Singapore Market’s Big Movers Of The Day

StockMarketBoard The Straits Times Index (SGX: ^STI) ended the day with a 0.4% gain to 3,218 points. Within its 30 constituents, there were 17 shares with gains and six that ended up in the red.

The biggest mover within the index was Thailand-based beer brewer Thai Beverage (SGX: Y92) with a 2.8% gain, suggesting that movement of shares within the STI had been rather muted, with most of the action taking place outside.

Here are some big movers.

C&G Environmental Protection Holdings Limited (SGX: D79) rose 12.5% to S$0.225. This is the second day in a row where the company jumped significantly. Shares of C&G rose 67% to S$0.20 on Wednesday after it announced that it might be selling its waste-to-energy business to a China-listed company after signing a letter of intent (LOI) on 22 Oct 2013.

Nothing’s fixed in stone yet, and the acquirer has up to three months from the date of the signing of the LOI to enter into a proper sale-agreement with C&G.

No figures have been provided yet as the acquirer would be hiring professional valuers to assess the value of C&G’s waste-to-energy business.

An important part of C&G’s rational for the sale resides in the possibility that the waste-to-energy business “may require significant capital injection to grow” in the future. So, the company believes that the sale would be beneficial for investors as it would help to “realise its investment in the [waste-to-energy] business and assets and to unlock value.”

For the whole of last year, C&G derived almost 90% of its earnings before interest, taxes, depreciation & amortisation (EBITDA) from the waste-to-energy business, so it really is a significant part of the company. What’s going to happen to C&G after the sale of its main cash-cow? Your guess is as good as mine – we’ll just have to wait for updates from them on future plans.

Courts Asia Limited (SGX: RE2) gained 2.5% to S$0.815. The electronics, furniture, and IT-product retailer announced yesterday evening that it has officially started construction work for an Indonesian ‘Big-Box’ Megastore located in Kota Harapan Indah, Bekasi, in the east of Jakarta.

The store will be Courts Asia’s biggest yet, with more than 13,000 square metres of retail space. If all goes according to plan, the store will be operational by 2014 and will be serving an immediate population of 2.4m in the Bekasi area.

Terry O’Connor, executive director and chief executive of Courts Asia, commented that “the Indonesian market has been identified as a key growth market for [the company] in the next few years, and our expansion begins in East Jakarta with our first Megastore in the vibrant and strategically located integrated development of Kota Harapan Indah.”

Straco Corporation (SGX: S85) fell 3.7% to S$0.39. The company’s main business lies in unique assets – marine theme parks. Straco operates the Shanghai Ocean Aquarium and Underwater World Xiamen in China, which saw combined visitor numbers increase by 13.7% year-on-year in the second quarter of 2013.

The company’s pencilled in for a 12 Nov third quarter earnings release and investors should look out for signs of continued momentum in its earnings growth. For the six months ended 30 June, Straco brought in S$13.2m in profits, 71% higher compared to a year ago.

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