Allgreen Prop, China Merchant Holdings

AllGreen Prop: DBS Vickers, Buy – TP: S$1.25, previously S$1.66

China Merchant Hlds: DBS Vickers, Buy – TP: S$1.10

Allgreen Prop

Allgreen – UOB – Buy, TP: S$1.55

KepCorp

KepCorp – UOB – Buy, TP: S$12.30

Hong Kong Land

Hong Kong Land – UOB, Buy, TP:US$4.78

NOL

Technically, the support stands at 2.82, if it closed below that, confirmed breaking down to next support at 2.67, though not a strong one.

Possible of a technical rebound and safe level to enter is 2.82-2.85. If falls below 2.82, cut loss. take profit at 3.10.

Mid term, stock seems to be trading sideways but short term indicators had turn bearish with the MACD and stochastic turning down.

GLOBAL MARKETS-Asia stocks gain but caution remains

By Tom Miles and Rafael Nam
 HONG KONG, July 31 (Reuters) – Most Asian stock markets rose on Thursday after a move
 by central banks to boost liquidity in financial markets offset a $4 rebound in oil prices,
 while a surprisingly strong U.S. jobs indicator kept the dollar well bid.
 Regional bonds fell as        investors ventured out of low-risk holdings in search of higher
 returns, though they are likely to remain cautious for the time being, analysts said.
 Eruopean shares looked set to open slighly higher, with the focus on a raft of
 corporate         earnings, including from Deutsche Bank <DBGnDE>, which announced on
 Thursday a further $3.6 billion of writedowns in the second quarter. [ID:nL1667925]
 Global markets are still facing risks on a variety of fronts, including more potential credit
 woes, and concerns over how central banks will handle rising inflation at a time of slowing
 economic growth.
 ”In the short term, markets could continue to see a bit of a rally but I still think that we
 probably haven’t seen the low in equity     markets,” said Simon Doyle, head of fixed income
 and multi-asset at Schroder Investment Management in Australia.
 ”We’re still working through the extent of the economic downturn. There is a protracted
 period of weakness to come and that’s going to keep a very cautious tone in markets.”
 The U.S., European, and Swiss central banks extended on Wednesday emergency lending
 facilities for investment banks and expanded other liquidity programmes to ease credit
 market strains that have weighed on the global economy for a year.
 The joint measures helped lift share prices in the United States and Europe on
 Wednesday, and were a factor in pushing up U.S. bond yields and the U.S. dollar.
 Most Asian stocks followed suit on Thursday, with   the MSCI’s measure of Asia Pacific
 stocks excluding Japan <.MIAPJ0000PUS> up 0.5 percent as of 0645 GMT.
 South Korea’s KOSPI <.KS11> index ended up 1.1 percent, while markets in Australia
 <.AXJO>, Singapore <.FTSTI> and Hong Kong <.HSI> were up  less than 1 percent each.
 Tokyo’s Nikkei average <.N225> edged up 0.1 percent, as defensive stocks such as drug
 makers offset worries about a slowing global economy that hit exporter shares.
 But other markets fell, including Shanghai <.SSEC>  and Taiwan <.TWII>, as concerns over
 slowing corporate earnings dominated trading.
 
 OIL SCARE AGAIN?
 Asian stocks also benefitted after an indicator of private U.S. employment unexpectedly
 showed 9,000 jobs were added in July, setting  up some hopes the broader U.S.
 employment data due out on Friday would provide a positive surprise as well.
 [ID:nN30438138]
 The dollar held near one-month highs against the euro <EUR=> and the yen <JPY=> from
 the dose of optimism on the U.S.      economy, though gains in the currency were kept in
 check as oil prices snapped a losing streak.
 Oil prices <CLc1> steadied during Asia trade on Thursday at $126.74 a barrel after
 rebounding more than $4 on Wednesday as an unexpected drop in      gasoline stocks led to
 concerns over supply.
 Some analysts predict oil prices will again touch record levels, after pulling back sharply
 this month from a record above $147 on July 11, as strong growth from emerging economies
 such as China has    stretched poor supply growth over the past six years.
 ”Although oil prices have fallen around $20 from their peak, support at $120 held and that
 means there is the potential for prices to rise back to record levels again,” said Shuji
 Sugata,
 manager at Mitsubishi Corp Futures and Securities in Tokyo.
 Regional bonds fell as some of the risk aversion that had been priced in receded, though
 trading was thin in markets such as Japan, where September 10-year JGB futures <2JGBv1>
 fell 0.04 point to 136.41.

Lippo-Mapletree IRT, Fortune REIT

UBS – Lippo-Mapletree IRT, Buy, TP:S$1.00

Macquire – Fortune REIT, Outperform, TP: HK$6.70

Cosco, KepLand, Allco REIT

Citigroup – Cosco, Buy, TP: S$4.15

Citigroup – Keppel Land, Hold, TP: S$5.45

Nomura – Allco REIT, Strong Buy, TP: S$1.33

United Engineers, China XLX, CDL Hospitality Trust

CIMB – United Engineers, Maintain Outperform, tp: S$4.37

CIMB – China XLX, Neutral, tp: S$0.76

DBS Vickers – CDL, Buy TP: S$2.02, previously S$2.90

NOL

Lehman Bros cuts NOL TP to S$2.60

RTRS – REFILE-Copper rises as supply woes replace demand doubts

(Refiles to fix news link to Asian aluminium premiums story)
 LME                 Shanghai
 Now      Close       Now       Close
 Copper        8070.00   8030.00     61440      60800
 Aluminium     2975.00   2960.00
 19130      19120
 Zinc          1870.00   1870.00     15415      15345
 —————————————————————-
 July 31
 In the news
 > Grupo Mexico no date to start Cananea
 copper      [nN30464275]
 > Asia aluminium premiums fall 25 pct on weak demand  [nSP50697]
 > China Western Mining cuts 2008 lead, zinc output  [nPEK130954]
 > Olympics restrictions bite China lead, zinc mining[nPEK167112]
 ——————————-
 ———————————
 * China copper futures followed London and New York markets
 higher on Thursday after signs of supply tightness replaced
 worries that industrial demand was waning.
 * Shanghai October copper <SCFV8>, the
 most-traded contract
 on the Shanghai Futures Exchange, was up 1.1 percent or 650 yuan
 at 61,450 yuan ($8,991) a tonne in early trading.
 * Copper <MCU3> for delivery in three months on the London
 Metal Exchange (LME) was up $40 at $8,070 a tonne.
 * Mexican copper miner Grupo Mexico <GMEXICOB.MX> said on
 Wednesday it had no set date to resume copper production at its
 giant Cananea mine, where work has been stopped for the past year
 due to a strike. [ID:nN30460243]
 * Copper has been
 under pressure in recent weeks from
 lower-than-expected-demand from China and rising stocks at LME
 warehouses. As recently as Wednesday, LME copper plumbed a
 six-week low in intraday trade.
 * “It’s clear that the copper market is quite finely
 
 balanced, its price being so sensitive to any production news,”
 Investec Bank (Australia) analyst Darren Heathcote said in a
 client note.
 * Three-month nickel <MNI3> dropped $100 to $18,650 a tonne,
 returning a portion of a hefty overnight gain.
 * Three-month lead <MPB3> last fetched $2,200 a tonne, up $20
 from the late kerb.
 * LME three-month aluminium <MAL3> was up $15 at $2,975,
 while three-month zinc <MZN3> was flat at $1,870 a tonne.
 * Shanghai Futures Exchange October
 aluminium <SAFV8> was
 steady at 19,120 yuan.

Macquarie Prime REIT

DBS Vickers – buy (TP: S$1.39, Previously S$1.61)

Suntec REIT

DBS Vickers – Buy (TP: S$1.75, previously S$1.73)

Keppel Land

DBS Vickers – buy (TP:S$5.87, previously S$5.84)

Singapore Airline

DBS Vickers – Buy (TP: S$19.00, previously S$22.00)

SingPost

Morgan Stanley - Equal Weight (TP: S$1.23)

JP Morgan – Neutral (TP:S$1.10)

Chartered Semi-conductors

UBS – Neutral (TP: reduced to S$0.65)

Capitaland

JP Morgan – Overweight (TP: S$7.00)

Capitaland

Deutsche Bank – Hold (TP reduced to S$6.40)

Capitaland

CS – Neutral (TP: S$6.75)