Singapore shares edged up to a one-week high, led by gains
in Fraser and Neave Ltd after a Thai group raised its
takeover offer for the property and beverages conglomerate.
At 0358 GMT, the Straits Times Index was up 0.4
percent at 3,225.07 points, its second straight positive
session. F&N shares were among of the largest winners, rising as
much as 1.8 percent to a record high of S$9.75 before retreating
By midday, F&N was up 1.4 percent at S$9.71, above the
latest S$9.55 a share offer from Thailand's TCC Assets Ltd,
headed by billionaire Charoen Sirivadhanabhakdi.
This puts pressure on a consortium led by Indonesian tycoon
Stephen Riady's Singapore-listed property company Overseas Union
Enterprise Ltd to counter the new offer or withdraw
from Southeast Asia's largest-ever corporate acquisition.
"Optimism about an improving macro environment and fund flows
from bonds to equities should continue to underpin equity
markets," said DBS Vickers in a note.
The brokerage said it expects 2013 to be another strong year
for offshore and marine companies, as sustained high oil prices
will mean continued investment into the sector.
Oil services and equipment providers such as Ezion Holdings
Ltd and Ezra Holdings are expected to
outperform rigbuilders like Keppel Corp, as steady
contract wins help to improve earnings visibility.
Ezion shares were down 1.7 percent at S$1.78 at midday, and
they have gained 5 percent since the start of the year. Ezra
fell 2.1 percent to S$1.175, but have gained 3 percent so far in
1156 (0356 GMT)
(Reporting by Charmian Kok in Singapore; Editing by Prateek
10:12 STOCKS NEWS SINGAPORE-Genting Hong Kong at 17-month
Shares of Genting Hong Kong Ltd rose as
much as 6.2 percent to a 17-month high after its part-owned unit
Norwegian Cruise Line Holdings Ltd (NCL) made a strong
market debut on the Nasdaq.
By 0204 GMT, Genting Hong Kong shares were up 2.5 percent at
$0.415 with 14 million shares traded, compared to its full day
average volume of 17 million shares over the last five sessions.
Genting Hong Kong has jumped 20 percent since the start of
On Friday, shares of NCL, a global cruise line operator,
surged 30.5 percent above its initial public offering price of
$19 on its first day of trading.
CIMB Research said this values the company at $5 billion
versus its estimate of $2.4 billion and the company's initial
valuation of $1 billion when Genting Hong Kong bought it in
"Guidance from the IPO shows that our numbers and valuations
of NCL were too conservative," said CIMB, adding that its two
new ships will command a 30 percent premium in ticket pricing,
making them key growth drivers for NCL and Genting Hong Kong.
CIMB raises its earnings per share forecasts for Genting
Hong Kong by 3-40 percent, and said the next big catalyst for
its shares would be the listing of Travellers, which develops
and operates its Manila integrated resort.
1007 (0207 GMT)