SG Market: Spore shares likely to track weak lower Wall Street close & softer opening on major Asian bourses. Weak trading pattern expected to continue with focus on the lingering tensions in the Korean peninsula & European debt woes. No need to be aggressive at this pt in time, investors can accumulate on weakness.
GLP may be in focus after solid 2Q11 results, currently trading at 1.3x P/B, Suntec’s placement price fixed at $1.37, near top end of indicative range, should ease dilution concerns. Banks may continue to underperform Asian peers given low interest rates & risk of more property curbs. STI likely to move in narrow range today, 3118 November low tipped as firm support.
Stock rating changes:
*GLP maintained as Buys at Citigroup, JPMorgan & DBSV with respective target prices of $2.80, $2.90 & $2.76
*SembMarine TP cut to $5.17 from $5.75 at Daiwa
*SembCorp Inds TP cut to $5.12 from $5.53 at Daiwa
*Lippo-Mapletree TP raised to $0.64 from $0.55 at Macquarie
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