Singapore Stocks: Ho Bee, Memtech, Neptune Orient Lines, Osim
Singapore’s Straits Times Index (FSSTI) advanced 0.7 percent to 3,193.07 as of 9:15 a.m. local time. All but one stock in the benchmark index of 30 companies increased.
Shares on the measure trade at an average 14.6 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.
Ho Bee Investment Ltd. (HOBEE) , a Singapore-based property developer, rose 1.4 percent to S$1.48. The company said first-quarter net income increased 31 percent to S$54.5 million ($44.2 million).
Mapletree Commercial Trust (MCT SP): The owner of properties including Singapore’s VivoCity shopping mall will start trading this afternoon. The company, which is partly owned by Temasek Holdings Pte, raised S$893.2 million selling securities at 88 Singapore cents each in its initial share sale.
Memtech International Ltd. (MTEC) , a supplier of rubber and plastic keypads used in mobile phones and automobiles, gained 3.3 percent to 15.5 Singapore cents. The company said first-quarter net income increased to $2.7 million from $1 million.
Neptune Orient Lines Ltd. (NOL SP): The container shipping company that gets about 55 percent of revenue from the Americas increased 1.1 percent to S$1.91. A Conference Board report showed confidence among U.S. consumers increased more than forecast in April, signaling the improving labor market is helping Americans weather rising fuel costs.
Osim International Ltd. (OSIM) , Asia’s biggest maker massage chairs outside of Japan, climbed 1.2 percent to S$1.68. The company said first-quarter net income more than doubled to S$20.1 million from S$8 million a year earlier. The result prompted DMG & Partners Securities Pte to raise its recommendation on the stock to “buy” from “neutral.”
To contact the reporters on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org;