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Singapore Stocks: Allgreen Properties, Hi-P, ST Engineering

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Jan. 17 (Bloomberg) -- Singapore’s Straits Times Index fell 0.2 percent to 3,238.63 at the close. Almost two stocks dropped for each that rose in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 14.8 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.

Developers: Singapore real estate companies have started cutting prices and offering discounts on new residential projects after the government stepped up measures to curb property speculation, the Business Times reported, without citing anyone.

City Developments Ltd. (CIT SP): Singapore’s second-biggest developer, lost 0.3 percent to S$12.12. Allgreen Properties Ltd. (AG SP), a Singapore-based real estate company controlled by Malaysian billionaire Robert Kuok, decreased 0.9 percent to S$1.14. Wing Tai Holdings Ltd. (WINGT SP) fell 1.2 percent to S$1.68.

Hi-P International Ltd. (HIP SP), the electronics manufacturing services provider whose clients include BlackBerry-maker Research in Motion Ltd., climbed 9.3 percent to S$1.18. The company said sales in the fourth-quarter will be higher than the previous three months on increased demand, beating its earlier estimate. DBS Group Holdings Ltd. maintained its “buy” rating and raised its share-price forecast to S$1.43 from S$1.30.

SATS Ltd. (SATS SP), the ground-handling services provider partly owned by Temasek Holdings Pte, gained 0.7 percent to S$2.92. The company said it handled 9.1 million passengers in the three months ended December, up 2.1 percent from a year ago. Freight increased 3.2 percent in the same period.

Singapore Technologies Engineering Ltd. (STE SP), Asia’s biggest aircraft maintenance company, rose 0.9 percent to S$3.40. Deutsche Bank AG reiterated its “buy” rating on the stock, saying the company will benefit from improving air traffic and increasing capacity of commercial airlines.

SMRT Corp. (MRT SP), the biggest commuter train operator in Singapore, climbed 1 percent to S$2.07. DBS raised its recommendation to “hold” from “fully valued” and increased its share-price estimates to S$2.15 from S$1.88.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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