Shares of Osim International Ltd rose as much as
2.7 percent to a 15-month high after it posted strong quarterly
earnings and OCBC Investment Research raised its target price
for the massage chair maker.
Osim said its third-quarter net profit surged 49 percent to
S$20 million, making it the 15th straight quarter of growth in
profitability.
OCBC raised its target price for Osim to S$1.87 from S$1.79
and kept its 'buy' rating, citing higher expected dividend
payouts, supported by strong cashflow generation. The brokerage
expects Osim's 2012 dividend per share to be 4.5 Singapore cents
to 5 Singapore cents.
"Osim's growth would be underpinned by its strong product
innovation, a focus on middle-to-high income consumers and
continued efforts to improve its productivity per man and per
store," said OCBC.
1127 (0327 GMT)
(Reporting by Charmian Kok in Singapore;
charmian.kok@thomsonreuters.com); Editing by Jijo Jacob
************************************************************
11:09 STOCKS NEWS SINGAPORE-CIMB raises Mapletree Industrial
target price
CIMB Research raised its target price for Mapletree
Industrial Trust, which owns factories and other
industrial assets, to S$1.51 from S$1.31 and kept its 'neutral'
rating, citing higher margins.
By 0253 GMT, units of Mapletree Industrial were flat at
S$1.395, and have surged 30 percent since the start of the year,
compared with the FTSE ST Real Estate Investment Trust's
34 percent rise.
Mapletree Industrial said its distribution per unit for the
second quarter was 2.29 Singapore cents, 11.7 percent higher
than the year-ago period, due to contributions from
acquisitions, higher rents and improving margins.
CIMB said the trust has stronger capital management, as it
issued a S$45 million 10-year fixed rate note that lengthened
average debt tenure to 3.2 years from 2.7 years, yet borrowing
cost fell to 2.3 percent from 2.5 percent.
However, CIMB noted that its current price to book value of
1.4 times is among the highest in the sector, and has likely
priced in growth potential.
1102 (0302 GMT)
(Reporting by Charmian Kok in Singapore;
charmian.kok@thomsonreuters.com); Editing by Jijo Jacob
Source: http://news.yahoo.com/stocks-news-singapore-osim-rises-earnings-ocbc-ups-033541017--sector.html
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