Here are some stocks that could move the market this Thursday morning.
Sembcorp Industries posted a 25% fall in 1Q earnings to $107 million from a year ago, dragged down by weaker gross profit amid the oil rout. It also expects a more protracted downcycle in the oil-and-gas industry, compared to previous cycles. Its finance costs more than doubled to $86.2 million from $31.2 million, which was mainly due to its utilities business in India, which became operational in the second quarter of 2015, as well as higher bank borrowings for its marine business. Sembcorp closed at $2.75 on Wednesday.
Fraser and Neave is injecting over $70 million in capacity expansion to fuel business growth in Malaysia through Fraser & Neave Holdings Bhd (F&NHB), its 55.5% held subsidiary.
The capital expenditure projects, which include an aseptic cold-filling polyethylene terephthalate (PET) bottle line, a warehouse facility, as well as an ultra-high temperature processing (UHT) line, will boost F&NHB’s total asset value in Malaysia to RM1.9 billion ($643 million). F&N closed at $1.96 on Wednesday.
Zhongmin Baihui Retail Group, which had a trade-with-caution warning issued against its stock in February, announced a 10% drop in 1Q earnings to 20.4 million yuan ($4.3 million) due mainly “to the seasonal sales pressure from the extended winter in 1Q 2016”. Revenues slipped 1% to 229.9 million yuan. Zhongmin Baihui closed at $1.44.
Nera Telecommunications posted earnings of $2.03 million for 1Q, marking a 33.4% decrease from $3.05 million a year ago. Revenue saw an 11% fall from $42.1 million in 1Q 2015 to $37.5 million, a result of lower turnover from the infocomm segment. Neratel closed at 63 cents.
PACC Offshore Services Holdings (POSH) reported earnings of US$4.4 million for 1Q from US$21,000 a year ago. The better performance was due to higher contribution from its joint ventures. POSH shares closed at 36.5 cents apiece.
AnnAik, a steel products maker and engineering service provider, is investing up to 20 million yuan ($4.2 million) for a new project by its subsidiary. ChangXing LiJiaXiang New Era Wastewater Treatment Co was awarded additional service concession rights to construct and operate a wastewater treatment plant in LiJiaXiang town in China.
Markets
Wall Street stocks tumbled for the second day in a row on Wednesday as data showing weak US private-sector hiring raised worries about Friday's jobs report for April. The Dow Jones Industrial Average shed 0.6% at 17,651.26. The broad-based S&P 500 fell 0.6% to 2,051.12, while the tech-rich Nasdaq Composite Index dropped 0.8% to 4,725.64.
The Straits Times Index on Wednesday dropped for the eighth consecutive session, losing 38.13 points or 1.4% to 2,773.07. Turnover at 898 million units worth $1.23 billion was relatively heavy as it surpassed the $1 billion average of the past week. Excluding warrants, there were 102 rises versus 276 falls.
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Sembcorp Industries posted a 25% fall in 1Q earnings to $107 million from a year ago, dragged down by weaker gross profit amid the oil rout. It also expects a more protracted downcycle in the oil-and-gas industry, compared to previous cycles. Its finance costs more than doubled to $86.2 million from $31.2 million, which was mainly due to its utilities business in India, which became operational in the second quarter of 2015, as well as higher bank borrowings for its marine business. Sembcorp closed at $2.75 on Wednesday.
Fraser and Neave is injecting over $70 million in capacity expansion to fuel business growth in Malaysia through Fraser & Neave Holdings Bhd (F&NHB), its 55.5% held subsidiary.
The capital expenditure projects, which include an aseptic cold-filling polyethylene terephthalate (PET) bottle line, a warehouse facility, as well as an ultra-high temperature processing (UHT) line, will boost F&NHB’s total asset value in Malaysia to RM1.9 billion ($643 million). F&N closed at $1.96 on Wednesday.
Zhongmin Baihui Retail Group, which had a trade-with-caution warning issued against its stock in February, announced a 10% drop in 1Q earnings to 20.4 million yuan ($4.3 million) due mainly “to the seasonal sales pressure from the extended winter in 1Q 2016”. Revenues slipped 1% to 229.9 million yuan. Zhongmin Baihui closed at $1.44.
Nera Telecommunications posted earnings of $2.03 million for 1Q, marking a 33.4% decrease from $3.05 million a year ago. Revenue saw an 11% fall from $42.1 million in 1Q 2015 to $37.5 million, a result of lower turnover from the infocomm segment. Neratel closed at 63 cents.
PACC Offshore Services Holdings (POSH) reported earnings of US$4.4 million for 1Q from US$21,000 a year ago. The better performance was due to higher contribution from its joint ventures. POSH shares closed at 36.5 cents apiece.
AnnAik, a steel products maker and engineering service provider, is investing up to 20 million yuan ($4.2 million) for a new project by its subsidiary. ChangXing LiJiaXiang New Era Wastewater Treatment Co was awarded additional service concession rights to construct and operate a wastewater treatment plant in LiJiaXiang town in China.
Markets
Wall Street stocks tumbled for the second day in a row on Wednesday as data showing weak US private-sector hiring raised worries about Friday's jobs report for April. The Dow Jones Industrial Average shed 0.6% at 17,651.26. The broad-based S&P 500 fell 0.6% to 2,051.12, while the tech-rich Nasdaq Composite Index dropped 0.8% to 4,725.64.
The Straits Times Index on Wednesday dropped for the eighth consecutive session, losing 38.13 points or 1.4% to 2,773.07. Turnover at 898 million units worth $1.23 billion was relatively heavy as it surpassed the $1 billion average of the past week. Excluding warrants, there were 102 rises versus 276 falls.
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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