Here are some stocks and factors to watch out for this morning.
Silverlake Axis says the allegations outlined by a 42-page short-seller report are “baseless and without merit”. The software solutions provider says the authors of the report may have taken have short positions in the stock and stand to realise gains in the event that the price of the stock falls. Silverlake says it is seeking legal advice and will investigate the source of the report. Meanwhile, the group will engage Deloitte Singapore to undertake a review of the allegations concerning the related party transactions which it said were undertaken to “broaden and deepen the group’s available suite of software and services”. Shares in Silverlake last traded at 63.5 cents on Aug 21.
Creative Technology, the digital entertainment products company, reported FY15 losses widened 53% to US$33.4 million ($47.1 million). Group revenue declined 14% to US$99.5 million, as sales in Asia Pacific, the Americas and Europe fell 13%, 3% and 22% respectively. Creative’s shares closed at 95 cents on Tuesday.
Eu Yan Sang, the retailer of Traditional Chinese Medicine made a 4Q loss of $3.6 million. A year ago, it had reported earnings of $1.6 million. Revenue fell 15% to $72.3 million. For the full year, earnings fell 70% to $4.6 million from a year ago as revenue fell 4% to $350.4 million. Eu Yan Sang closed at 41.5 cents on Tuesday.
Tritech Group says it had on Aug 20 entered into an agreement with Chinese firm Zhong Xu Kang Yi for the latter to inject RMB120 million ($26.14 million) in cash as paid-up capital of Tritech's wholly owned unit, Tritech Vavie Health Care Technologies Co., in exchange for a 60% stake in Tritech Vavie. The counter closed at 10.7 cents on Tuesday.
Tiong Woon Corp’s earnings tumbled 46% to $11.96 million in the financial year ended June 30, 2015, from $22.08 million a year earlier. Revenue fell 12% to $145.7 million from $165.3 million, due to an overall decline in business activities across all its business segments. Shares in Tiong Woon ended down 0.9 cent or 6% at 14.1 cents.
Markets
On Tuesday, a strong rally on Wall Street evaporated and stocks ended with deep losses as concerns about China's economy outweighed lower valuations that some saw earlier as bargains.
The Dow Jones industrial average fell 204.91 points, or 1.29%, to end at 15,666.44. The S&P 500 lost 25.59 points, or 1.35%, to finish at 1,867.62 and the Nasdaq Composite dropped 19.76 points, or 0.44%, to 4,506.49. Earlier, the S&P rose as much 2.9%, the Dow as much as 2.8% and the Nasdaq as much as 3.6%.
On the local bourse, Singapore equities ended higher after rebounding from losses in the previous trading session. The Straits Times Index (STI) ended the day 1.51% higher at 2,886.29. Gainers outnumbered decliners 326 to 177 and a total of 2.14 billion shares worth $2.36 billion changed hands.
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Silverlake Axis says the allegations outlined by a 42-page short-seller report are “baseless and without merit”. The software solutions provider says the authors of the report may have taken have short positions in the stock and stand to realise gains in the event that the price of the stock falls. Silverlake says it is seeking legal advice and will investigate the source of the report. Meanwhile, the group will engage Deloitte Singapore to undertake a review of the allegations concerning the related party transactions which it said were undertaken to “broaden and deepen the group’s available suite of software and services”. Shares in Silverlake last traded at 63.5 cents on Aug 21.
Creative Technology, the digital entertainment products company, reported FY15 losses widened 53% to US$33.4 million ($47.1 million). Group revenue declined 14% to US$99.5 million, as sales in Asia Pacific, the Americas and Europe fell 13%, 3% and 22% respectively. Creative’s shares closed at 95 cents on Tuesday.
Eu Yan Sang, the retailer of Traditional Chinese Medicine made a 4Q loss of $3.6 million. A year ago, it had reported earnings of $1.6 million. Revenue fell 15% to $72.3 million. For the full year, earnings fell 70% to $4.6 million from a year ago as revenue fell 4% to $350.4 million. Eu Yan Sang closed at 41.5 cents on Tuesday.
Tritech Group says it had on Aug 20 entered into an agreement with Chinese firm Zhong Xu Kang Yi for the latter to inject RMB120 million ($26.14 million) in cash as paid-up capital of Tritech's wholly owned unit, Tritech Vavie Health Care Technologies Co., in exchange for a 60% stake in Tritech Vavie. The counter closed at 10.7 cents on Tuesday.
Tiong Woon Corp’s earnings tumbled 46% to $11.96 million in the financial year ended June 30, 2015, from $22.08 million a year earlier. Revenue fell 12% to $145.7 million from $165.3 million, due to an overall decline in business activities across all its business segments. Shares in Tiong Woon ended down 0.9 cent or 6% at 14.1 cents.
Markets
On Tuesday, a strong rally on Wall Street evaporated and stocks ended with deep losses as concerns about China's economy outweighed lower valuations that some saw earlier as bargains.
The Dow Jones industrial average fell 204.91 points, or 1.29%, to end at 15,666.44. The S&P 500 lost 25.59 points, or 1.35%, to finish at 1,867.62 and the Nasdaq Composite dropped 19.76 points, or 0.44%, to 4,506.49. Earlier, the S&P rose as much 2.9%, the Dow as much as 2.8% and the Nasdaq as much as 3.6%.
On the local bourse, Singapore equities ended higher after rebounding from losses in the previous trading session. The Straits Times Index (STI) ended the day 1.51% higher at 2,886.29. Gainers outnumbered decliners 326 to 177 and a total of 2.14 billion shares worth $2.36 billion changed hands.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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