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STOCKS NEWS ASEAN-OCBC upgrades Singapore's Roxy Pacific to buy
March 20, 2012 / 2:02 AM / 6 years ago

STOCKS NEWS ASEAN-OCBC upgrades Singapore's Roxy Pacific to buy

OCBC Investment Research raised its rating on Singapore property firm Roxy Pacific Holdings Ltd to buy from hold, citing the company’s strong sales last month.

It raised its price target on Roxy S$0.62 from S$0.45.

“At the current juncture, we judge that Roxy now warrants a lower restated net asset value discount at 30 percent, versus 40 percent previously, due to its more favorable risk profile,” the brokerage said.

Roxy’s shares were up 0.9 percent at a record S$0.56. The stock has gained 42 percent so far this year.

“From our discussions with Roxy, we also understand that it is currently seeking to add to its hotel portfolio going forward, which we believe reflect management’s propensity to seek out high-return risk-adjusted opportunities through changing property cycles,” OCBC said.

For Singapore February private unit sales, click:

0930 (0130 GMT)

(Reporting by Mark Tay in Singapore)

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09:34 STOCKS NEWS ASEAN-Singapore industrial REITs to see firm earnings

Singapore’s industrial real estate investment trusts (REITs) are set to report healthy year-on-year growth in distributable incomes for the three months ended March, OCBC Investment Research said.

Their financial results will be driven by completion of acquisitions, firm occupancy rates and potentially positive rental reversions, the broker said in a report.

OCBC maintained its overweight rating on the industrial REIT sector, with Cache Logistics Trust as its preferred pick, given its attractive distribution per unit yield of 8.5 percent for 2012.

It expects AIMS AMP Capital Industrial REIT, Ascendas REIT, Mapletree Industrial Trust and Mapletree Logistics Trust to see revaluation gains.

0915 (0115 GMT)

(Reporting by Charmian Kok in Singapore)

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08:46 STOCKS NEWS ASEAN-Singapore index futures higher

Singapore MSCI March futures rose 0.6 percent on Tuesday, indicating the benchmark Straits Times Index is likely to head for a higher start.

Asian shares were steady, with the MSCI Asia Pacific ex-Japan Index up 0.07 percent as investors sought further evidence of U.S. economic recovery before pushing higher.

0842 (0042 GMT)

Reporting by Charmian Kok in Singapore

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