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Stocks to watch: Noble, Frasers Centrepoint, Thakral, Wilmar
TRADING activity here on Thursday will continue to take its cue from the latest bout of corporate earnings released and see selective stock plays.
Noble Group, which has been hogging the most actively-traded list, could continue to see much interest on Thursday on news that it has fully redeemed the 2015 and 2020 securities, affirming its earlier assurances that it has sufficient cash to fund its bond redemption and operations.
The US$500 million 4.875 per cent senior notes due 2015 have been fully redeemed on Aug 5, the scheduled maturity date, and there are no 2015 securities outstanding. The commodities group said it has also redeemed in full US$235 million of the 6.625 per cent senior notes due 2020, on Aug 5, and there are no 2020 securities outstanding.
Companies that reported stronger quarterly results included Frasers Centrepoint Limited, Thakral Corporation and Wilmar International.
Frasers Centrepoint Limited (FCL) on Wednesday reported a 43 per cent jump in net profit to S$181.4 million for its third quarter ended June 30, 2015. Revenue more than doubled, rising 157 per cent to S$1.01 billion, on the back of project completions of Twin Waterfalls executive condominium in Singapore and Gemdale Megacity Phase 2A in China during the quarter.
Thakral Corporation on Wednesday posted a net profit of S$6.86 million for the second quarter ended June 30, 2015, a reversal from the loss of S$1.76 million a year ago, mainly benefiting from a S$9.5 million valuation gain on the investment properties reclassified as held for sale.
Agribusiness group Wilmar's net profit for the second quarter ended June 30, 2015, rose 18.8 per cent to US$193.6 million on strong demand for oilseeds and grains. This was despite an 11.7 per cent year-on-year decrease in total revenue to US$928.4 million as a result of lower commodity prices.