STOCKS NEWS SINGAPORE-Index down; Singapore Press falls

Mon Jul 15, 2013 11:59pm EDT

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Singapore shares eased on Tuesday, with Singapore Press Holdings Ltd (SPH) among the biggest decliners after the media and property company posted weak core earnings for its third quarter.

The Straits Times Index was down 0.4 percent at 3,225.44 points, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2 percent higher.

SPH's third-quarter profit was boosted by fair value gain on investment properties, but Maybank Kim Eng said the company's core media business could continue to be under pressure.

The broker downgraded the stock to "hold" from "buy" and cut its target price to S$4.50 from S$4.52. SPH shares fell as much as 1.6 percent to S$4.26 on Tuesday.

Shares of CapitaMalls Asia Ltd outperformed the market, rising as much as 1.5 percent to S$1.975, the highest since May 30.

The company said on Monday it had won a tender to acquire Grand Canyon Mall in Beijing. The total investment for the mall is expected to be about 1.82 billion yuan ($296.5 million), the company said.

"With this deal, we believe CapitaMalls Asia can deepen its presence in Beijing in a capital-efficient way, while enlarging its AUM (assets under management)," CIMB Research said in a report. It raised its target price on the stock to S$2.14 from S$2.06 and maintained its "outperform" rating.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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