The Straits Times Index (SGX: ^STI) ended the week on a good note as it moved up 0.5% to 3,101 points. Within its 30 constituents, 21 had managed to end the day with gains while five others had made some losses.
Even though it was a collectively nice day for the blue chips, the biggest winner was conglomerate Jardine Cycle & Carriage (SGX: C07), with its shares increasing by ‘only’ 3.8% to S$38.62. Outside the index, there were other shares with much stronger gains. Let’s take a look at some of them.
Circuit board manufacturer MFS Technology (SGX: 5BM) jumped 33% to S$0.145 after releasing its full-year earnings for the 15-months ended 31 Dec 2013 (there was a change in the company’s financial year from 30 September to 31 December).
During the 15 month period, MFS’s revenue came in at S$204 million, some 42% higher than its revenue of S$143 million for the 12 months ended 30 Sep 2012. Unfortunately, earnings were only 2% higher at S$5.88 million, meaning to say the company’s profits might have slipped from 2012’s if the figures were compared on a like-for-like basis over 12 months. In any case, looking at MFS’ big share price jump today, the market seems happy enough with its earnings.
Colex Holdings (SGX: 567) is up 18.8% to S$0.19. In a curious twist of fate, the waste management service provider had dropped 5.3% to S$0.16 yesterday even though it had released great numbers on Wednesday evening for its full-year earnings; annual revenue and profits were up 15.6% and 38.4% respectively.
Had the market changed its mind about the company’s earnings after 24 hours? Thing is, it often does not pay for an investor to be fixated over short-term price movements as those movements could be for many different – even absurd – reasons. Instead, the focus should be on the long-term corporate performance of a share. That’s what would determine its eventual value.
Property developer Hiap Hoe (SGX: 5JK) gained 5.4% to S$0.89. The company’s releasing its full-year results for 2013 today, but as of the time of writing (21 Feb 2014, 6:11 pm), those results have yet to be announced.
In any case, the company had revealed on Monday that it had acquired an A-grade commercial building, 130 Stirling Street, located in Perth, Australia for A$90 million (around S$103 million).
The property, completed in 2009, has a net lettable area of 12,349 square metres (sqm) and sits along the northern fringe of Perth’s central business district.
Tracy Wun, executive director of Hiap Hoe, gave more colour on the property: “130 Stirling Street enjoys strong occupancy of 97.7% with a weighted average lease expiry of 5.71 years and is leased to quality corporate tenants with strong corporate profiles, including the Commonwealth Government, Western Australia’s largest home-grown and locally owned bank – P&N Bank, Downer EDI Mining Pty Ltd and HLB Mann Judd Services (WA) Pty Ltd…
…Moving forward, [Hiap Hoe] will continue to opportunistically expand our regional real estate portfolio as we remain focused on quality investment assets with attractive yields just as 130 Stirling Street.”
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