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Stocks to watch: The Hour Glass, CDLHT, Sheng Siong, Wing Tai, Yoma, GEH
STOCKS to look out for on Wednesday trading include companies that have announced their quarterly earnings or have undertaken some corporate action.
The Hour Glass (THG) could come under focus after having disclosed on Tuesday evening that it had paid S$13.3 million in cash for the 50-year-old watch retail chain Watches of Switzerland (WOS) from Jay Gee Melwani, a Singapore-based fashion-and-lifestyle group. The move will boost THG's boutiques to 37 across Asia-Pacific, including those in Japan and Australia.
Among companies that have announced positive results, Yoma Strategic Holdings said on Wednesday that its net profit for the fiscal second quarter of 2015 ended Sept 30 more than doubled to S$10.8 million from S$3.3 million, mainly the result of strong sales of residences and land development rights (LDRs) in Myanmar.
Sheng Siong reported on Tuesday that higher revenue and margins drove its net profit for the third quarter ended Sept 30 15.4 per cent higher to S$12.2 million. Revenue for the same period rose 4.8 per cent to S$186.4 million, with growth coming from both comparable same-store sales and new stores.
Among companies that reported lower quarterly profits, Great Eastern Holdings said on Wednesday morning that its net profit for the third quarter ended Sept 30 fell 31 per cent to S$194.6 million due to lower unrealised mark-to-market gains.
Wing Tai Holdings on Tuesday reported that its net profit dipped one per cent to S$24.2 million, as a jump in its share of profits from associated and joint venture companies and "other gains" mitigated a 28 per cent drop in revenue to S$160.1 million for its first quarter ended Sept 30, 2014.
CDL Hospitality Trusts (CDLHT) posted a 1.1 per cent dip in distribution per stapled security to 2.61 Singapore cents for the third quarter ended Sept 30. Gross revenue was S$40.1 million for the July-to-September quarter, up 11.9 per cent from S$35.9 million in the year-ago period, due to the recognition of the full revenue of Jumeirah Dhevanafushi hotel that was acquired in December 2013.