Singapore Market’s Big Movers of the Day

The Straits Times Index (SGX: ^STI) slips into the red today with a slight 0.2% decline to 3,062 points.

17 of the index’s 30 shares ended the trading session with losses, while 10 others managed to make some headway. That said, movement within the index’s shares were tame, as the biggest price change happened to conglomerate Keppel Corp (SGX: BN4) with its 2.3% drop to S$10.56.

Let’s take a look at some of the bigger movers outside the index.

Palm oil producer First Resources (SGX: EB5) is up 3% to S$2.06. On Monday, the company had released its monthly production highlights for November. Production figures were mostly up, with an example being harvested fresh fruit bunches (FFB) totalling 2.08 million tonnes for the eleven months ended November 2013, some 4.2% higher than the corresponding period last year.

On the other hand, First Resources’ efficiency had suffered, as its yields for FFB and crude palm oil (CPO) had decreased. The company’s extraction rate of CPO and palm kernels (PK) also dropped.

It’s been a challenging year for First Resources so far, as sales for the first nine months of the year dropped 4.7% year-on-year to US$447m while profits came in 7% lower at US$153m.

XMH Holdings (SGX: M9F) is down 4.2% to S$0.345. The diesel engine, propulsion, and power generating solutions provider had just realised its half-year earnings last Friday.

For the six months ended 31 Oct 2013, XMH’s top-line dipped by 0.4% year-on-year to S$48.5m. Meanwhile, the company’s bottom-line suffered as it dropped 19% to S$4.68m. A weakening rupiah and increase in operating expenses had dinged XMH’s profits.

C&G Environmental Protection Holdings (SGX: D79) is down some 18.6% to S$0.28. The company’s main business involves the operation of waste-to-energy (WTE) plants in China. But, in late October this year, C&G announced that its China-based WTE businesses would be sold to China-listed Nanhai Development Co.

The deal currently still hinges on the due diligence that Nanhai’s conducting on C&G’s WTE assets. Nonetheless, without a firm price nor deal in place, C&G’s share price had shot up by some 233% from S$0.12 per share on 22 Oct 2013 to a high of S$0.40 on 28 Nov 2013.

C&G’s share price has since retreated a fair bit, culminating in today’s fall. But, at today’s closing price of S$0.28, that still represents a 133% gain in less than two months since 22 Oct 2013.

To borrow from what I had written before on C&G, the company’s current market value is just north of S$270m. At the end of the day, a company’s only worth the sum of its future cash flows, even though its shares might be all over the place over the short-term. Would Nanhai be paying at least S$270m for C&G’s WTE businesses – which I shall reiterate, is almost the whole bulk of C&G’s source of profits – or would C&G be capable of investing the sale-proceeds in assets that can generate future cash flows in excess of S$270m?  Only time will tell.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore writer Chong Ser Jing doesn’t own shares in any companies mentioned.