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STOCKS NEWS SINGAPORE-OCBC raises Roxy-Pacific target price
September 13, 2012 / 3:01 AM / in 5 years

STOCKS NEWS SINGAPORE-OCBC raises Roxy-Pacific target price

OCBC Investment Research raised its target price for property developer Roxy-Pacific Holdings Ltd to S$0.54 from S$0.50, citing stronger sales at its existing projects and careful execution.

By 0248 GMT, shares of Roxy-Pacific were flat at S$0.49, and have gained 88.5 percent so far this year, compared with the Thomson Reuters Asia Pacific and Russia Real Estate Index's 19.3 percent rise.

Earlier this month, Singapore took steps to ensure developers build apartments of different sizes rather than just tiny "shoebox" units.

The new rules will have little impact on Roxy-Pacific, as most of its new projects will not be affected by the measures, OCBC said in a report.

"We believe that demand for shoebox units remain buoyant, given still ample liquidity, and existing shoebox projects could well benefit from a lower supply of small units ahead," said OCBC in a report.

1051 (0251 GMT)

(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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10:23 STOCKS NEWS SINGAPORE-Gul shares jump on possible offer for firm

Shares of Gul Technologies Singapore Ltd jumped 18.8 percent to a five-year high, after it said a party may be exploring the possibility of making an offer for the electronics manufacturing company.

By 0154 GMT, Gul shares were up 16 percent at S$0.136, with 6.9 million shares traded, 6.3 times its average daily volume over the last five sessions. Gul has surged 153 percent so far this year, compared with 16.2 percent for the FT ST Fledgling Index.

Gul said in a statement on Thursday that it was aware "a party is exploring certain corporate action that may or may not lead to an offer for the company," raising speculation it could be taken over or privatised.

"It sounds like it could be a privatisation and investors are riding on that speculation, especially since there has been a wave of delistings lately," said a local trader.

Singapore has seen a spate of privatisations, especially in the small to mid-cap space, including Cerebos Pacific Ltd and Meiban Group Ltd, due to low valuations and little liquidity.

1012 (0212 GMT)

Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com

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