1:51 PM
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DMG downgrades Super Group to neutral
DMG & Partners Securities downgraded its rating on instant beverage maker Super Group Ltd to neutral from buy and lowered its target price to S$2.12 from S$2.18, citing a recent spike in the prices of coffee beans, a major raw material for Super.
Shares of Super Group were down 0.45 percent at S$2.20 on Wednesday. This year, Super shares have surged around 67 percent, outperforming the 12.6 percent gain in the FT ST Mid Cap index.
DMG cut its earnings estimate for Super's 2012 fiscal year by 4 percent to S$68 million $53.7 million). The broker said it saw some headwinds from higher robusta coffee bean prices that averaged $2,125 per tonne in May.
S'pore stock market Up at midday session.
Singapore share prices rose by noon on Wednesday with the Straits Times Index up 6.18 points to 2,848.59.
Volume was 719.9 million shares worth S$440.6 million.
Gainers outnumbered losers 167 to 92.
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