Singapore Stocks: City Developments, Hyflux, SembCorp Marine
Singapore’s Straits Times Index closed little changed at 3,056.95. About the same number of stocks advanced as declined in the benchmark index of 30 companies.
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 1.7 percent to S$11.32. Smaller rival Wing Tai Holdings Ltd. (WINGT) declined 2.6 percent to S$1.52. The brokerage lowered its rating on both stocks to “underweight,” without saying what the previous ratings were. Keppel Land Ltd. (KPLD SP), which the brokerage reduced to “equal-weight,” decreased 1.6 percent to S$4.39.
China Minzhong Food Corp. (MINZ) , a vegetable supplier, climbed 5.8 percent to S$1.65. JPMorgan Chase & Co. raised its share-price estimate to S$2 from S$1.70 and maintained its “overweight” rating.
Hyflux Ltd. (HYF) , Singapore’s biggest public traded water treatment company, rose 1 percent to S$2.10. The company said it received $26 million from Mizuho Corporate Bank to partly finance a research and development facility in the city-state. Mizuho also agreed to explore funding options for other Hyflux projects, it said.
Koh Brothers Group Ltd. (KOH) , a property developer and construction company, gained 5 percent to 21 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.
To contact the reporter on this story: Jonathan Burgos in Singapore at email@example.com.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.