bond-buying programme indicate unprecedented support for the global economy, and paves the way for a re-rating of its share price, Maybank said. "We expect NOL to benefit from the healthier US economy which has now been given a shot in the arm by the Fed's QE3," said Maybank. It increased NOL's target price to S$1.35 from S$0.90. The brokerage raised its volume assumptions for NOL by 3.4 percent a year for 2013 and 2014 and expects the company to make a profit of S$102 million next year, compared with its previous forecast of a $30 million loss. 1046 (0246 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:17 STOCKS NEWS SINGAPORE-KSH jumps to 32-month high, OCBC upgrades Shares of KSH Holdings Ltd jumped as much as 8.2 percent to a 32-month high, after OCBC Investment Research upgraded it to 'buy' from 'hold', citing a resilient construction order book and better-than-expected execution for its real estate business. By 0158 GMT, KSH shares were up 6 percent at S$0.26. The shares have jumped 36 percent since the start of the year, compared to the FTSE ST Fledgling Index's 18.6 percent rise. The brokerage also raised KSH's target price to S$0.50 from S$0.26 and said it expects KSH's earnings to surge 68 percent in the year ending March and 73 percent the year after, helped by a rapid pickup in sales at a condominium in Singapore. OCBC expects KSH to see a re-rating as it transitions from a cash rich construction contractor to a property developer with more active capital management. Downside to KSH's shares is also limited, with management actively buying back shares at near current levels, OCBC said, adding that it expects the stock to payout a dividend yield of about 6.1 percent. (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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