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STOCKS NEWS ASEAN-OCBC starts Fortune REIT with buy rating
March 14, 2012 / 3:02 AM / 6 years ago

STOCKS NEWS ASEAN-OCBC starts Fortune REIT with buy rating

OCBC Investment Research set a buy rating on Singapore-listed Fortune Real Estate Investment Trust with a target price of HK$4.88 ($0.63).

OCBC said the Hong Kong-focused REIT looked quite attractive as it had a price-to-book ratio of 0.5 times and 2012 fiscal year dividend yield at around 7.4 percent.

“We are positive on the HK retail sector given the continued growth of the economies of HK and mainland China. Rents will continue to climb to catch up with the rapid rise of retail property prices since 2009,” OCBC said in a report.

Fortune REIT shares were up 0.25 percent at HK$4.0. The REIT has a portfolio of 16 retail malls and properties in Hong Kong.

1050 (0250 GMT)

(Reporting by Eveline Danubrata in Singapore)

Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net ($1 = 7.7593 Hong Kong dollars)

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10:38 STOCKS NEWS ASEAN-Kim Eng bullish on Singapore’s Lian Beng

Maybank Kim Eng expects a higher valuation for Singapore property developer, Lian Beng, due to the spin-off and listing of its subsidiaries in Taiwan.

“Buy now and be rewarded by the imminent Taiwan listing of Lian Beng’s subsidiaries and potential special dividends of up to 1.6 cents per share,” the broker said and maintained its price target of S$0.62.

Lian Beng shares rose 2.6 percent to S$0.40. Kim Eng estimates its fair valuation could rise to S$0.71 from S$0.62.

The broker expects Lian Beng to raise about S$29 million from the expected sale of a 30 percent stake in the subsidiaries.

1020 (0220 GMT)

(Reporting by Mark Tay in Singapore)

Reuters messaging rm://mark.tay.thomsonreuters.com@reuters.net

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08:40 STOCKS NEWS ASEAN-Singapore index futures rise 0.9 pct

Singapore MSCI March futures gained 0.9 percent on Wednesday, indicating a higher start for the Straits Times Index .

Both Tokyo and Seoul shares rallied in early trade to fresh seven-month highs, tracking U.S. stocks which posted their best day of the year after a slightly stronger economic outlook from the Federal Reserve and upbeat retail sales data.

Japan’s benchmark Nikkei rose 1.9 percent, while the Korea Composite Stock Price Index advanced 1.2 percent.

0840 (0040 GMT)

(Reporting by Eveline Danubrata in Singapore)

Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net

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