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
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
"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.