DMG & Partners Research lowered its target price on luxury hotel operator Stamford Land Corp Ltd to S$0.73 from S$0.78 but maintained its buy rating. Stamford shares were flat at S$0.555 and have remained steady so far this year. The broker cut its earnings estimate for Stamford's 2012 fiscal year by 24 percent due to slower residential sales as the remaining units in the firm's Sydney project are larger units priced at around A$10 million ($10 million) each.

But it said Stamford's hotels had seen better occupancies and rates on the back of a buoyant Australian economy and stronger demand from the domestic corporate segment. DMG said the lapse of a memorandum of understanding for the sale-and-leaseback of Stamford's three hotels in Melbourne, Sydney and Adelaide was a near-term setback to the company's efforts to unlock value from its hotel assets.

Maybank Kim Eng Research cut its rating on CapitaCommercial Trust (CCT) CACT.SI to sell from hold and lowered its target price to S$1.06 from S$1.25. CCT's units were flat at S$1.25, having risen about 18 percent so far this year. Kim Eng said CCT's average office portfolio rent fell to S$7.45 per square foot (psf) in March from S$7.66 psf in December 2011 and said a quick upturn in office demand is unlikely due to ample supply and the prospect of tepid gross domestic product growth.

Tokyo shares fell 0.29 percent on Monday morning, giving up early gains as investors waited for policy meetings of the US and Japanese central banks later in the week. The Nikkei 225 index at the Tokyo Stock Exchange was down 27.88 points to 9,533.48 by the break. The Topix index of all first-section issues slipped 0.34 percent or 2.78 points to 809.16 yen.  After opening higher following gains on Wall Street on Friday, Tokyo shares slipped as a wait-and-see mood took hold. US stocks were boosted on Friday by better-than-expected earnings from blue-chips, said Tachibana Securities operating officer Kenichi Hirano.