Singapore Stocks: Asia Pacific Breweries, Keppel Corp., Ho Bee
Shares on the measure trade at an average 14.2 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.
Oil rig builders: The world’s biggest oil-rig builders fell after crude oil futures dropped for a second day as members of the Organization of Petroleum Exporting Countries considered talks about increasing production following disruptions in supplies from Libya.
Keppel Corp. (KEP SP), the largest builder of oil rigs, declined 0.8 percent to S$12. Smaller rival Sembcorp Marine Ltd. (SMM) decreased 2 percent to S$5.77.
Ascott Residence Trust (ART) , the serviced-apartment operator partly owned by CapitaLand Ltd. (CAPL SP), gained 1.7 percent to S$1.21. The company’s credit rating was raised to “stable” from “negative” at Moody’s Investors Service.
Asia Pacific Breweries Ltd. (APB) , the maker of Tiger beer, climbed 0.9 percent to S$21.90. The company said its Heineken-APB China) Pte joint venture with Heineken NV (HEIA NA) agreed to sell a 21.4 percent stake in Kingway Brewery Holdings Ltd. (124 HK) for S$205 million ($162 million).
Datapulse Technology Ltd. (DT) , a maker of media storage products, surged 7.3 percent to 22 Singapore cents. The company said second-quarter profit doubled to S$4.8 million from S$2.2 million.
Ho Bee Investment Ltd. (HOBEE) , a Singapore-based property developer, advanced 2.9 percent to S$1.40. The company said it has started constructing an office building in North Buona Vista Road in the western part of the city. The project will cost S$820 million, it said.
Overseas Union Enterprise Ltd. (OUE) , a Singapore-based hotel operator, rose 3.9 percent to S$2.95. The company said it has no plans to invest in China and aims to focus on its hotel and real-estate operations in the city state.
PNE Micron Holdings Ltd. (PNEM) , a supplier of automotive and bicycle components, doubled to 7 Singapore cents. The company said it agreed to buy three companies that own properties in Bali, Indonesia for S$225.5 million in a reverse- takeover deal. The three companies will receive 2.65 billion new shares in PNE Micron at an issue price of 8.5 Singapore cents each in exchange for the properties, giving these companies a more than 30 percent stake in PNE Micron, it said.
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.