Sri Trang Agro-Industry Pcl, Thailand’s biggest publicly traded rubber producer, set a maaximum offer price of $1.60 a share for its initial public offering in Singapore.
The company will raise as much as $448 million by selling 280 million shares, it said in a statement. The offer price will be fixed on Jan. 24, the company said.
{jcomments on}
CIMB starts STX OSV (MS7.SG) at Outperform with a $1.60 target, based on 11x CY12 P/E (a 10% discount to rigbuilders’ 5-year mean).
“STX OSV is a designer and shipbuilder of high-end, customized offshore support vessels. With nine shipyards in four countries, it has exposure to global E&P spending,” the house says.
Citigroup cuts Neptune Orient Lines (N03.SG) target to $1.60 from $1.80, based on 1.0x FY11 P/B vs 1.1x previously, to reflect rising headwinds in container shipping industry, risk of sharp fall in profitability on long-haul routes in 2011, says Dow Jones, keeping its Sell call.
Citi says while NOL’s 3Q10 earnings may show strong sequential, on-year improvement due to impact of Transpacific freight rate increase, concerns over US consumer spending trends, increased deliveries of newly-built vessels suggest freight rates, profits in 2011 may disappoint.
JPMorgan lifts China Minzhong Food (K2N.SG) target price to S$1.60 from S$1.45 after increasing FY11-12 earnings estimates by 13%-12%, says Dow Jones.
JPMorgan is keeping its Overweight call, saying “We believe Minzhong will be able to continue delivering average selling price and volume growth with its organic/GAP (Good Agriculture Practices) certified produce favoured by its export customers as well as domestic consumers who place great importance on food safety.”
OCBC Investment Research has upgrade Yangzijiang (BS6.SG) to Buy from Hold on improved upside to its $1.60 target price after last month’s pullback, according to Dow Jones.
OCBC says shipbuilding orders in China picking up, with risk of order cancellations low as long as there’s no fallout from current troubles in euro zone. Adds latest investment in company for 2.24% stake by Qatar’s QD Asia Pacific will allow China-based Yangzijiang to expand into Middle East.
Shares +1.5% at $1.37.
{jcomments on}
A plane has crashed on landing in the southern Indian city of Mangalore, with about 160 people feared dead.
Air India Express said there were eight survivors among the 160 passengers and six crew on board its Boeing 737 arriving from Dubai.
DBS Vickers has upgraded Cosco (F83.SG) to “buy” from “fully valued”, raising its target price to $1.60 from $1 after increasing earnings forecasts for FY10 by 7%, for FY11 by 32% to assume more order wins, says Dow Jones.
Keppel Shipyard has secured two contracts totaling $160 million to convert a Floating Production Storage and Offloading (FPSO) vessel for Single Buoy Moorings Inc (SBM), and a livestock carrier for an affiliated company of Hijazi & Ghosheh Co.
At least 161 people are suspected of having directly participated in a political massacre in the southern Philippines, the nation’s police chief said Wednesday. “We have so far identified 161 suspects who directly participated in the gruesome massacre,” Philippines National Police Director
If successful, this venture will generate new jobs and new businesses and a new generation of entrepreneurial New Yorkers.
The swine flu virus has reached 160 countries and could infect two billion people within the next two years, the World Health Organization has said.
A senior WHO official, Keiji Fukuda, said the virus was still in its early stages and would continue to spread for some time.
Mr Fukuda said work on a vaccine was intensifying but safety could not be compromised by rushing the process.
The virus is thought to have killed almost 800 people in recent months.
Mr Fukuda, the WHO’s Assistant Director General for Health Security, said the agency had been reporting only laboratory-confirmed cases, but that this was always going to be "only a subset of the total number of cases".
"Even if we have hundreds of thousands of cases or a few millions of cases, we’re relatively early in the pandemic," he told the Associated Press news agency.
"One of the things that is relatively clear is that we will continue to see spread of the virus; even though we are now three to four months into the pandemic, this is still pretty early into the overall period," he said.
Mr Fukuda said the WHO estimates two billion people, one third of the global population, could eventually be infected.
He said the figure was a reasonable prediction, based on analysis of previous pandemics, but that it was "really impossible to predict what the future will hold".
Pregnancy risk
World response to swine flu crisis Send us your comments
Mr Fukuda said officials and drug manufacturers were investigating how to speed up the process of developing a vaccine against the H1N1 swine flu strain.
But he said there could be no doubt over the safety and efficacy of the drug before it was publicly distributed.
"There is always a balance in this sort of situation. You of course want to get out vaccine and as much vaccine as possible, as quickly as possible. On the other hand there are certain things which cannot be compromised," he said.
"There are certain areas where you can make economies, perhaps, but certain areas where you simply do not try to make any economies."
The WHO says that in most affected countries, the majority of cases appear to be occurring in young people, around the ages of 12 to 17, although some reports suggest it is mainly older people who have required hospital treatment.
The organisation also said there was "accumulating evidence suggesting pregnant women are at higher risk of more severe disease".
But Mr Fukuda said the WHO "certainly has no recommendations on whether women should try to have children now".</p
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
