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UOBKayHian Reports June 2013

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PostPosted: Mon Jun 03, 2013 9:30 am    Post subject: UOBKayHian Reports June 2013 Reply with quote

Market News
The FSSTI lost 24.64pt to close at 3,311.37 as investors
remained nervous over whether the US Federal Reserve might
soon taper off the stimulus programme that has helped send
Wall Street soaring. Ezion Holdings fell 3.8% to close at
S$2.28 after Ezra Holdings announced that it had proposed a
divestment of 40m shares In Ezion at S$2.25/share for
S$90m. The broader market saw 174 gainers and 279 losers,
with total trading value at S$3.55m.
US markets slumped on Friday's trading session despite
stronger manufacturing data. The DJIA closed 1.4% lower to
15,115.57 while the S&P 500 index shed 23.67 points to
1,630.74. The Chicago PMI index for May saw its strongest
reading in more than a year, driven by new orders,
employment and production components. Five stocks declined
for every one that advanced on the NYSE where more than
1.1b shares were traded.
Stocks on the move…
Stock Picks From Market Pullback: Courts, CDREIT, SPH
Courts Asia (Courts) remains an attractive proxy for robust
consumer demand in Southeast Asia as it continues to build up
its presence in Singapore and Malaysia amidst plans to enter
Indonesia in 2014. CDL Hospitality Trusts’ (CDREIT) asset
enhancement will result in an ROI of 8%. The stock is lagging
its sector and now trades at an attractive 6% yield. Singapore
Press Holdings (SPH) will pay a special DPS of 18 S cents
should its REIT listing push through. Enter when the price pulls
back to S$4.20.
Singapore Strategy 2H13: Grinding Sideways
We have a year-end target of 3,600 for FSSTI but would
position defensively and buy on pullbacks. Volatility could
remain high as VIX may normalise and markets are trading
close to 2-year highs.
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