Singapore's main index was slightly lower at midday despite
encouraging Chinese manufacturing data, as investors remained
risk averse ahead of more corporate earnings announcements.
The China HSBC Flash Manufacturing Purchasing Managers Index
(PMI) rose to a three-month high of 49.1 in October, also
registering the most robust order books since April, signalling
a strengthening recovery.
Thai Beverage PCL shares rose as much as 3.5
percent to S$0.445 on speculation that it could benefit from
substantial gains if it decides to sell its stake in Fraser and
Neave Ltd to other potential bidders such as property
developer Overseas Union Enterprise Ltd.
ThaiBev, together with other companies linked to a Thai
billionaire, is making a $7.2 billion bid for F&N. But OUE said
last week it was seeking partners in a potential takeover bid
for F&N that would rival ThaiBev's, without identifying the
parties.
Singapore-listed real estate investment trusts have reported
earnings mostly in line with estimates, DBS Vickers said, but
noted that several STI component stocks have suffered earnings
downgrades during analysts' third-quarter results previews.
Keppel Corp Ltd, the world's largest oil rig
builder, has seen its 2013 earnings estimates cut by 3.5
percent, while Oversea-Chinese Banking Corp's earnings
were lowered by 7 percent and Singapore Press Holdings Ltd
revised down by 4.6 percent, DBS said.
If the trend of downward revision for 2013 earnings
forecasts continues for the rest of the STI component stocks,
the STI could be pulled lower, the brokerage said.
For a graphic on Asian markets performance, click:
http://link.reuters.com/fyj53t
For a graphic on Asian markets valuations, click:
http://link.reuters.com/zuj53t
1348 (0548 GMT)
(Reporting by Charmian Kok in Singapore;
charmian.kok@thomsonreuters.com); Editing by Jijo Jacob
************************************************************
12:59 STOCKS NEWS SINGAPORE-Frasers Centrepoint at record
high; Brokers up target price
Frasers Centrepoint Trust rose as much as 1.8
percent to a record high after brokerages raised t heir target
prices for the shopping mall owner, citing better-than-expected
fourth-quarter results.
By 0425 GMT, units of Frasers Centrepoint were at S$1.945,
with a volume of 1.2 million, compared with its full day average
trading volume of 1.4 million over the last five sessions.
Frasers Centrepoint said its fourth-quarter distribution per
unit (DPU) was 2.71 Singapore cents, 15.3 percent higher than a
year ago, helped by higher gross revenue and net property
income.
Citigroup raised its target price for the trust to S$2.08
from S$2.00, to factor in stronger contribution from its
shopping mall Causeway Point, where full occupancy is expected
at the end of the year.
Citi increased its 2013 and 2014 DPU estimates by 2-3
percent, and noted that Frasers Centrepoint's gearing fell to
30.1 percent, giving it comfortable room to raise debt to
support any potential acquisitions.
OCBC Investment Research also raised its target price on
Frasers Centrepoint to S$2.13 from S$1.97 and maintained a 'buy'
rating, on expectations of better operating performance.
The brokerage expects Frasers Centrepoint to acquire a
property, Changi City Point, in 2013, which it said should
provide further growth.
1242 (0442 GMT)
(Reporting by Charmian Kok in Singapore; Editing by Anupama
Dwivedi; charmian.kok@thomsonreuters.com)
************************************************************
11:35 STOCKS NEWS SINGAPORE-Osim rises on earnings, OCBC ups
target price
Shares of Osim International Ltd rose as much as
2.7 percent to a 15-month high after it posted strong quarterly
earnings and OCBC Investment Research raised its target price
for the massage chair maker.
By 0325 GMT, Osim shares were up 1.7 percent at S$1.51. The
shares have jumped 30.7 percent since the start of the year,
compared with an 18 percent decline in the FTSE ST Consumer
Goods Index. Nearly 3 million Osim shares were
traded, 4.3 times their average daily volume over the last 5
sessions.
Osim said its third-quarter net profit surged 49 percent to
S$20 million, making it the 15th straight quarter of growth in
profitability.
OCBC raised its target price for Osim to S$1.87 from S$1.79
and kept its 'buy' rating, citing higher expected dividend
payouts, supported by strong cashflow generation. The brokerage
expects Osim's 2012 dividend per share to be 4.5 Singapore cents
to 5 Singapore cents.
"Osim's growth would be underpinned by its strong product
innovation, a focus on middle-to-high income consumers and
continued efforts to improve its productivity per man and per
store," said OCBC.
1127 (0327 GMT)
(Reporting by Charmian Kok in Singapore;
charmian.kok@thomsonreuters.com); Editing by Jijo Jacob
************************************************************
11:09 STOCKS NEWS SINGAPORE-CIMB raises Mapletree Industrial
target price
CIMB Research raised its target price for Mapletree
Industrial Trust, which owns factories and other
industrial assets, to S$1.51 from S$1.31 and kept its 'neutral'
rating, citing higher margins.
By 0253 GMT, units of Mapletree Industrial were flat at
S$1.395, and have surged 30 percent since the start of the year,
compared with the FTSE ST Real Estate Investment Trust's
34 percent rise.
Mapletree Industrial said its distribution per unit for the
second quarter was 2.29 Singapore cents, 11.7 percent higher
than the year-ago period, due to contributions from
acquisitions, higher rents and improving margins.
CIMB said the trust has stronger capital management, as it
issued a S$45 million 10-year fixed rate note that lengthened
average debt tenure to 3.2 years from 2.7 years, yet borrowing
cost fell to 2.3 percent from 2.5 percent.
However, CIMB noted that its current price to book value of
1.4 times is among the highest in the sector, and has likely
priced in growth potential.
1102 (0302 GMT)
(Reporting by Charmian Kok in Singapore;
charmian.kok@thomsonreuters.com); Editing by Jijo Jacob
Source: http://news.yahoo.com/stocks-news-singapore-shares-slightly-down-caution-q3-062044553--sector.html
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