SG Market: Spore shares likely to get boost in early trade from gains in Wall Street overnight on back of positive economic data. Resistance for STI tipped at 3200. With corporate news flow thin, attention may continue to center on small caps, penny stocks as traders eye low-price plays for quick punt. Oil-related marine plays may see some interest following latest upgrade by Morgan Stanley. Genting Spore may continue to hog top actives after seeing heavy buying support from DMG yday.
Nomura cautions govt could still roll out more housing curbs as strong demand seen at recent project launches seem to suggest market shrugging off recent cooling measures. Tips UOL, Allgreen & KepLand as most defensive against policy risks. SATS may be re-rated after reports disclose that it is in talks to acquire JAL’s inflight catering unit, which will give it a beachhead in Japan.
Palm oil stocks may also get a boost as China limits purchases in vege oil auctions. With a sizable share in China’s edible oil mkt, Wilmar’s margins will be impacted by price controls but new IPO Mewah, which does not have any Chinese exposure, may benefit from the tight global supplies.
Stock ratings changes:
*KepCorp target price raised to $12.25 from $11.00 at Morgan Stanley
*SembMarine target price raised to $5.15 from $4.15 at Morgan Stanley
*Sembcorp Inds target price raised to $6.20 from $5.15 at Morgan Stanley
*Cosco Corp upgraded to O/W from U/W; target price raised to $2.40 from $1.25 at Morgan Stanley
*China Minzhong maintained as Buy but target price cut to $1.68 from $1.76 at BNP
*Ziwo initiated as Buy at Phillips with target price of $0.47
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