Reuters logo
STOCKS NEWS SINGAPORE-Shares slid by midday, Genting Singapore falls
September 13, 2012 / 4:51 AM / 5 years ago

STOCKS NEWS SINGAPORE-Shares slid by midday, Genting Singapore falls

Singapore shares slid by midday amid cautious trading ahead of a decision from the U.S. Federal Reserve’s later in the day about further stimulus action to boost its economy.

The benchmark Straits Times Index fell 0.4 percent to 3,017.59 points, with casino operator Genting Singapore Plc losing 1.44 percent and developer Hongkong Land Holdings Ltd shedding 1.7 percent.

Genting Singapore shares lost 1.1 percent at S$1.37, after the city-state’s casino regulator fined the company S$600,000 for partially reimbursing the annual entry levy paid by some local casino patrons.

However, Thai Beverage Pcl gained 2.9 percent to S$0.35 after a group linked to it made a $7.2 billion cash offer to take over Singapore conglomerate Fraser and Neave Ltd . F&N’s shares were halted from trading.

Raffles Education Corp Ltd jumped 19.2 percent to S$0.435 after Singapore tycoon Oei Hong Leong raised its direct stake in the company to 4.86 percent from 3.51 percent previously, a stock exchange filing showed. Oei also has a deemed stake of 1.28 percent in Raffles Education.

1236 (0436 GMT) (Reporting by Charmian Kok in Singapore;


11:34 STOCKS NEWS SINGAPORE-Maybank raises Tat Hong target price to S$1.74

Maybank Kim Eng increased its target price for crane company Tat Hong Holdings Ltd to S$1.74 from S$1.41 while keeping its ‘buy’ rating, citing a faster-than-expected recovery and strong demand due to Asia’s infrastructure boom.

By 0325 GMT, Tat Hong shares were up 2.8 percent at S$1.28, having gained 45.5 percent so far this year, compared with the FT ST Industrials Index’s 16.9 percent rise.

“Tat Hong is experiencing the best time in its operating history with booming demand from all countries it operates in,” said Maybank, adding that its order book provides earnings visibility for at least the next 2 years.

Maybank raised its 2013-2015 net profit forecasts for Tat Hong by 19.2 percent, 13.3 percent and 2.7 percent respectively, taking into account higher expected rents for its cranes.

Tat Hong has also been able to charge a premium over its competitors, due to the higher quality of its cranes, wider range of products and larger fleet size.

1126 (0326 GMT)

(Reporting by Charmian Kok in Singapore;


11:00 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;


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;

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below