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Stocks to watch: CapitaLand, Linc Energy, Tat Hong, Cordlife, Straco
THE following stocks had recent developments that could affect trading activity on Monday.
CapitaLand on Monday said it has entered a 50:50 joint venture with Credo Group to develop a S$220 million integrated development in Central Jakarta, Indonesia. Construction of the project, comprising an office tower, residential units, serviced residences and retail space, is expected to start next year and is scheduled for completion in 2018.
Linc Energy on Saturday afternoon reported net profit of A$106 million (S$120 million) from a A$40.9 million loss a year ago, for its first quarter ended Sept 30, 2014. This is primarily a result of the sale of the Carmichael Royalty Deed to the Adani Group. Revenue fell 23 per cent from A$38.4 million a year ago to A$29.6 million. This was due to a drop in oil and gas sales revenue to the US, and a decrease in realised price per barrel.
Tat Hong Holdings on Friday evening reported a net profit of S$11.5 million for its second quarter ended Sept 30, 2014, up 39 per cent from S$8.2 million a year ago. The numbers included gains from the sale of a subsidiary, as well as foreign exchange gains. Revenue fell 18 per cent to S$152.8 million.
Cordlife Group on Friday evening posted a S$3.6 million first quarter loss, versus a net profit of S$8.7 million a year ago. This was mainly due to a S$4.9 million fair value loss on its investment in China Cord Blood Corporation.
Tourism operator Straco Corporation on Friday evening reported a net profit of S$19.5 million for the three months ended Sept 30, 2014, up 28 per cent from S$15.2 million a year ago. Revenue rose 26 per cent to S$38.6 million, from S$30.5 million.
Traders' attention might be diverted to the opening of the Shanghai-Hong Kong Stock Connect, which allows investors on both sides to trade selected stocks in the other market. Both the Shanghai and Hong Kong market open at 9.30am.
The oil price fall to another record low last week is likely to hurt oil and gas stocks more, and give a boost to transport stocks.