Singapore Stocks: CapitaLand, First Resources, Neptune Orient
Singapore’s Straits Times Index dropped 1.1 percent to 3,205.48 at the close, the most since Nov. 23. All but one of 30 companies in the benchmark index declined.
Shares on the measure trade at an average 14.6 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Chinese developers: Shares of real-estate companies with businesses in China declined as a government report showed growth in the world’s fastest-expanding major economy accelerated in the fourth quarter, adding pressure on policy makers to keep raising interest rates.
CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer that gets about 26 percent of sales from China, slid 1.6 percent to S$3.68. Yanlord Land Group Ltd. (YLLG SP), which gets all its revenue from China, declined 1.8 percent to S$1.67. Guocoland Ltd. (GUOL SP), a real-estate company that counts China as its biggest market, lost 0.7 percent to S$2.73.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, gained fell 0.1 percent in New York yesterday.
Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, dropped 2.2 percent to S$2.27. Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, slipped 1.6 percent to S$3.16.
Cosco Corp. Singapore Ltd. (COS SP), a China-based shipbuilder that also operates bulk carriers, decreased 3.7 percent to S$2.33. The company said it has not received proposals from its Chinese parent Cosco Group under which it would receive a stake in Cosco Shipyard Group and take over all of Cosco Shipbuilding Industry Co.
First Resources Ltd. (FR SP), an Indonesian palm-oil producer, sank 9.9 percent to S$1.45 after controlling shareholder, Eight Capital Inc., sold 75 million shares at S$1.48 each.
First Ship Lease Trust (FSLT SP), a Singapore-based ship- leasing company, decreased 2.1 percent to 46.5 Singapore cents. The company said fourth-quarter net distributable income tumbled 37 percent to $5.7 million from a year earlier.
Hiap Seng Engineering Ltd. (HSE SP), a provider of engineering services to the petroleum and petrochemical industries, dropped 2.3 percent to 64 Singapore cents after CIMB Group Holdings Ltd. cut its rating to “neutral” from “outperform.
Longcheer Holdings Ltd. (LHL SP), a China-based mobile phone designer, slumped 14 percent to 54.5 Singapore cents. DBS Group Holdings Ltd. lowered its rating to ‘‘sell’’ from ‘‘buy’’ and cut its share-price forecast to 49 Singapore cents from S$1.11, saying the company may incur a net loss this year on declining sales and profit margins.
M1 Ltd. (M1 SP), Singapore’s smallest mobile-phone company, fell 1.6 percent to S$2.46. CIMB Group Holdings Bhd. lowered its rating on the stock to ‘‘neutral’’ from ‘‘outperform.’’
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier that gets more than half of its revenue from the Americas, declined 3 percent to S$2.26. A government report showed builders began work on fewer homes than projected in December, a sign the industry that triggered the recession continued to struggle more than a year into the U.S. economic recovery.
PEC Ltd. (PEC SP), a provider of engineering services to the oil and gas and pharmaceutical industries, dropped 3.7 percent to S$1.32. CIMB lowered its rating to ‘‘neutral’’ from ‘‘outperform.’’ Phillip Securities Pte also cut its recommendation to ‘‘hold’’ from ‘‘buy.’’
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