Singapore shares were little changed, but Sembcorp Marine Ltd fell to the lowest in more than four months after a broker cut its target price on the world's second-largest builder of offshore oil rigs.
The Straits Times Index was flat, while the MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent.
Shares of Sembcorp Marine slid as much as 1.8 percent to S$4.35, the lowest since late November.
OCBC Investment Research cut its target price on Sembcorp Marine to S$5.64 from S$5.84 with a 'buy' rating, citing lower margin assumptions for the next two years on concerns of Brazil's inflation.
"Should inflation in Brazil continue to be unrelenting, Sembcorp Marine may face further margin pressures from labour costs, especially since there is already a shortage of skilled labour in the country," OCBC said on Wednesday.
1220 (0420 GMT)
(teo.jionchun@thomsonreuters.com)(+6564035659)(Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net)
