Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares up by midday, offshore firms in play

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STOCKS NEWS SINGAPORE-Shares up by midday, offshore firms in play Sep 27th 2012, 05:28 Thu Sep 27, 2012 1:28am EDT Singapore shares reversed their earlier losses by midday, in line with other Asian bourses but gains are likely to be capped by concerns about Spain's and Europe's struggles to tackle the ongoing debt crisis. The benchmark Straits Times Index was up 0.5 percent at 3,060.29, while MSCI's index of Asia-Pacific shares outside Japan rose 0.7 percent. Offshore and marine services companies such as Kreuz Holdings Ltd rose on expectations of further order wins, helped by a buoyant oil and gas sector and positive outlook. Kreuz jumped 9.2 percent to S$0.415, its highest in 15 months in heavy volume. A total of 67.5 million shares have been traded, more than 14 times the stock's average daily volume over the last five sessions. Offshore services company Ezra Holdings was up 2.5 percent at S$1.24, while vessel builder STX OSV Holdings Ltd gained 1.2 percent to S$1.64. 1318 (0518 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:55 STOCKS NEWS SINGAPORE-Yoma, Interra up on US plans to ease Myanmar import ban Shares of Singapore-listed Myanmar companies such as property developer Yoma Strategic Holdings Ltd jumped on news that the United States would take steps to ease its ban on imports from the country. Yoma surged 9 percent to S$0.485 with over 52.7 million shares traded, 2.5 times its average daily volume over the last five sessions. Myanmar-based energy company Interra Resources Ltd rose 5.1 percent to S$0.415, also in active trading with 20.3 million shares changing hands versus its five-day average of 12.2 million shares. Secretary of State Hillary Clinton told Myanmar President Thein Sein on Wednesday that the United States would take steps to ease the U.S. ban on imports from the country, a major boon to the Southeast Asian nation as it emerges from years of political and economic isolation. "The news is positive for Myanmar businesses, who could really benefit from greater trade and openness in the market," said a local trader. 1250 (0450 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:39 STOCKS NEWS SINGAPORE-Maybank upgrades Super Group to 'buy' Maybank Kim Eng upgraded Super Group Ltd to 'buy' from 'hold' and raised its target price to S$2.85 from S$1.95, on expectations of stronger sales growth and increasing mergers and acquisition interest within the food-and-beverage space. At 0200 GMT, Super Group shares were up 3.5 percent at S$2.08. They have gained 58 percent since the start of the year, compared with the FTSE ST Consumer Goods Index, which has fallen 17 percent. Maybank expects Super's sales to grow about 12-15 percent on an average per year over the next three years, helped by increasing consumption in Southeast Asian markets and growing appetite for convenience and packaged food. Super's gross margin for its ingredients business has been improving, and it is also rolling out a rebranding exercise next year, which will help boost sales, Maybank said. The company is also an attractive M&A target, given its strong position in Southeast Asian markets, Maybank noted, adding that Yeo Hiap Seng's 12 percent stake in Super may be up for sale. 1002 (0202 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) *********************************************************** 9:37 STOCKS NEWS SINGAPORE-CIMB downgrades K-REIT to 'neutral' CIMB Research downgraded K-REIT Asia, which owns commercial assets, to 'neutral' from 'outperform', citing limited further upside, but raised its target price to S$1.23 from S$1.21 to reflect the debt-equity funded acquisition of a Perth office development. Units in K-REIT were flat at S$1.19, and have surged 43.6 percent since the start of the year, compared to the FTSE ST Real Estate Industrial Trust Index's 29.6 percent gains. K-REIT agreed to buy a 50 percent stake in a new office tower development in Perth, Australia, for A$165 million, which could be accretive but mainly because of funding using cheap Singapore dollar debt, said CIMB. The brokerage also said it likes the visibility of the long lease with a 3-5 percent annual rental step-up, but the long lease could result in limited upside for K-REIT in a buoyant Perth office market. However, CIMB downgraded K-REIT due to limited upside in its share price and as equity fundraising needs are likely to limit any value added from a potential acquisition of Marina Bay Financial Centre office tower in Singapore. 0930 (0130 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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