Bloomberg News

Singapore Stocks: CapitaMall Trust, Jardine Strategic, Noble

November 23, 2011

Nov. 23 (Bloomberg) -- Singapore’s Straits Times Index fell 1.5 percent to 2,676.57 at the close, the lowest since Oct. 10. Six stocks declined for each that rose in the index of 30 companies.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

China developers: Homebuilders in China fell as declining luxury home sales in Shanghai added to signs the mainland’s real-estate market is weakening. Luxury home sales fell to 63 units in October from 149 a year earlier, the Oriental Morning Post reported, citing data from Centaline Property’s Shanghai unit.

CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer that has 35 percent of its assets in China, slipped 1.6 percent to S$2.46. Yanlord Land Group Ltd. (YLLG SP), a China-based real-estate company, fell 2.7 percent to S$1.08.

Real Estate Investment Trusts: CapitaMall Trust (CT SP), Suntec REIT (SUN SP) and K-REIT Asia (KREIT SP) run the most risk of exceeding leverage parameters among Singapore REITs in the event of a downward revaluation of properties, according Moody’s Investors Service.

CapitaMall Trust, a shopping mall operator partly owned by CapitaLand, dropped 2.3 percent to S$1.73. Suntec REIT, an office and retail landlord, lost 1.3 percent to S$1.135. K-REIT Asia, an office landlord partly owned by Keppel Land Ltd. (KPLD SP), slipped 2.3 percent to 86 Singapore cents.

Cosco Corp. (COS SP), the shipbuilding unit of China’s biggest shipping company, slid 2.8 percent to 87.5 Singapore cents. The company said it appointed Wu Zi Heng as vice chairman and president, replacing Jiang Li Jun.

Jardine Strategic Holdings Ltd. (JS SP), the owner of supermarkets, automotive distributors and hotels, decreased 2.4 percent to $29. CLSA Asia-Pacific Markets cut its rating on the stock to “underperform” from “outperform,” saying the outlook for its businesses is “less rosy.”

Noble Group Ltd. (NOBL SP), a Hong Kong-based commodity supplier, declined 3.6 percent to S$1.085 after the lower house of parliament in Australia passed a bill that will require iron- ore and coal producers to pay about A$11 billion ($10.8 billion) in additional taxes in the first three years of the law. Noble holds a 65 percent stake in Australian coal miner Gloucester Coal Ltd., according to data compiled by Bloomberg.

SATS Ltd. (SATS SP), the ground-handling services provider partly owned by Temasek Holdings Pte, fell 2.2 percent to S$2.25 after a report showed growth in passenger traffic at Singapore’s Changi airport slowed last month.

--Editor: John McCluskey, Linus Chua

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle in Hong Kong at ngentle2@bloomberg.net


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