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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."