Units of Hutchison Port Holdings Trust fell as
much as 3.7 percent after it posted lower-than-expected
quarterly earnings, but analysts remain optimistic about its
prospects.
Hutchison said its net profit for July-September fell 15.1
percent to HK$601.7 million, which Deutsche Bank said was below
its expectations due mainly to non-operating items.
The trust's operating profit was also hit by exchange
losses, and higher expenses, Deutsche said in a note,
maintaining its 'buy' rating and target price of $0.86.
Despite volume growth at Hutchison's ports, DBS Vickers
said, a higher proportion of transhipment volumes and empty
containers has led to lower selling prices and subdued revenue
growth.
However, the brokerage noted that better-than-expected
economic data from the U.S. bodes well for Hutchison, and
advised investors to buy its units on any near-term weakness.
DBS raised its target price for Hutchison to $0.88 from
$0.85 to reflect lower market risk premium, and maintained its
'buy' rating.
1045 (0245 GMT)
(Reporting by Charmian Kok in Singapore; Editing by Anupama
Dwivedi; charmian.kok@thomsonreuters.com)
************************************************************
09:48 STOCKS NEWS SINGAPORE-Sheng Siong rises as brokers up
target price
Sheng Siong Group Ltd rose as much as 2 percent
after it posted stronger-than-expected quarterly earnings,
prompting several brokerages to raise their target prices for
the supermarket chain operator.
By 0115 GMT, Sheng Siong shares were up 1 percent at S$0.48,
with nearly 4 million shares traded, 3.5 times its average daily
volume over the last five sessions.
Sheng Siong said its net profit for the third quarter rose
48.1 percent to S$9.8 million from a year earlier, helped by
higher same-store sales and new store openings.
CIMB Research raised its target price for Sheng Siong to
S$0.58 from S$0.49, and kept its 'outperform' rating, citing new
store openings and strong execution by the management.
Sheng Siong is expected to open two new stores in the next
quarter, CIMB said, noting that most of Sheng Siong's new stores
should deliver strong earnings in 2013.
However, CIMB said gross margins are expected to fall in the
fourth quarter due to likely discounting on goods during the
festive period.
DMG & Partners also raised its target price for Sheng Siong
to S$0.53 from S$0.51, and kept its 'buy' rating, citing the
company's faster rate of expansion.
(Reporting by Charmian Kok in Singapore; Editing by Anand Basu;
charmian.kok@thomsonreuters.com)
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