Stock Upgraded: UOB and OCBC target price raised to 19.1 and 8 respectively by UBS
I am the Runner-up of Business Times Citibank Ready Credit Online Stock Challenge 2008. The purpose of this site is to pin-point the star stocks in the Singapore stock market based on my technical analysis. Latest market news(as far as the author knows) will also be displayed here if I have time to update the site. I hope the information here is useful to all visitors.
Credit Suisse said it raised its target price for Singapore Press Holdings (SPH) to 4.75 sgd from 4.70 to reflect the higher valuations of the company's assets. It also raised its net profit forecast for the company by 1.4 pct to 405 mln sgd for the year to August 2007, and by 19.3 pct to 493 mln for the following year, to factor in earnings contributions from SPH's residential property development along Thomson Road. The residential development is scheduled to be launched in early 2007. However, the brokerage said it is keeping its "neutral" rating on the stock, gaying SPH lacks catalysts despite trading at an undemanding valuation. "Fundamentally, we do not see a rebound in the core media business in the near term," Credit Suisse said in a note. SPH ended the morning flat at 4.18 sgd on volume of 5.28 mln shares.
Hong Kong-based sofa maker Man Wah Holdings Ltd said it has secured orders worth 11 mln usd, or about 85.8 mln hkd, following its participation in trade fairs in the US and China. It said the orders are equivalent to 16 pct of the group's year to March 2006 sales of 536 mln hkd.
Singapore Petroleum Co Ltd (SPC) said it will abandon exploration activities at the Wortel-2 appraisal well, part of the Sampang production sharing contract in Indonesia, after the drill stem test did not recover significant hydrocarbons. SPC holds a 36 pct stake in the oil discovery contract, which it is jointly exploring with partners Santos Ltd, Cue Energy and PT Petrogras. "There are plans for further appraisal drilling, including a third well, Wortel-3 appraisal well, to determine the full potential of the Wortel gas discovery, subject to partners' and governmental approval and rig availability," the company said in a statement.