March 20, 2012 / 2:37 AM / 6 years ago

STOCKS NEWS ASEAN-STX OSV rises on order wins

Shares of Singapore-listed STX OSV Holdings Ltd rose as much as 2.8 percent after it won two contracts worth about 1.15 billion Norwegian Crown ($201 million) to build subsea vessels.

“We believe orders could gush back in the second half when positive oil & gas dynamics pips credit concerns,” brokerage CIMB said in a report, adding that STX OSV’s order pipeline had become more diversified.

STX OSV’s orders so far this year only accounted for 9.5 percent of broker DMG & Partners’ full year forecast, but it expects “the tight availability of high-end vessels in the market will continue to drive more orders”.

DMG & Partners has a buy rating on STX OSV and a target price of S$2.00.

STX OSV is favoured by markets as reflected by Thomson Reuters’ StarMine giving it a percentile ranking of 98 out of 100 for analysts’ upgrades in earnings estimates and changes in their recommendations.

STX OSV was up 2 percent at S$1.79 after hitting a record S$1.81 on Monday. The shares have surged 60 percent this year.

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1020 (0220 GMT)

(Reporting by Charmian Kok in Singapore)

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09:59 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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