Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Wilmar shares jump on share buyback, commodity rally

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STOCKS NEWS SINGAPORE-Wilmar shares jump on share buyback, commodity rally Sep 14th 2012, 05:15 Fri Sep 14, 2012 1:15am EDT Shares of Wilmar International Ltd jumped to the highest in more than two weeks after the palm oil firm launched its first-ever share buyback and the U.S. Federal Reserve stimulus sparked a rally in commodities stocks. Wilmar said on Thursday it had repurchased 7.4 million shares from the open market, representing 0.115 percent of outstanding shares, at S$3.00 each. "The buyback is because Wilmar is good value at these prices. It also reflects the confidence that the Wilmar board has in the long term fundamentals and growth prospects of the group," Wilmar's spokeswoman said in an email. Wilmar shares gained as much as 6.7 percent to S$3.20 on Friday, the highest since Aug. 29. More than 34 million shares were traded, triple the average full-day volume over the past 30 days. But Wilmar was still the worst performing stock on the Straits Times Index so far this year, down about 36 percent, partly due to concerns about weak crush margins in China. "We believe Wilmar's equity value will improve as battered margins in Chinese oilseeds processing slowly recover post two quarters of weakness," Citigroup, which has a 'buy' rating and S$4.08 target price on Wilmar, said in a report. Citi said in the longer term, it believes that Wilmar's scale as the leader in oilseeds processing and in consumer packs remains "best-in-class" and the company is likely to benefit from China's growing deficit in soybeans. For a related story, click 1302 (0502 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 10:25 STOCKS NEWS SINGAPORE-OCBC raises Ezion target to S$1.53 OCBC Investment Research raised its target on offshore services firm Ezion Holdings Ltd, which is now a S$1 billion ($812.7 million) company, to S$1.53 from S$1.20 and maintained its 'buy' rating. Ezion shares were up 0.8 percent at S$1.27. The stock has surged 92 percent so far this year versus the 29 percent gain in the FTSE Oil and Gas Index. If Ezion succeeds in issuing perpetual securities, it will be the first offshore and marine company to issue such securities and this projects the strong confidence that the management has in the growth of firm, OCBC said. Ezra Holdings Ltd's proposed listing of its engineering and fabrication unit, TRIYARDS Holdings Pte Ltd, on the Singapore Exchange may have helped sentiment recently due to the increased awareness of the self-elevating unit, OCBC said. TRIYARDS and Ezion are involved in building or chartering self-elevating units, commonly known as liftboats. But OCBC warned of a near-term pullback due to the recent run-up in Ezion's share price. 1020 (0220 GMT) ($1 = 1.2305 Singapore dollars) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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