SG Market: Spore shares may track modest pullback by US stocks overnight, although market's undertone in near term expected to remain firm given improving risk appetite. STI likely to hold above 3,136 with immediate resistance for any upside at 3,268 (May 08 peak).
The 2 mega listings next week appear to have mopped up a bit of liquidity from the market, but the keen interest in IPOs shows underlying demand for equities as flood of easy money chases after returns. Global Logistic Properties debuts Oct 18 while Mapletree Industrial Trust starts trading Oct 21.
On the stock ratings front:
*Keppel Land target price raised to $4.70 from $3.65 at JPMorgan
*F&N target price raised to $7.18 from $6.55 at Nomura
*Tiger Airways rated Underperform with $1.85 target price at Credit Suisse
*SGX target price raised to $10.60 from $8.94 at Daiwa
*NOL upgraded to Outperform from Neutral, target price raised to $2.43 from $2.35 at Credit Suisse
*Biosensors rated Buy with $1.30 target price at OCBC Sec
*Sound Global kept at Buy with HK$4.70 target price at Nomura
*Hyflux kept at Neutral $3.50 target price at Nomura
*Ezion kept at Buy with $0.90 target price at UOBKH
*GentingHK downgraded to Hold from Buy but raised target price to US$0.39 from US$0.31 at UOBKH
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