Home THE DAILY EDGE Business Jan 13: CapitaLand, NOL, Portek, Straits Asia, Lian Beng
Jan 13: CapitaLand, NOL, Portek, Straits Asia, Lian Beng

Tags: Capitacommercial Trust | Capitaland | Golden Agri-Resources | Indofood Agri Resources | Keppel Land | Lian Beng Group | Mercator Lines (Singapore) | Neptune Orient Lines | Oceanus Group | Portek International | Straits Asia Resources | United Overseas Bank | Wilmar International

Written by The Edge   
Wednesday, 13 January 2010 08:55
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The following companies may have unusual price changes in trading today, say Bloomberg and Thomson Reuters. Share prices are from the previous close. Singapore’s Straits Times Index lost 0.6% to 2,916.11.

US stocks slid in a broad selloff last night as investors pummeled financials on concerns about a potential government levy on banks, while Alcoa Inc’s disappointing results tempered optimism about the economic recovery.

Southeast Asia’s largest property developer CapitaLand (CATL.SI) has signed a joint venture agreement to develop residential property in Vietnam at a cost of US$170 million ($236 million), the company said yesterday.

Keppel Land has signed a joint venture agreement to develop a waterfront residential site in Vietnam’s Ho Chi Minh City.

Abalone breeder Oceanus (OCGL.SI) said it is exploring the possibility of acquiring a Taiwan-based food processing and packaging company to support its plan to become a fully integrated player in the industry in order to tap into the growing China’s consumer market.

Palm oil suppliers: Crude palm oil for March delivery dropped 1.1% yesterday in Kuala Lumpur, taking losses in the past four days to 5.4%. That’s the longest losing streak since the five days to Sept 7. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, tumbled 4.7% to 61.5 cents. Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, dropped 2.4% to $2.48. Wilmar International (WIL SP), the world’s biggest palm oil trader, added 0.8% to $7.17.

CapitaCommercial Trust (CCT SP): The office landlord partly owned by CapitaLand was upgraded to “buy” from “neutral” by Goldman Sachs Group Inc., which raised its share-price forecast by 30% to $1.44. CapitaCommercial was unchanged at $1.16.

Lian Beng Group (LBG SP): The Singapore-based construction company said first-half profit climbed 28% to $11.4 million. Lian Beng was unchanged at 32 cents.

Mercator Lines Singapore (MRLN SP), an Indian shipping company, said it has signed a charter agreement for one of its vessels at US$26,500 ($36,834) a day for a period of 11 to 13 months. The charter begins in April or May. Mercator Lines sank 4.4% to 32.5 cents.

Neptune Orient Lines (NOL SP): Southeast Asia’s biggest container carrier had its share-price forecast raised to $2.2 from $1.85 at Credit Suisse Group AG, which has maintained its “outperform” rating. NOL added 0.5% to $1.91.

Portek International (PORT SP): The supplier of cranes used in container terminals said it has agreed to sell its stake in PT Metaepsi Pejebe Power Generation, a power utility company in Indonesia, for US$1.75 million ($2.43 million). Portek was unchanged at 43 cents.

Straits Asia Resources (SAR SP), the Indonesian coal miner partly owned by Thailand’s PTT Plc, said it has sold its engineering business for US$4 million ($5.56 million). Straits Asia dipped 1.9% to $2.60.

United Overseas Bank (UOB SP): Singapore’s second-biggest lender was upgraded to “buy” from “neutral” by Goldman, which raised its share-price forecast by 22% to $23.5. United Overseas Bank lost 1% to $19.68.

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Last Updated on Wednesday, 13 January 2010 08:58