April 11, 2012 / 3:01 AM / in 6 years

STOCKS NEWS SINGAPORE-China Fashion shares jump 10 pct

Shares of Singapore-listed China Fashion Holdings Ltd rose as much as 13.8 percent to a two-month high, after the company announced plans to buy an oil and gas firm in a S$41 million reverse takeover deal.

China Fashion shares were up 8.6 percent at S$0.063 with over 78.5 million shares traded, 2.9 times its average full-day volume traded over the last five sessions.

China Fashion said it plans to acquire oil and gas firm Golden Rainbow Enterprise Ltd in a reverse takeover, by issuing 103.4 million new shares to Techwin Energy Ltd at S$0.40 each.

For related company statement, click

1045 (0245 GMT)

(Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com)

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09:47 STOCKS NEWS SINGAPORE-CIMB downgrades Keppel T&T to neutral

CIMB Research cut its rating on Singapore logistics firm Keppel Telecommunications & Transportation Ltd (Keppel T&T) to neutral from outperform and lowered its target price to S$1.22 from S$1.24.

Keppel T&T shares were unchanged at S$1.23, and have gained 11 percent since the start of the year.

CIMB lowered its earnings per share estimates for Keppel T&T by 1-5 percent for 2012-2014 to account for higher interest expense as it borrows more to fund developments.

The broker said that while the company’s expansion into Jilin in China should help develop its core logistics business further, meaningful contributions from the country will only come in after a few years.

“While its core logistics and data-centre earnings could continue to grow, full-year contributions from new warehouse capacity and data-centre expansion are largely in the price,” said CIMB.

0943 (0143 GMT)

(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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10:22 STOCKS NEWS SINGAPORE-UOB upgrades SATS to hold

UOB Kay Hian raised its rating on airline services company SATS Ltd to hold from sell and increased its target price to S$2.43 from S$2.34, citing an attractive dividend yield.

Shares of SATS ticked up 0.4 percent to S$2.54, and have risen about 18 percent so far this year.

UOB expects SATS to pay out a special and final dividend of 17 Singapore cents, in the absence of any plans for major mergers and acquisitions, implying a dividend yield of about 10 percent.

Previous concerns over a slowdown in passenger and cargo traffic have also abated, due to a boost in low-cost carrier traffic, which will lead to incremental earnings and cash flow for SATS, UOB said.

1000 (0200 GMT)

(Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com)

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09:47 STOCKS NEWS SINGAPORE-CIMB downgrades Keppel T&T to neutral

CIMB Research cut its rating on Singapore logistics firm Keppel Telecommunications & Transportation Ltd (Keppel T&T) to neutral from outperform and lowered its target price to S$1.22 from S$1.24.

Keppel T&T shares were unchanged at S$1.23, and have gained 11 percent since the start of the year.

CIMB lowered its earnings per share estimates for Keppel T&T by 1-5 percent for 2012-2014 to account for higher interest expense as it borrows more to fund developments.

The broker said that while the company’s expansion into Jilin in China should help develop its core logistics business further, meaningful contributions from the country will only come in after a few years.

“While its core logistics and data-centre earnings could continue to grow, full-year contributions from new warehouse capacity and data-centre expansion are largely in the price,” said CIMB.

0943 (0143 GMT)

(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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09:24 STOCKS NEWS SINGAPORE-OCBC cuts Cache Logistics target price

OCBC Investment Research has cut its target price for Singapore’s Cache Logistics Trust to S$1.11 from S$1.19, while keeping its buy rating, to reflect the private placement of new units.

Units of Cache were unchanged at S$0.995 and have gained 4.8 percent so far this year.

Last month, Cache Logistics issued 60 million new units at S$0.985 each, which saw strong take-up from Asian and European investors, the broker said.

Proceeds will be used to fund the purchase of a Singapore industrial property and the acquisition will give the trust additional debt headroom of S$120 million, OCBC said.

“We continue to favour Cache as one of the preferred picks in the industrial REIT (real estate investment trust) space,” it added.

(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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08:49 STOCKS NEWS SINGAPORE-Index futures down 1 pct

Singapore index futures are currently down by about 1 percent, signalling a weak start for the benchmark Straits Times Index on Wednesday.

Asian shares were lower in early trade, as uncertainty over global growth prospects, and resurfacing worries about debt restructuring in the euro zone, prompted investors to continue trimming their risk exposures.

For related story, click [ID:nL3E8FA2VY}

Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com

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