Singapore shares rose on Thursday, with media and property
company Singapore Press Holdings Ltd (SPH) rising to
its highest since December 2007 ahead of the second quarter
earnings on Friday.
The Straits Times index was 0.4 percent higher at
3,306.34 and the MSCI index of Asia-Pacific shares outside Japan
rose 0.7 percent.
SPH shares gained as much as 0.6 percent to S$4.68 on
Thursday and have added 12.2 percent over the past month after
the company said on March 10 it planned to list a real estate
investment trust (REIT).
"Investors are looking for clarity on the REIT listing and
waiting for a special dividend if REIT is announced," a trader
Brokers upgraded their ratings and target prices after the
REIT announcement was made.
DBS Vickers upgraded SPH to 'buy' from 'hold' and raised its
target price to S$4.79 from S$4.01.
"We believe asset value realisation will be a trigger for
share price outperformance with the establishment of a REIT,"
DBS said in a note last month.
OCBC Investment Research upgraded the stock to 'buy' and
raised its fair value to S$4.94 from S$4.48, saying the REIT
listing is a "particularly attractive risk-reward proposition".
1212 (0412 GMT)