SG Market

SG Market: Spore shares at risk of extending recent losses after Wall Street's overnight decline triggered by concerns over federal investigation into insider trading. Since reaching almost 3-yr high of 3313 earlier this month, STI has been on almost sustained decline, closing down 0.2% at 3191 y’day. Support expected at current Nov low of 3150…

Mkt watchers opine that the strong run-up since Sep, leaves little incentive for prices to head much higher with the year coming to an end. STI +8.2% since beginning Sep.

Stock ratings:
* Mapletree Industrial Trust: Citi initiates at Buy with $1.21 target. Recall yday Goldman started at Neutral with $1.12 target.
* Gallant Venture: KE initiates at Buy with $0.75 target.
* Straits Asia Resources: Credit Suisse raises to Outperform from neutral, raises target to $3.10 from $2.20. Sees rising coal prices as catalyst.
* Osim: Macquarie raises target to $2 from $1.50
* UOL: Nomura reiterates Buy with $5.55 target. Sees land bank replenishment and potential redevelopment of aged assets as catalysts to narrow the discount to NAV.
* NOL: Citi upgrades to Hold from sell, raises target to $2.40 from $1.80 in a sector report.
*StarHub: Citi cuts to Sell from hold on valuation grounds. Raises target marginally to $2.47 from $2.45.
*Wilmar: Deutsche downgrades to Hold, lowers target to $6.50 from $7.50, due to China policy risks, higher feedstock costs. Prefers upstream plays.

Stocks to watch:
* Ascendas Reit: to widen investment scope beyond Singapore to explore acquisition opportunities in China, Msia and Japan.
* Koh Bros: awarded the Geylang River Makeover contract. With this new contract, current order book will increase to $407m.
* Sim Lian: releases more units in Waterview for sale on strong demand.
* Raffles Edu: launched the Raffles European Dual Academy and signed a collaborative agreement with Germany’s Baden-Württemberg Cooperative State University and Spain’s University Alcalá.