Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Hutchison falls after earnings disappoint

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STOCKS NEWS SINGAPORE-Hutchison falls after earnings disappoint Oct 25th 2012, 02:58 Wed Oct 24, 2012 10:58pm EDT Units of Hutchison Port Holdings Trust fell as much as 3.7 percent after it posted lower-than-expected quarterly earnings, but analysts remain optimistic about its prospects. By 0243 GMT, Hutchison units were down 2.4 percent at $0.80, with 16.8 million units traded, more than half of its full day average volume of 29 million units over the last five sessions. Its units have surged 29 percent so far this year. Hutchison said its net profit for July-September fell 15.1 percent to HK$601.7 million, which Deutsche Bank said was below its expectations due mainly to non-operating items. The trust's operating profit was also hit by exchange losses, and higher expenses, Deutsche said in a note, maintaining its 'buy' rating and target price of $0.86. Despite volume growth at Hutchison's ports, DBS Vickers said, a higher proportion of transhipment volumes and empty containers has led to lower selling prices and subdued revenue growth. However, the brokerage noted that better-than-expected economic data from the U.S. bodes well for Hutchison, and advised investors to buy its units on any near-term weakness. DBS raised its target price for Hutchison to $0.88 from $0.85 to reflect lower market risk premium, and maintained its 'buy' rating. 1045 (0245 GMT) (Reporting by Charmian Kok in Singapore; Editing by Anupama Dwivedi; charmian.kok@thomsonreuters.com) ************************************************************ 09:48 STOCKS NEWS SINGAPORE-Sheng Siong rises as brokers up target price Sheng Siong Group Ltd rose as much as 2 percent after it posted stronger-than-expected quarterly earnings, prompting several brokerages to raise their target prices for the supermarket chain operator. By 0115 GMT, Sheng Siong shares were up 1 percent at S$0.48, with nearly 4 million shares traded, 3.5 times its average daily volume over the last five sessions. Sheng Siong said its net profit for the third quarter rose 48.1 percent to S$9.8 million from a year earlier, helped by higher same-store sales and new store openings. CIMB Research raised its target price for Sheng Siong to S$0.58 from S$0.49, and kept its 'outperform' rating, citing new store openings and strong execution by the management. Sheng Siong is expected to open two new stores in the next quarter, CIMB said, noting that most of Sheng Siong's new stores should deliver strong earnings in 2013. However, CIMB said gross margins are expected to fall in the fourth quarter due to likely discounting on goods during the festive period. DMG & Partners also raised its target price for Sheng Siong to S$0.53 from S$0.51, and kept its 'buy' rating, citing the company's faster rate of expansion. (Reporting by Charmian Kok in Singapore; Editing by Anand Basu; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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