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 0.2% 3,184.74.
Cerebos Pacific (CER SP): The maker of Brand’s Essence of Chicken health tonic said net income in the three months ended December rose 16% to $42.6 million from a year earlier. The shares lost 1.2% to $4.87.
Tuan Sing Holdings says it posted a net profit after tax attributable to shareholders of $68.2 million for the year ended 31 December 2010, an increase of 53% compared to last year.
Property generated profit after tax of $52.3 million, driven by strong sales and profit recognition on Lakeside Ville Phase III in Shanghai and a fair value gain of $28.6 million largely from investment properties in Singapore.
Tuan Sing (T24.SG) is +14.9% at $0.27 on strong volume. Traders cite a column in today’s Business Times paper, highlighting the property group as an undervalued stock, as a reason for the jump.
Even at the current price, the stock trades at only 0.6x P/B, one of the lowest for Singapore developers.
Shares of Tuan Sing (TSHS.SI), a property, hotel investment and industrial services firm, rose as much as 12.8% on Wednesday after the Business Times argued it was undervalued given its growth and earnings potential.
At 10:11 a.m., Tuan Sing shares were up 10.6% at $0.26 on a volume of 12.6 million shares.
“People only wanted to buy familiar names — the most liquid, active names — initially, then when they had loaded enough they go searching for things that are off the radar,” said a local trader.
Tuan Sing (T24.SG) is +6.4% at $0.25 as the property group’s land acquisition bid gains momentum.
It has won a tender with a $99.1 million bid for the collective sale of a Singapore property, Serene House, for redevelopment into a luxury residence.
This comes a day after it emerged as the highest bidder for a residential land parcel with a $123 million offer.
Tuan Sing Holdings says indirect wholly-owned subsidiary, Shelford Properties, has been awarded the tender for Serene House at $99.1 million.
The property, situated along Cluny Park Road, is directly opposite the proposed Botanic Gardens MRT station and the Singapore Botanic Gardens. This exclusive site is also in the vicinity of schools such as Raffles Girls’ Primary School, Nanyang Primary School, Singapore Chinese Girls’ Primary School, Anglo-Chinese School and Hwa Chong Institution.
Tuan Sing says it posted a net profit after tax attributable to shareholders of $26.4 million for the first half year ended 30 June 2010, an increase of 520% compared to the same period last year.
Group revenue reached $180.5 million in the first half, compared to $84.5 million the same period last year. Earnings per share for the first half year rose to 2.3 cents from 0.4 cent a year earlier. Net assets value per share advanced to 44.5 cents as at end June 2010.
Tuan Sing Holdings posted a net profit attributable to shareholders of $20.9 million for the first quarter 2010 from $0.7 million the same period last year.
Revenue stood to $105.7 million. Total comprehensive income attributable to shareholders was $24.2 million, as compared to $7.4 million the same quarter last year.
Earnings per share rose to 1.8 cents for the quarter and net assets value per share advanced to 45.4 cents as at 31 March 2010.
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:
Tuan Sing Holdings, the company with businesses in property, hotels investment, industrial services and retail, posted a net profit of $44.7 million for FY2009, up from $2.7 million in last year.
Although revenue grew by 4% to $252.9 million, pre-tax profit before exceptional items increased by 143% to $34.8 million.
