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Stocks to watch: iFast Corp, Chasen Holdings, Silkroad Nickel
THE following companies saw new developments that may affect trading of their shares on Monday:
iFast Corp: Wealth management firm iFast Corp saw its net profit jump for the second quarter on higher revenue, despite the hit from its loss-making mainland Chinese operations, according to unaudited half-year results. Earnings came in at S$2.94 million for the three months to June 30, surging by 40.4 per cent on the previous year, the company announced on Saturday. Revenue swelled by 25.4 per cent to S$30.9 million. Earnings per share was 1.1 Singapore cents, up from a restated 0.79 Singapore cent previously, while net asset value ticked up to 31.26 Singapore cents a share, against 30.69 Singapore cents as at Dec 31, 2017. iFast closed at S$1.09 on Friday.
Chasen Holdings: Specialist logistics company Chasen Holdings has clinched a 51 million yuan (S$10.2 million) relocation contract in China to fit out a flat panel display manufacturing plant. The contract, which is located in Chuzhou, Anhui province, will involve move-in, warehousing and related logistics services for the factory. The project will run for 16 months from September 2018 to December 2019. The company's stock last traded at 7.9 Singapore cents on Friday.
Silkroad Nickel: Indonesia-based miner Silkroad Nickel has started its application for an export quota for low-grade nickel ore and plans to have the quota in 2018, it said on Saturday. Catalist-listed Silkroad Nickel - which was listed through the reverse takeover of China Bearing (Singapore) by a subsidiary of Singapore-incorporated Far East Mining - has held a mining business licence for a 1,301-hectare mining concession area in Central Sulawesi province since 2009. Silkroad Nickel, which has been suspended since China Bearing became a cash company in late 2015, has said that it will resume trading on Monday.