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Stocks to watch: Japfa, Noble Group, Tat Hong
HERE are the stocks to watch for Monday morning trade:
Indonesian poultry producer Japfa has issued a profit warning, advising of a net loss for its first quarter ended March 31, 2015. The loss results from a continued weakness in the poultry market and in the purchasing power of low-income consumers as well as the translation loss from the company's US dollar loans as a result of a 5 per cent drop in the rupiah to US dollar exchange rate as at March 31, 2015, Japfa said.
Commodity trader Noble Group on Friday held its annual general meeting, where shareholders passed 12 resolutions related to the company's financial statements and the report of its directors and auditors. Noble's shares have plunged about 27 per cent since anonymous outfit Iceberg Research first attacked the group's accounting practices on Feb 15. Short-seller firm Muddy Waters is also "short" Noble.
Crane operator Tat Hong Holdings on Friday evening said it expects to report a loss for its fourth quarter ended March 31, 2015. The challenging business conditions in the Australian construction sector have resulted in a weak performance of the group's wholly-owned Australian subsidiary group, which is expected to recognise significant changes in the impairment of goodwill and assets in its Q4 FY15 financial results. Notwithstanding this, the group expects to remain profitable for FY15, as its underlying performance in Q4 FY15 remained stable, Tat Hong said.