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STOCKS NEWS SINGAPORE-Index down; Singapore Press falls
July 16, 2013 / 4:01 AM / 4 years ago

STOCKS NEWS SINGAPORE-Index down; Singapore Press falls

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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