SGX watch list: Is it fair to penalise firms that fall short only on market cap?
AMID the slew of corporate results and other regulatory filings this week, there was one unusual announcement (or should it be pleading?) by a company on the Singapore Exchange's watch list.
A-Sonic Aerospace, which is engaged in aviation parts supplies and logistics supply chain management, wrote a two-page note to the SGX highlighting the fact that it was now profitable and that the volume-weighted average price (VWAP) of its stock for the last six months had broken above the SGX watch list mandated Minimum Trading Price (MTP) of 20 cents.
The company also released its results for the nine-months to end September 2019, which showed a net attributable profit of US$1.51 million. For the 12-months to end December 2018, A-Sonic's net profit was US$1.48 million. So the company has been profitable for 21 months. Also, as at end-September 2019, A-Sonic's net tangible assets (NTA) amounted to US$28.57 million, or S$39.49 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Stocks to watch: DBS, Olam, Parkway Life Reit, Japfa, CSE Global
Mastercard’s profit beats as consumer spending defies inflation worries
Google’s payments to Apple reached US$20 billion in 2022, antitrust court documents show
DBS Q1 profit up 15% to S$2.96 billion; interim dividend at S$0.54
Qualcomm forecast beats estimates as AI drives chip sales in China
eBay forecasts Q2 revenue below estimates as consumer spending remains strained