The Straits Times Index (SGX: ^STI), Singapore’s market barometer, has gained 0.3% to 3,273 today. 16 out of the index’s 30 constituents had made some headway during the trading session while 10 others weren’t as lucky as they had suffered losses.
Let’s take a look at some market beaters.
Singapore Press Holdings (SGX: T39) rose 0.7% to S$4.18. The print media publisher and property developer announced on Tuesday that its third quarter results would be made known on 15 July 2014.
In the first half of its financial year, Singapore Press Holdings saw its revenue inch up by 0.5% year-on-year to S$607 million. Meanwhile, its profit had dipped slightly by 0.4% to S$170 million. In the upcoming earnings release, investors might want to keep an eye out on changes (if any) Singapore Press Holdings has made to its various business segments following an in-depth organisational review of the company’s core print media business in the second quarter of the current financial year.
Offshore rig equipment distributor SBI Offshore (SGX: 5PL) is up 5.8% to S$0.109 following the announcement of a “major strategic shift” yesterday. The company would be forming a 70-30 joint venture with US-based Axon Energy Products Inc., a global oilfield equipment outfit, to “market, install, commission and provide after-sales services for oil and gas drilling equipment and systems in Asia.”
As the joint venture will be a subsidiary of SBI Offshore, the company would be able to consolidate its revenue and profits. This would entail a big shift in the nature of the company’s financials given its “previous core business activity of distributing [Offshore & Marine] equipment and deriving commission income therefrom”; Chan Lai Thong, executive chairman of SBI Offshore, commented that the joint venture would allow the company “to recognise potentially significantly higher revenue…compared to commission income.”
Great Eastern Holdings (SGX: G07) rounds up the trio with a 4.8% climb to S$23.09. The company, which provides insurance and life assurance products, saw its chief executive Christopher Wei announce his resignation last Thursday.
Wei, who would be officially leaving the company on 30 September 2014, mentioned that “personal factors and geography and the desire to spend more time with family in Hong Kong” were big reasons for his resignation. He would be joining another insurer, Aviva, to lead its life insurance businesses after he leaves Great Eastern Holdings.
In the meantime, Great Eastern Holdings is out searching for its new leader and its chairman, Norman Ip, “will assume an executive role and oversight during this leadership transition.”
Wei was chief executive of Great Eastern Holdings since 2011 and has managed to help grow the company during his tenure; total revenue for the insurer had increased from S$8.0 billion in 2011 to S$10.3 billion over the past 12 months.
Leadership changes are never easy for any company to handle and investors might want to watch how the company navigates the transition.
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