Singapore Stocks: Hyflux, Jardine Cycle & Carriage, Keppel Land
The following were among the most active shares in the market. Stock symbols are in parentheses after the company names.
Hyflux Ltd. (HYF) , Singapore’s biggest publicly traded water utility, slumped 4.3 percent to S$1.105. Nomura Holdings Inc. cut its rating to “reduce” from “neutral,” saying the company’s earnings this year will disappoint because of lower contributions from projects in China.
Jardine Cycle & Carriage Ltd. (JCNC) , the automotive distributor that counts Indonesia as its biggest market, sank 3 percent to S$47.84. Its subsidiary, PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, said yesterday the nation’s domestic vehicle sales fell to 67,656 units in November from 86,346 units a month earlier.
Jardine Strategic Holdings Ltd. (JS) , the operator of supermarkets, automotive distributors and hotels, declined 1.8 percent to $28.57. UBS AG initiated coverage of the stock with a “sell” rating, saying the company’s strong fundamentals had already been priced in. Jardine Strategic has gained 5.1 percent this year through yesterday, compared with a 16 percent drop for the Straits Times Index. Jardine Matheson Holdings Ltd. (JM) , which UBS rated as “neutral” in a new coverage, dropped 1.2 percent to $46.93.
Keppel Land Ltd. (KPLD) , the real estate unit of Keppel Corp. (KEP SP), fell 2.6 percent to S$2.23 after buying 539.4 million K-REIT Asia Trust shares for S$458.5 million ($351 million). K-REIT lost 2.4 percent to 82.5 Singapore cents.
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com