Singapore Stocks: City Developments, SembCorp Marine, Swissco
Shares on the measure trade at an average 14.1 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: Morgan Stanley lowered its ratings on some real estate companies, saying residential prices will decline by about 7 percent in the next two years as sales momentum slowed following recent government measures to curb housing prices.
City Developments Ltd. (CIT) , Singapore’s second-biggest developer, dropped 1.2 percent to S$11.38. Smaller rival Wing Tai Holdings Ltd. (WINGT) slumped 3.2 percent to S$1.51. The brokerage lowered its rating on both stocks to “underweight” without saying what the previous ratings were.
China Minzhong Food Corp. (MINZ SP), a vegetable supplier, climbed 3.9 percent to S$1.62. JPMorgan Chase & Co. raised its share-price estimate to S$2 from S$1.70 and maintained its “overweight” rating.
Koh Brothers Group Ltd. (KOH) , a property developer and construction company, gained 2.5 percent to 20.5 Singapore cents, The company said it won a S$63 million ($50 million) contract to build a residential condominium in Singapore.
Sembcorp Marine Ltd. (SMM) , the world’s second-biggest builder of oil platforms, increased 0.7 percent to S$5.74. The company said its Jurong Shipyard unit signed contracts worth a total of $427.6 million to build two jackup rigs for Noble Corp.
Swissco Holdings Ltd. (SWCH) , a provider of marine- logistics services, gained 1.7 percent to 29.5 Singapore cents. The company said it has placed an order for three offshore support vessels, valued S$27 million.
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.