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Stocks to watch: MoneyMax, Noble, Delfi, ISEC Healthcare, Golden Agri-Resources
STOCKS to look out for on Tuesday morning trading include MoneyMax, Noble, Delfi, ISEC Healthcare and Golden Agri-Resources.
MoneyMax Financial Services: MoneyMax Financial Services said it plans to acquire interests in 13 entities that carry out pawn broking business in Malaysia for RM56.6 million (S$18.3 million). The proposed acquisitions will provide the group with a good opportunity to expand its geographical network of pawn broking operations in Malaysia, said the Singapore-listed firm. It plans to fund the acquisitions through internal resources.
Noble Group: Noble Group has amended its agreement to sell its Americas-focused oil liquids business Noble Americas Corp (NAC) to Vitol US Holding. With that, the parties have agreed that Noble will also sell NAC's interests in Noble Petro Inc to Vitol, and not, as earlier indicated, to another third party. As a result, the base consideration of the sale as at July 1, 2017 will increase to US$217 million from US$202 million; the gross consideration for the deal would work out to some US$1.43 billion and cash proceeds would also be higher at some US$597 million (after deducting the indebtedness). The commodity trader also announced on Monday that its co-chief executive has resigned to pursue other opportunities.
Delfi: Delfi posted a 44.1 per cent drop in net profit for the third quarter to US$3.3 million from US$5.9 million. The mainboard-listed chocolate confectionery company, formerly known as Petra Foods, saw revenue rise 1.5 per cent to US$87.9 million which saw the group snap two consecutive quarters of revenue decline with growth driven by Own Brands sales in Indonesia, its primary market. Earnings per share for the three months to September came in at 0.54 US cent versus 0.97 US cent a year ago.
ISEC Healthcare: Improved patient visits and revenue contributions from its JL Medical clinics gave a fillip to ISEC Healthcare Limited's (ISEC) quarterly showing with net profit rising nearly 30 per cent to S$2.2 million from a year ago. For the three months ended Sept 30, revenue climbed 31.3 per cent to S$9.7 million from the preceding year.
Golden Agri-Resources: Golden Agri-Resources' third-quarter net profit fell 80.1 per cent to US$43.7 million, or 0.34 US cent per share, on the back of foreign exchange losses and the absence of tax credits. The palm oil producer has declared an interim dividend of 0.693 Singapore cent per share payable on Nov 29. Golden Agri stock closed at 40 Singapore cents on Monday. For the nine months to Sept 30, net profit fell 70.8 per cent to US$103.1 million, or 0.81 US cent per share.