The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.1% to 3,244.94.
Ezra Holdings (EZRA SP): The provider of logistics services to the oil and gas industry said first-quarter profit declined 28% to $13.3 million from a year ago. Ezra gained 0.6% to $1.81.
The sale was managed by DBS Group Holdings, the person said, asking not to be identified as details are private.
Swiber (AK3.SG) off 2.8% at $1.05 as weaker 3Q10 results take toll; net profit down 51.8% on year, down 49.4% on quarter, at US$7.0 million ($9 million) on higher operating costs, lower gains from asset sales, reduced contributions from associates, according to Dow Jones.
Still, longer-term earnings outlook remains favorable as provider of construction services to offshore oil & gas sector has U$800 million ($1 billion) orderbook to support results over next 2 years.
Swiber Holdings, the integrated construction and support services provider to the offshore oil and gas industry, today reported a 27.5% increase in revenue to US$122.4 million ($157.7 million) for the three months ended September 30, 2010 (3QFY2010), as the group recognised contributions arising from the projects awarded to the group since November 2009, concentrated in South East Asia and South Asia.
The three-year notes may price to yield about 5.8% and may be sold as early as today, the person said, asking not to be identified as details are private.
Swiber Holdings, the integrated construction and support services provider to the offshore oil and gas industry, today announced the appointment of Francis Wong as Group Chief Executive Officer and President with immediate effect.
With the company’s rapid expansion on the corporate and operations level, Swiber says the new appointment is part of its growth strategy to strengthen its management team to meet new business opportunities and future challenges. The new appointment is also in line with the group’s strategy to maintain an efficient corporate structure and for fast, effective decision-making.
Kreuz Holdings (5RK.SG) +11.1% at more than four-week high of $0.45 in active trade, drawing strength from current interest in parent Swiber Holdings (AK3.SG), last +3.9% at six-week high of $1.06, according to Dow Jones.
As latter tipped by analysts to clinch new contracts in near term, sentiment likely rubbing off on Catalist-listed Kreuz. Any contract win by Swiber could be positive for sub-sea services provider as it counts parent as main customer.
Swiber Holdings (AK3.SG) +2.9% at almost 6-week high of $1.05 in active trade, according to Dow Jones.
“We think the revival of trading interest in Swiber could be related to the company bidding for an array of projects worth a total of US$5 billion ($6.7 billion),” says CIMB, which has Outperform call with $1.42 target.
CIMB Research in a Sep 8 research report says: “We recently brought Swiber’s senior management to Hong Kong. Management shared a bullish outlook for jobs available in the Middle East and Asia Pacific.
DBS Group Holdings is managing the sale, the person said, asking not to be identified as details are private.
The notes may price to yield about 5.75% while the total issue size may be increased to $100 million, the person said, asking not to be identified as details are private.
Swiber Holdings, the integrated construction and support services provider to the offshore oil and gas industry, today reported it posted a 25.3% decline in net profit to US$14.3 million ($19.4 million) for the three months ended June 30, 2010 (2QFY2010) on the back of a revenue of US$106.8 million.
Revenue remained relatively stable at US$106.8 million in 2QFY2010 as compared to US$110.8 million in 2QFY2009. The group recognised contributions arising from projects carried out in South East Asia and South Asia.
Singapore shares may be lifted on Friday after strong earnings from US economic bellwethers, such as 3M (MMM.N) and Caterpillar (CAT.N), boosted investor confidence and led to a rebound on Wall Street.
Singapore’s benchmark Straits Times Index (.FTSTI) rose 1.01% on Thursday to 2,955.67 points. Here are some stocks and factors to watch:
Swiber (AK3.SG) is up 2.6% at 2-week high of $0.97, likely to end up for third straight session, as investors remain hopeful of offshore & marine construction group’s orderbook growth, according to Dow Jones.
DMG & Partners Securities in a June 9 research report says: “We like the stock because: (1) Swiber is a leading offshore construction player in the Asia Pacific region and is a direct beneficiary of pick-up in new platform and pipeline projects.
Swiber (AK3.SG) is off 2.0% at $0.985, not spared from broad market rout (STI down 2.5%) despite winning US$618 million ($871 million) contract with consortium partner to set up platforms for oil & gas operator in South Asia. Still, light volume indicates selling not widespread, says Dow Jones.
Swiber Holdings, the integrated construction and support services provider to the offshore industry, says the company and its consortium partner have received a Letter of Award for an EPCIC (Engineering, Procurement, Construction, Installation & Commissioning) contract worth US$618 million ($865 million) from a leading oil and gas operator in South Asia.
