Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares up but gains capped by rig builders

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STOCKS NEWS SINGAPORE-Shares up but gains capped by rig builders Oct 30th 2012, 04:45 Tue Oct 30, 2012 12:45am EDT Singapore shares rose by midday, but gains were capped by losses in rig builders Keppel Corp Ltd and Sembcorp Marine Ltd, hurt by falling oil prices after Tropical Cyclone Sandy dampened U.S. oil demand. By 0421 GMT, the benchmark Straits Times Index climbed 0.3 percent to 3,038.58 points, while the MSCI index of Asia-Pacific shares outside Japan rose 0.1 percent. Keppel, the world's largest rig builder, lost 1.8 percent at S$10.63, with over 5.2 million shares traded, making it the most actively traded stock by value. Smaller rival Sembcorp Marine fell 1.9 percent to S$4.68. Brent crude slipped below $109 a barrel on Tuesday as Tropical Cyclone Sandy shut East Coast refineries, roads and airports, reducing crude and fuel demand in the world's largest oil consumer. Eu Yan Sang International Ltd, which makes traditional Chinese medicine products, fell 4.7 percent to S$0.61, after DMG & Partners downgraded it to 'sell' and cut its target price to S$0.57 from S$0.74, citing lower-than-expected quarterly earnings. Eu Yan Sang said its first-quarter net profit dropped 92 percent to S$0.3 million from a year ago, due to higher operating expenses and a loss in its Australian unit. DMG said the company's poor results were also due to softer retail sales growth in Hong Kong, Malaysia and Singapore. The brokerage cut its 2013 and 2014 earnings estimates by 41 and 21 percent respectively, on expectations of weaker sales and higher costs from the opening of new stores. 1234 (0434 GMT) (Reporting by Charmian Kok in Singapore; Editing by Anupama Dwivedi; charmian.kok@thomsonreuters.com) ************************************************************ 12:17 STOCKS NEWS SINGAPORE-CDL Hospitality falls on poor Q3 results CDL Hospitality Trusts dropped as much as 3.6 percent to a four-week low after it posted weaker-than-expected quarterly results, as a weaker macroeconomic environment hurt Singapore's hospitality sector. By 0356 GMT, units of CDL Hospitality, which owns hotels, were traded at S$1.995, on a volume of 5.7 million units, 4.8 times its average daily volume over the last five sessions. CDL Hospitality Trusts, which owns hotels, said its distribution per unit for the third quarter was 2.72 Singapore cents, compared with 2.77 cents a year earlier, hurt by slightly lower revenue per available room for its Singapore hotels. OCBC Investment Research said the results were below its expectations, due to a poor economic outlook hurting Singapore hotels and lower fixed rent contribution from its Australian hotels. "The room rates for CDL came in weaker than expected, and investors are also concerned about the weaker outlook for Singapore's hotel sector," said an analyst. Far East Hospitality Trust, which owns hotels and serviced residences in Singapore, fell nearly 2 percent to S$0.995, with 4.5 million units traded, 1.4 times its average daily volume over the last five sessions. 1203 (0403 GMT) (Reporting by Charmian Kok in Singapore; Editing by Anand Basu; charmian.kok@thomsonreuters.com) ************************************************************ 9:47 STOCKS NEWS SINGAPORE-CIMB raises Ho Bee target price CIMB Research raised its target price on Ho Bee Investment Ltd to S$1.52 from S$1.27 and kept its 'neutral' rating, to reflect cash proceeds from the sale of a hotel and lower cap rates for industrial assets. Shares of Ho bee have jumped nearly 47 percent since the start of the year, compared to the FTSE ST Financial Index's 27.8 percent gain. Ho Bee said it will sell Hotel Windsor for S$163 million, giving it a net gain of S$25.9 million on completion, which will lift its restated net asset value by 3 percent, CIMB said in a note. The brokerage noted that cash proceeds from the sale could be used for capital expenditures at the China projects and office development in Singapore, the Metropolis. 0938 (0138 GMT) (Reporting by Charmian Kok in Singapore; Editing by Anand Basu; harmian.kok@thomsonreuters.com) ************************************************************ 9:24 STOCKS NEWS SINGAPORE-OCBC, CIMB ups Starhill target price OCBC Investment Research raised its target price for Starhill Global Real Estate Investment Trust to S$0.84 from S$0.79 and kept its 'buy' rating, citing higher rentals at its Singapore shopping mall Wisma Atria. By 0109 GMT, units of Starhill were unchanged at S$0.79. They have surged 41.7 percent since the start of the year, compared to the FTSE ST Real Estate Investment Trust's 35.3 percent rise. Starhill Global said its distribution per unit for the third quarter rose 11 percent to 1.11 Singapore cents from a year earlier, helped by strong property income growth for its Singapore shopping malls. Property income from Wisma Atria came in stronger than expected, helped by positive rental reversions and full committed occupancy at the mall, which helped offset weakness at its China and Australia properties, OCBC said. CIMB Research also raised its target price for Starhill to S$0.81 from S$0.75 and kept a 'neutral' rating to factor in a lower valuation discount rate of 7.9 percent. However, the brokerage cut its distribution per unit estimates for Starhill due to lower margins in Japan and weaker growth in China. 0912 (0112 GMT) Link this Share this Digg this Email Reprints

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