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Stocks to watch: DBS, Lum Chang, Valuetronics, Pacific Andes, China Fishery
THE following counters made announcements after market close on Monday evening that could affect trading on Tuesday morning:
DBS on Tuesday posted a fourth-quarter net profit of S$838 million (excluding one-time items), up 4 per cent from the previous year's S$802 million. Including one-time items, Q4 net profit fell by 14 per cent from S$973 million a year ago.
While the group notched up record full-year earnings, it missed analysts' estimates due to higher bad debt provisions and lower trading income. Bad debt provisions rose 40 per cent to S$211 million, while trading income dropped 44 per cent with the bank attributing it to "less favourable trading conditions".
Mainboard-listed construction company Lum Chang on Tuesday said that its wholly owned subsidiary Lum Chang UK Properties had on Monday disposed of its 12.45 million shares - representing 100 per cent of the total share capital - in Old Court House Propco (OCHP) for £19.9 million (S$41 million).
Based on the adjusted net asset value (NAV) of OCHP of S$28.0 million as at Monday, the gain after deducting related selling expenses is about S$11.4 million, according to the company. Proceeds will be used to fund future investments of the company and its subsidiaries.
Valuetronics - a mainboard-listed design and manufacturing partner for brands in the consumer electronics (CE) and industrial and commercial electronics (ICE) sectors - on Tuesday posted a 10.3 per cent increase in third-quarter net profit to HK$39.2 million (S$6.85 million), up from HK$35.5 million a year ago.
Revenue rose 3.4 per cent year-on-year to HK$596.2 million, due mainly to the increase in demand from some of its existing ICE customers and contribution from a new ICE customer, said the company.
Frozen fish supplier Pacific Andes Resources Development (PARD) on Tuesday posted a 11.7 per cent fall in net profit to HK$128.2 million (S$22.4 million) for the first quarter ended Dec 28, 2014, down from HK$145.2 million a year ago.
Industrial fishery company China Fishery Group on Tuesday posted a 13.7 per cent fall in net profit to US$13.5 million for the first quarter ended Dec 28, 2014 (Q1 FY2015), from US$15.7 million a year ago.