Singapore Hot Stock

SINGAPORE, Nov 27 (Reuters) - Keppel Land and City Developments may be in focus on Tuesday after Citigroup cut its investor recommendation the firms' shares, citing a possible oversuppply of office space in the near future.

U.S. stocks tumbled on Monday as investors worried that rising mortgage defaults and credit market losses will be a drag on the economy and cause consumers to slash spending during the vital holiday season.

Stocks and factors to watch.

• Citigroup has downgraded its investor recommendation for shares of Keppel Land and City Developments and cut its target price for the stocks, citing a possibility of office space oversupply in 2010. [ID:nSGC001459]
• Macquarie Research has raised the target price for shares of SingTel , Southeast Asia's top phone firm, to S$4.37 from S$3.76 and kept its "outperform" rating on the stock, citing strong fundamentals amid a turbulent global market and robust contributions to earnings from its Indian affiliate. [ID:nSGC001458]
• Deutsche Bank has raised the target price for shares of Neptune Orient Lines to S$3.11 from S$2.60 but kept its "sell" rating on the stock citing global downside risks in 2008 such as a U.S. economic recession as dampening future earnings.
• Keppel Corp said it had won a S$100 million contract ($69.44 million) from Prosafe to convert an oil tanker into a floating drilling, production and storage facility. [ID:nSGC001457]
• Chinese property developer China Yuanbang Property Holdings said it has acquired a British Virgin Islands property company for 200 million yuan ($27 million). [ID:nSNBQ91361]
• Chinese adhesive tape maker Changtian Plastic & Chemical said its third-quarter attributable profit rose 48.3 percent to 53.3 million yuan ($7 million). Revenue grew 20.6 percent to 159.1 million yuan. [ID:nSNBR60092]
• Oil-equipment maker China Oilfield Technology said its third-quarter net profit grew 80.1 percent to 43.1 million yuan ($6 million). Revenue grew 96.3 percent to 82.8 million yuan. [ID:nSNBR20052]
• The Singapore Exchange unveiled a new listing board, modelled after London's Alternative Investment Market (AIM). The new board hopes to attract fast-growing Asian firms looking for speedier fund-raising. [ID:nSIN165998]
• State investment agency Temasek Holdings [TEM.UL] was selling up to US$571.5 million worth of shares in Beijing-controlled Bank of China <3988.hk>, cashing out part of its stake in the lender, several sources familiar with the deal said. [ID:nHKG308521]
• Singapore's Straits Times Index <.STI> rose 2.79 percent to 3,418.58 points on Monday.
• The Dow Jones Industrial average <.DJI> fell 1.83 percent to end at 12,743.44. The Nasdaq Composite Index <.IXIC> tumbled 2.14 percent to 2,540.99.