STOCKS NEWS SINGAPORE-Index edges up; Singapore Press gains on REIT plan
Singapore shares inched higher, with Singapore Press Holdings Ltd among the biggest gainers after it unveiled plans to establish and list a real estate investment trust (REIT).
The Straits Times Index gained 0.2 percent to 3,403.63, and the MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.2 percent.
Shares of media and property group Singapore Press Holdings (SPH) gained as much as 3.9 percent to a seven-week high of S$4.56. It was the most traded stock by value on Tuesday.
The company aims to make S$1.048 billion ($829 million) by selling part of a REIT whose assets are two shopping malls.
Among other gainers, Sembcorp Marine Ltd rose as much as 1.6 percent to S$4.48, after the world's second largest builder of offshore oil rigs announced a $596 million contract win of an ultra-high specification jackup rig.
"With this latest win, Sembcorp Marine has secured orders about $2.4 billion year to date, accounting for around 60 percent of our full year estimate," said OCBC Investment Research.
The brokerage kept a "buy" rating and fair value estimate of S$5.64 on the stock.
1136 (0336 GMT)
($1 = 1.2609 Singapore dollars)
(Reporting by Joyce Lim; Editing by Gopakumar Warrier)
11:51 STOCKS NEWS SINGAPORE-Yoma Strategic jumps on brokerages upgrades
Shares in Yoma Strategic Holdings Ltd jumped as much as 6 percent to a three-month high of S$0.88 on Tuesday, after brokerages upgraded the property developer on upbeat business prospects in Myanmar.
"The booming property sector, accelerated construction and Landmark's progress lead us to raise FY14/15F earnings by 60 percent/40 percent," said DBS Vickers Securities in a note. It said its target price on Yoma to S$0.92 from S$0.80.
Yoma reported a net profit of S$11.5 million for the quarter ended March 31, up from S$2.1 million a year earlier, boosted by an increase in sales of residences and land development rights in Myanmar.
Yoma's involvement in Myanmar's telecommunication and agriculture industries could propel its share prices higher, analysts also said. The shares have risen nearly 22 percent so far this year, beating a 6.7 percent gain in the sector index .
OCBC Investment Research upgraded its call on the stock to "hold" from "sell", and increased the fair value estimate to S$0.87 from S$0.71.
Yoma, in partnership with Digicel and Quantum Strategic Partners, is bidding for one of the two telecommunication licenses that Myanmar is expected to be awarded later this year.
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