STOCKS NEWS SINGAPORE-Index down, weighed by Q3 earnings caution

Singapore shares were lower, with Citigroup saying that

third-quarter corporate earnings will likely leave investors

with weakened expectations as there have been more negative

revisions than positive ones.

The Straits Times Index (STI) was down 0.5 percent

at 3,041.37 points, while MSCI index of Asia-Pacific shares

outside Japan slipped 0.1 percent.

Keppel Corp Ltd was one of the biggest losers on

the index, falling as much as 2.3 percent. The stock had fallen

nearly 5 percent since the world's largest rig builder reported

a 15 percent fall in third-quarter net profit.

"In Singapore, a bottoming of export trends typically leads

stock market and GDP cycles  investors will need to see a

recovery trend in exports to drive the STI higher," Citi said.

It said it prefers stocks such as Hongkong Land Holdings Ltd

, Noble Group Ltd, Neptune Orient Lines Ltd

and Global Logistic Properties Ltd.

Recent earnings trends have been weaker than expected at

firms with higher yields, such as Singapore Press Holdings Ltd

and Hutchison Port Holdings Trust, Citi

said, adding that it remains underweight on banks.

Shares of drinks and property firm Fraser and Neave Ltd

, a takeover target of a company linked to a Thai

billionaire, fell as much as 1.8 percent. There was a married

deal of 688,000 shares at S$9.24 each.

F&N shares continued to trade above TCC Assets Ltd's offer

price of S$8.88 a share in anticipation of a rival bid by

Overseas Union Enterprise Ltd, a company controlled by

Indonesia's Lippo Group.

1405 (0605 GMT)

(Reporting by Eveline Danubrata in Singapore; Editing by

G.Ram Mohan; eveline.danubrata@thomsonreuters.com)

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STOCKS NEWS SINGAPORE-Brokers raise NOL target after first

profit in 7 quarters

Several brokers raised their target prices on Neptune Orient

Lines Ltd (NOL) after the container shipping firm

swung to a net profit for its third quarter, breaking six

consecutive quarters of losses.

NOL posted a net profit of $50 million for the three months

ended September, compared to a net loss of $91 million a year

earlier, helped by cost cuts as well as improvements in its

liner and logistics businesses.

NOL shares were down 0.9 percent at S$1.16 on Monday. The

stock has risen 3 percent so far this year, underperforming the

15 percent gain in the broader Straits Times Index.

"We take NOL's first net profit in seven quarters as a firm

sign of a turnaround in the sector. 2014 will provide the plump

rewards for shipping lines able to endure a potentially

challenging 2013 supply situation," Maybank Kim Eng said.

The broker raised its target price to S$1.46 from S$1.35 and

maintained its 'buy' rating.

UOB Kay Hian said carriers are likely to push through

Asia-Europe rate increase of $500 per twenty-foot equivalent

unit (TEU) from Nov. 1. Carriers' capacity discipline remains

intact, which will help sustain the rate hike, UOB said.

NOL has agreed to sell its office building to Fragrance

Group for S$380 million ($311.3 million) and will book a one-off

gain of S$246 million, the broker noted. UOB upgraded NOL to

'buy' from 'hold' and raised its target to S$1.54 from S$1.26.

DBS Vickers increased its target to S$1.26 from S$1.23 and

maintained its 'hold' rating. It warned that NOL's profitability

may not be sustained in the following quarters, citing high fuel

prices and disappointing trade data from Europe.

DBS expects NOL to report a core net loss of $217 million in

2012 fiscal year, while lowering its 2013 net profit estimate by

10 percent to $178 million.

1146 (0346 GMT)

(Reporting by Eveline Danubrata in Singapore; Editing by

Anand Basu; eveline.danubrata@thomsonreuters.com)

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10:30 STOCKS NEWS SINGAPORE-Mermaid up on Seadrill deal,

contract win

Shares of Mermaid Maritime Pcl rose as much as 12

percent after the offshore services provider said Seadrill Ltd

plans to acquire its associate and its joint venture

won a $530 million five-year contract.

Mermaid shares leapt as high as S$0.38, the strongest level

since August 2011. Some 3.6 million shares changed hands, 2.4

times the average full-day volume over the past 30 days.

Seadrill bought 12.2 million shares in Mermaid's associate,

Asia Offshore Drilling Ltd (AOD), at $5.00 each on Friday.

Seadrill, which now has 64.23 percent in AOD, will then make a

cash offer for the remaining shares.

Last week, Mermaid said its joint venture had secured a

five-year contract, with an option for another two years, for

offshore inspection, repair and maintenance services.

Mermaid's potential revenue is between 60 and 70 percent of

the contract value, the company said, without disclosing the

name of the client.

1016 (0216 GMT)

Source: http://news.yahoo.com/stocks-news-singapore-index-down-weighed-q3-earnings-061700699--sector.html

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