Singapore Hot Stocks

Singapore Hot Stocks-SingTel, Chemoil in focus after results
Wed Nov 7, 2007 12:45am GMT

SINGAPORE, Nov 7 (Reuters) - SingTel (STEL.SI: Quote, Profile, Research) will be in focus on Wednesday after the firm announced a rise in quarterly profit and kept its full-year forecast intact.

U.S. stocks rose on Tuesday as oil prices topped $97 a barrel and lifted shares of energy producers, while optimism a day ahead of Cisco Systems (CSCO.O: Quote, Profile, Research) earnings drove another rally in technology shares.

Stocks and factors to watch.

- SingTel, Southeast Asia's largest phone firm, reported a 3.3 percent rise in quarterly profit, broadly in line with expectations, and kept its full-year forecast as its key emerging markets businesses continued to grow. [ID:nSIN336165]

- Marine fuels supplier Chemoil Energy (CHEL.SI: Quote, Profile, Research) said that losses due to derivatives contracts led to a loss in the third quarter. For the January to September period, the firm booked a derivatives-related loss of US$48.5 million. [ID:nSIN280941]

- Genting International (GNTG.SI: Quote, Profile, Research) said the estimated cost of building its casino resort on Singapore's Sentosa Island has soared by S$800 million due partly to higher construction expenses as it reported a quarterly net loss of S$393 million due to writedowns. [ID:nSIN301576]

- JPMorgan has lowered the price target for shares of Genting International to S$0.65 from S$0.75 and kept its "neutral" rating on the stock citing the higher construction costs of the Sentosa casino.

- Shares in Chinese furniture designer and manufacturer, Cacola Furniture International (CACF.SI: Quote, Profile, Research) will begin trading at 9.00 a.m., after fetching S$0.32 in an initial public offering. The firm said in a statement that the shares were approximately 6.9 times subscribed. [ID:nSNB661621]

- Conglomerate SembCorp Industries (SCIL.SI: Quote, Profile, Research) posted a 51 percent rise in third-quarter profit, citing growth in utilities and rig-building, amid uncertainty over its marine unit's foreign exchange trading losses. [ID:nSIN28058]

- Morgan Stanley has raised its price target for shares in SembCorp Industries to S$7.00 from S$6.00 on the back of an increased target for its SembCorp Marine (SCMN.SI: Quote, Profile, Research) unit and kept its "overweight" view. [ID:nSGC001366]

- JPMorgan has raised its price target for shares of SembCorp Industries to S$8.00 from S$7.40 and kept its "overweight" rating on the stock, citing strong quarterly results and a recent target upgrade for its SembCorp Marine unit. [ID:nSGC001368]

- Oversea-Chinese Banking Corp (OCBC.SI: Quote, Profile, Research), Singapore's third-biggest bank, said quarterly profit rose a better than expected 22 percent, despite a S$221 million ($152 million) charge on its exposure to credit market turmoil. [ID:nSIN207948]

- JPMorgan has raised its investment recommendation for shares of Hong Kong Land (HKLD.SI: Quote, Profile, Research) to "overweight" from "neutral" with a price target of $5.70 on the back of rising property values in Hong Kong's central district. [ID:nSGC001367]

- Macquarie International Infrastructure Fund (MILF.SI: Quote, Profile, Research) said it has acquired an expressway in Guangzhou, China, for a cost of S$783 million ($541.1 million). [ID:nSNB730081]

- Water treatment firm Hyflux (HYFL.SI: Quote, Profile, Research) said that it had won water treatment projects in China worth about 291 million yuan ($39 million). [ID:nSNB691651]

- Construction firm Yongnam Holdings (YNAM.SI: Quote, Profile, Research), said it has been awarded S$90 million ($62 million) in contracts for infrastructure developments in Singapore's Marina Bay Sands Integrated Resort, Formula One track and the Orchard Turn development project. [ID:nSNB681641]

- Singapore's Straits Times Index (.STI: Quote, Profile, Research) was up 0.35 percent to end at 3,683.10 points on Tuesday.

- The Dow Jones Industrial average (.DJI: Quote, Profile, Research) rose 0.87 percent to 13,660.94. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) gained 1.07 percent to 2,825.18.