Stocks to watch: ST Engineering, Nio, Yangzijiang Shipbuilding, China Everbright Water
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Apr 2):
ST Engineering : It announced on Wednesday that its marine business has secured a six-year subcontract valued at an estimated S$600 million from Abu Dhabi Ship Building (ADSB), a shipbuilder based in the United Arab Emirates. The contract is for the design and supply of platform systems for a fleet of eight missile gun boats that ADSB is constructing for the Kuwait Naval Force. Shares of ST Engineering closed at S$11.10 on Wednesday, up S$0.29 or 2.7 per cent.
Nio : The Chinese electric vehicle maker reported a 136 per cent year-on-year increase in March vehicle deliveries. The number of units shipped in the first quarter nearly doubled from the year before. Cumulative deliveries reached about 1.1 million units as at Mar 31. In Singapore, Nio rose 9.4 per cent to close US$0.52 higher at US$6.06 on Wednesday, before the news.
Yangzijiang Shipbuilding : The shipbuilder on Wednesday confirmed it currently has no plans to undertake any equity fundraising transactions outside of Singapore. This was after a recent TradeWinds report said that founder Ren Yuanlin was eyeing a Hong Kong listing, having called the Singapore Exchange “too small and moribund”. The company clarified that while the founder remains a substantial shareholder, he does not hold a management role or participate in the group’s operational decision-making. Shares of Yangzijiang Shipbuilding rose 4.8 per cent to close S$0.18 higher at S$3.96 before the clarification.
China Everbright Water : The water environmental management company on Wednesday said it has secured two new projects in Huai’an and Jiangyin, China. The expansion in Huai’an requires an investment of about 90 million yuan (S$16.8 million), while in Jiangyin, the company will take over the operation of an industrial waste plant for a high-tech park. Shares of China Everbright Water fell 2.1 per cent to close S$0.005 lower at S$0.23 before the announcement.
