Reports » Singapore

Singapore stock market and companies daily report (Temasek Holdings, UOB KayHian, Sengkang) (March 05, 2010)

Contributed by Shares Investment

By Shares Investment

Temasek May Sell Shin Corp Stake If Buyer Exists
Temasek Holdings would likely sell its Shin Corp stake if there was a willing buyer due to rising business and regulatory risks following the Thai Supreme Court’s ruling against former Prime Minister Thaksin Shinawatra, the Bangkok Post reported. “If a buyer emerged today, they would probably sell. (Temasek) has never indicated that it wanted to hold its investment forever,” Executive Chairman and acting president for Shin Corp Somprasong Boonyachai was quoted by the Thai daily as saying. Somprasong said he had spoken to Temasek executives this week to discuss the implications of last Friday’s court ruling, explaining that it did not directly involve Shin or its mobile phone company Advanced Info Service the report said.

UOB KayHian Cuts Wilmar TP To $8.20
UOB KayHian cut its target price for Wilmar to $8.20 from $8.84 after reducing its earnings estimates on the back of expected lower fresh fruit bunch yields as well as lower sales volume. The broker nonetheless maintained its Buy call on optimism over the plantation group’s longer term growth prospects. UOB KayHian sees India as Wilmar’s next focus market and also possibly Indonesia’s sugar market given the recent surge in local sugar prices against global prices.

Sengkang Site Sale Draws 11 Bids
Singapore’s first government land tender for an executive condominium site since 2004 at Sengkang attracted 11 bids in total with highest at $193m ($315 per square foot). Deutsche Bank said in a morning note that “the pricing surpassed market expectations of $190-300 per square foot, suggesting developers’ continued confidence in the upgrader segment and firm appetite for land given depleting mass market inventory.” Nonetheless, the foreign broker expects residential-focused developers to remain range bound near term due to more restrictive government policy backdrop, and so prefers developers that have more integrated business model with greater exposure to the commercial property sector such as Keppel Land and Capitaland.

This article is contributed by Shares Investment. Visit Sharesinv.com for the latest Singapore, Malaysia and China stock market news and reports.