Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC raises CapitaCommercial target price

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STOCKS NEWS SINGAPORE-OCBC raises CapitaCommercial target price Oct 5th 2012, 01:19 Thu Oct 4, 2012 9:19pm EDT OCBC Investment Research raised its target price on CapitaCommercial Trust to S$1.62 from S$1.53, and kept its 'buy' rating, citing better-than-expected outlook for office rentals. At 0108 GMT, units of CapitaCommercial were up 0.3 percent at S$1.515. They have surged 43.6 percent since the start of the year, compared with the FTSE ST Real Estate Industrial Trust's 31.3 percent gain. OCBC said grade A office rentals in Singapore are likely to show a smaller decline in the third quarter, and vacancies in the central business district reversed their rising trend, falling 0.9 percentage point in the second quarter to 8.4 percent. "We expect a similar trend for vacancies in the third quarter, which would likely contribute to a muted rate of rental decline," said OCBC. The brokerage noted that CapitaCommercial also said it had refinanced an outstanding balance of its convertible bonds due in 2013, with a new S$175 million convertible bond issue due in 2017. 0910 (0110 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com; Editing by Prateek Chatterjee) Link this Share this Digg this Email Reprints

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