Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts Golden Agri target price

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STOCKS NEWS SINGAPORE-CIMB cuts Golden Agri target price Sep 10th 2012, 03:30 Sun Sep 9, 2012 11:30pm EDT CIMB Investment Research lowered its target price on shares of palm oil company Golden Agri Resources Ltd to S$0.88 from S$0.92, to reflect a recent conversion of warrants and noted the company is on the look out for acquisitions. By 0328 GMT, shares of Golden Agri were 1.5 percent higher at S$0.675. They have fallen about 6.3 percent so far this year, compared to the Straits Times Index's 13.8 percent rise. Golden Agri said last week it plans to issue $400 million convertible bonds due 2017 at 2.5 percent a year. Golden Agri's management confirmed that funds from its planned bond issuance could be used for potential acquisition opportunities, which helps assuage concerns over usage of the funds and potential earnings per share dilution, CIMB said. The brokerage has a 'trading buy' rating on the company. "We continue to advice investors to accumulate on share price weakness to position for potential mergers and acquisition news flows and rise in crude palm oil price on the back of potential disruptions to supply in the event of an El Nino," said CIMB in a report. 1122 (0322 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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