SG Market: The modest pullback on Wall Street overnight may prompt investors to take profits & digest gains on Spore shares after yday's strong run-up, which lifted STI to highest level since Jan 08. Support for benchmark eyed at 3,220 gap. Local corporate earnings will continue to be in focus, with Sembcorp Industries (robust 3Q earnings), Armstrong (slower growth momentum) among latest reporting results.
NOL, ST Engrg may also be closely watched after container line’s latest 4-week operating data showed sequential weakness while STE disclosed $370m worth of airframe heavy maintenance contracts ahead of results this week. Plantations, Noble, Olam to remain strong supported by soaring CPO, cotton, sugar & other commodity prices. Keppel Land may face some selling pressure due to dilutive impact from proposed $500m convertible bond; may have priced it too aggressively.
On the stock ratings front:
*K-Reit initiated as Buy at UBS with TP of $1.53
*Sembcorp Industries maintained as Buy at DB; raised TP to $6.60 from $5.65; RBS also raised TP to $5.60 from $4.70
*PLife downgraded to Hold from Buy at Phillips; cuts TP to $1.78 from $1.66
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