Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares tad up at midday; Triyards jumps

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STOCKS NEWS SINGAPORE-Shares tad up at midday; Triyards jumps Oct 25th 2012, 05:08 Thu Oct 25, 2012 1:08am EDT Singapore shares edged up at midday, led by property developer CapitaLand Ltd, as signs of recovery in China and the United States eased concerns over a worsening global economy. By 0455 GMT, the benchmark Straits Times Index was 0.3 percent higher at 3,053.85 points, while the MSCI index of Asia-Pacific shares outside Japan was up 0.08 percent. CapitaLand shares were up 1.8 percent at S$3.34, while its shopping malls arm CapitaMalls Asia was 1.7 percent higher at S$1.80. Southeast Asia is becoming one bright spot in a world of gloomy corporate earnings, with strong profit growth powered by a population of 600 million people increasingly willing, and able, to spend in their fast growing economies. Newly listed oil and gas firm Triyards Holdings jumped 8 percent to S$0.87 after it said its net profit for the year ended August jumped more than five times to $44.1 million, helped by higher sales and additional production capacity at its shipyard in Vietnam. Offshore oil and gas firm Gaylin Holdings Ltd shares were traded at S$0.36, 2.9 percent above its initial public offering price of S$0.35 in its market debut. 1258 (0458 GMT) (Reporting by Charmian Kok in Singapore; Editing by Jijo Jacob; charmian.kok@thomsonreuters.com) ************************************************************ 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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