SG Market: Trading in Spore likely to be thin with no leads from Wall Street due to Thanksgiving holiday. Session may mirror yday's, with only 1.1b shares worth $1.2b traded. STI’s immediate resistance at 3200, support at 3118. SingTel could be weighed down by 32% owned Bharti, which is facing a US$1b fine following allegation by the Indian govt that local telcos underpaid for a series of 2G licenses issued in 2008. However, stock have fallen about 7% in the past 2 wks & is oversold, downside risk likely to be limited at $3.04.
KepCorp shares may be supported by latest US$180m rig order, options for 2 additional rigs but gains likely to be capped as technicals appear weak while Midas unveils plan for new 30k tpa aluminium alloy extrusion plant in China. Pacific Shipping Trust may rise on boost to long-term revenue as vessel owner acquires 5 bulk carriers for US$150m to be chartered to South Korea's Glovis for 8-10 yrs.
Environmental plays may also see some interest ahead of the UN Climate Change conference in Cancun next wk, which will likely see several environmental accords being signed which may benefit palm oil, waste-to-energy, water treatment players.
Latest GLS for 1H11 points towards ample housing supply, which will cap mass market prices; near term inventory not excessive but medium term supply is rising sharply. Most houses remain cautious on residential sector due to policy risks & prefer office landlords & Reits.
Stock ratings changes:
*OUE rated as Buy at Credit Suisse, TP raised to $4.20 from $3.61
*Jardine Matheson rated as O/W at HSBC, TP Raised to US$54 from US$46
*Dairy Farm downgraded to Neutral at HSBC but TP raised to US$8.50 from US$7.30
*KepCorp TP raised to $12.50 from $11.22 at OCBC Sec; Cimb raised TP to $13.00 from $11.30
*CWT TP raised to $1.72 from $1.12 at Cimb
No comments:
Post a Comment