Hot stock: Yangzijiang up 6.83% to S$0.86
YANGZIJIANG Shipbuilding Holdings shares rose by as much as 6.83 per cent or S$0.055 to S$0.86 on Friday, and were among the Singapore Exchange's most actively traded.
The counter opened at S$0.805 and has been on a steady increase since. Over 23.6 million shares had changed hands as at 4.30pm.
The marine and offshore engineering company earlier this month posted a six per cent year-on-year drop in revenue to 3.88 billion yuan (S$803 million) and a 59 per cent fall in net profit to 281 million yuan for Q3 2016, impacted by a 531 million yuan impairment loss on property, plant and equipment and other one-off items.
OCBC Investment Research recommended a Hold rating on the stock, forecasting a one-off tax reversal in Q4 2016 that would bump up Yangzijiang's net profit. CIMB gave it an Add, saying the company is still making money, and is relatively stronger than its peers. CIMB said: "It has cash, profits and valuation is cheap."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade