Hup Soon Global Corporation, the distributor of automotive/industrial consumerables, says its general offer for the shares of Tai Kwong Yokohama Berhad (TKY) has become unconditional with TKY set to become its subsidiary.
As at 5 p.m. today, Hup Soon says it has received acceptances of 5,773,388 shares, bringing its ownership of the voting shares of TKY to 59.12%. The offer is now set to close at 5 p.m. 7 April, 2010.
Gains of Wing Tai Holdings (W05.SG) are likely to be driven by broad market rebound than slight improvement in December quarters earnings, which came in below expectations of some analysts.
Resistance is tipped at five-day moving average, last at $1.80, with support at $1.70 (last breached in December).
Singapore’s benchmark Straits Times Index (.FTSTI) fell 2.24% to close at 2,683.56 points last Friday. US stocks erased a midday drop to end slightly higher last Friday, closing out a volatile week punctuated by mixed signals from the labour market data and growing anxiety over fiscal problems in Europe. Here are some stocks to watch:
Developer Wing Tai Holdings says net profit attributable to shareholders for the half year ended Dec 31 2009 increased 28% to $68.7 million from $53.5 million in the current period as a result of the higher operating profit achieved
Group revenue increased by 101% to $454.3 million from $226.3 million a year ago.
Wing Tai Holdings was upgraded to “buy” from “sell’ at Citigroup Inc., saying the stock looks ‘‘attractive’’ as it is trading at a discount to its revised net asset value. Citigroup raised its share-price forecast to $2.46 from $1.69.
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DBS Vickers has upgraded Wing Tai Holdings (W05.SG) to “buy” from “hold”, raising its target price to $2.05 from $1.83, based on 10% discount to NAV estimate vs 20% discount previously, on view developer will gain from expected pickup in Singapore’s high-end residential market.
