Three Shares that Lost to the Market Today

Last night, the American markets slipped badly, with the S&P 500 dropping 1.3%. Singapore’s stock market followed suit to a lesser degree as the Straits Times Index (SGX: ^STI) dipped 0.4% to 3,124 points.

20 out of the index’s 30 shares had ended in the red in the trading session while only five others managed to clock some gains. Let’s look at some shares that fared worse than the index today.

SembCorp Marine (SGX: S51) slipped 1.2% to S$4.23.The marine engineering firm has been busy buying back its own shares over the past month. Since the start of Dec 2013, SembCorp Marine has spent S$9.1m buying back 2.11m shares.

Real estate developer Tee Land (SGX: S9B) dropped 3.1% to S$0.315. The company had released its second quarter results last Wednesday. For the six months ended 30 Nov 2013, revenue had more than doubled from S$6.8m a year ago to S$16m. Meanwhile, profits surged some 233% year-on-year to S$2.2m.

The company’s top-line had grown by such a huge amount due to the recognition of revenue from its property development at 91 Marshall, which in turn lead to the recognition of profits. Tee Land’s strong growth also prompted management to declare interim dividends of 0.5 Singapore cents when there was no such dividend for the corresponding period a year ago.

Triyards Holdings (SGX: RC5) rounds up the trio with a 2.2% drop to S$0.66. The shipbuilder for the offshore and marine industries had announced its first quarter results last Thursday for the three months ended 30 Nov 2013.

The company had reported a 69% year-on-year jump in revenue to US$90.1m due to contributions from the work done on three Self Elevating Units (SEUs). Profits on the other hand, only managed a 13% increase to US$7.3m. Much of the slower bottom-line growth is due to decreasing gross margins (from 20.5% to 14.2%), which came as a result of a “different mix of projects at their respective completion stage.”

In a separate announcement on the same day, Triyards also revealed that it had won a contract worth US$7.5m for two new orders in vessel construction and outfitting for two cruise liners.

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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.