SINGAPORE, April 27 (Reuters) - City Developments
(CTDM.SI), Singapore's second-largest developer, may be in
focus after UBS upgraded the firm to "buy" from "neutral" and
described it as a "key call".
U.S. stocks rallied on Friday as earnings showed companies
were weathering the recession and economic data raised hopes
the economic cycle may have hit a bottom.
----------------------MARKET SNAPSHOT @ 0021 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 866.23 1.68% 14.310
USD/JPY JPY= 96.83 0.01% 0.010
10-YR US TSY YLD US10YT=RR 2.9548 -- -0.036
SPOT GOLD XAU= 916.8 0.63% 5.700
US CRUDE CLc1 50.55 -1.94% -1.000
DOW JONES .DJI 8076.29 1.50% 119.23
ASIA ADRS .BKAS 100.38 1.60% 1.58
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Oil tops $51 on stronger equities, weaker dollar [O/R]
Stocks and factors to watch:
-- CITY DEVELOPMENTS LTD (CTDM.SI)
- UBS on Monday upgraded City Developments (CityDev),
Singapore's second-largest developer, to "buy" from "neutral"
and raised the target price to S$7.60 from S$6.45. Describing
CityDev as a "key call", UBS said it believed Singapore's
economy bottomed in the first quarter and that the rebound in
the volume of home sales seen in the past two months was
sustainable. [ID:nSGC001106]
-- DBS GROUP HOLDINGS LTD (DBSM.SI)
- UBS reiterated its "buy" recommendation on Singapore's
DBS and increased the target price to S$11.30 from S$10.30,
citing reasons such as the banking group's ability to gain
market share with increased funds gained from a recent S$4
billion ($2.69 billion) rights issue. [ID:nSGC001105]
-- HONG LEONG FINANCE (HLSF.SI)
- Hong Leong reported on Friday a 15.8 percent fall in
first quarter net profit to S$25.7 million from a year ago,
mainly due to reduced contribution from wealth management and
an increase in provisions. [ID:nSN4O52041]
-- SMRT CORPORATION (SMRT.SI)
- SMRT, which operates the bulk of Singapore's subway
system, reported on Friday a 13 percent increase in net profit
for the fourth quarter ended March to S$38.7 million from a
year ago, helped by higher ridership on trains and buses.
[IDLnSN4O30771]
-- CAPITALAND LTD (CATL.SI)
- CapitaLand, Southeast Asia's largest developer, said on
Friday it had acquired a 30 percent stake in Guangzhou Slamet
Property Co, a company incorporated in China, for a cash
consideration of 64.3 million yuan (approximately S$14.2
million). [ID:nSN4O50971]
- Singapore's benchmark Straits Times Index .FTSTI fell
0.38 percent to 1,852.85 points on Friday.
- The Dow Jones Industrial Average .DJI gained 1.50
percent to 8,076.29 points. The Nasdaq Composite Index .IXIC
rose by 2.55 percent to 1,694.29 points.
(Reporting by Eveline Danubrata, editing by Kevin Lim)
