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STOCKS NEWS SINGAPORE-Singapore shares at 2-week high

Source : REUTERS
Last Updated: Thu, Sep 13, 2012 19:01 hrs

Singapore shares rose to a two-week high at midday, led by developer Hongkong Land Holdings Ltd, as comments from Chinese premier Wen Jiabao that the government will continue to support growth boosted investor confidence.

The benchmark Straits Times Index was up 0.27 percent at 3,024.49 points. Asian shares were also broadly higher, with the MSCI's broadest index of Asia-Pacific shares outside Japan up 1.1 percent.

Hongkong Land rose 2.6 percent to $6.03 on better optimism on China's growth. Premier Wen Jiabao said on Tuesday that China is on track to meet this year's target for economic growth and if needed, the government could utilise a 100 billion yuan ($15.8 billion) fiscal stability fund to boost growth.

DBS Vickers raised its target price for StarHub to S$3.67 from S$3.50 and kept its 'hold' rating, citing higher earnings from its new 4G mobile services.

The brokerage expects StarHub's 2013 and 2014 earnings to rise by 4 and 8 percent respectively, but said larger rival Singapore Telecommunications will see only a marginal impact. StarHub shares were up 0.3 percent at S$3.66, while SingTel shares were flat at S$3.33.

1301 (0501 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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11:51 STOCKS NEWS SINGAPORE-DMG raises SGX target to S$5.30, keeps sell

DMG & Partners Securities raised its target price on Singapore Exchange Ltd (SGX) to S$5.30 from S$5.00, but maintained its 'sell' rating on the bourse operator.

SGX shares were down 0.6 percent at S$6.88 on Wednesday. The stock has gained 12 percent so far this year versus the 14 percent gain in the broader Straits Times Index.

SGX recorded average daily turnover (ADT) of S$1.41 billion ($1.15 billion) in August, up from S$1.23 billion in July, largely due to increased trading of Fraser and Neave Ltd shares, DMG said.

Thai Beverage PCL is working with a partner on a potential bid for F&N to get its hands on the Singapore company's property and soft drinks businesses after Heineken NV took pole position in the battle to buy F&N's prized beer brewer.

But SGX's nine-year ADT compound annual growth rate is half that of Hong Kong Exchanges and Clearing Ltd (HKEx), DMG said, adding that HKEx is more likely to be a beneficiary of foreign funds inflow than SGX.

1145 (0345 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

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09:08 STOCKS NEWS SINGAPORE-OCBC ups Dyna-Mac target price

OCBC Investment Research raised its target price for offshore services firm Dyna-Mac Holdings Ltd to S$0.62 from S$0.52, and kept its 'buy' rating, citing improving outlook for the industry.

Shares of Dyna-Mac rose 1.9 percent to S$0.525 and have surged 23.5 percent so far this year, compared to the FT ST Oil & Gas Index's 26.7 percent rise.

Fundamentals driving the floating production systems are robust and recent orders have been at a near record pace, according to the International Maritime Associates, and OCBC said Dyna-Mac could capture a fair share of new orders.

The company is also increasing its yard capacity to meet growing demand. It acquired a 70 percent stake in fabrication yard in Guangzhou, China and rented another yard in Johor, Malaysia, increasing production capacity by at least 80 percent, OCBC said.

0900 (0100 GMT) ($1 = 1.2293 Singapore dollars) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)




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