As of the close on Thursday, $Straits Times Index(STI.SI)$ closed at 3,224.01 points, down 0.50% points in Q1 2024.
During Q12024, $YZJ Shipbldg SGD(BS6.SI)$, $Riverstone(AP4.SI)$, $Sri Trang Agro(NC2.SI)$, $Bumitama Agri(P8Z.SI)$ and $Wing Tai(W05.SI)$ are the top 5 weekly gainers, up 28.19%, 23.12%, 19.67%, 13.22% and 9.30% respectively.
Below are key analyses of the TOP 5 gainers:
1. $YZJ Shipbldg SGD(BS6.SI)$
Earnings Beat Expectations: The company’s Full Year 2023 Earnings Per Share (EPS) beat expectations, which could have led to increased investor confidence.
Financial Performance: The company’s net income for Fiscal Q4 2023 increased by 64.71% and its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 81.18%. This strong financial performance could have positively impacted the stock price.
Positive Analyst Forecasts: Analysts had a positive outlook for the company, which could have influenced investor sentiment and led to an increase in the stock price.
2. $Riverstone(AP4.SI)$
Earnings Beat Expectations: Riverstone’s Q4 net profit rose by 60.7% to RM67.5 million. This strong financial performance could have positively impacted the stock price.
Positive Analyst Forecasts: UOB Kay Hian analysts upgraded their call on Riverstone to “buy” as they saw that the recovery in the semiconductor industry would benefit the cleanroom glove segment.
Insider Ownership: With 65% ownership, Riverstone Holdings Limited insiders have a lot riding on the company’s future. This could indicate a strong belief in the company’s growth potential, which could positively influence investor sentiment.
3. $Sri Trang Agro(NC2.SI)$
Financial Performance: Sri Trang Gloves, a subsidiary of Sri Trang Agro-Industry, posted a net profit of THB152.7 million ($5.7 million) for FY2023, although this was down 90.8% year-on-year compared to its earnings of THB1.65 billion in FY20221. Despite this, the company’s Q4 net loss increased by only 10.1% despite higher sales volume and revenue.
Market Conditions: The recovery in the semiconductor industry may have benefited the cleanroom glove segment, which is a part of Sri Trang Agro-Industry’s business.
Insider Ownership: Insiders own 65% of Riverstone Holdings Limited, indicating a strong belief in the company’s growth potential.
4. $Bumitama Agri(P8Z.SI)$
Financial Performance: Bumitama Agri’s key performance metrics showed significant improvement in Q2 2023, with revenue, net profit, and EBITDA progressing by 9%, 77%, and 99% respectively, over the previous quarter. Despite a year-on-year decrease, the company reported a net income of IDR 2,449,160 million for FY2023.
Market Conditions: The company’s stock increased by 8.0% over the past three months. This could be due to a variety of factors, including market sentiment and economic conditions.
Earnings Beat Expectations: The company’s Full Year 2023 Earnings Per Share (EPS) was Rp1,412, which was lower than Rp1,618 in FY 20223. Despite this decrease, the company’s strong financial performance could have positively impacted the stock price.
5. $Wing Tai(W05.SI)$
Financial Performance: Wing Tai Holdings reported a net profit of S$20.5 million for the first half of its financial year ended Dec 31, 2023, which was a decrease of 68% compared to its earnings of $63.3 million in the same period last year. Despite this decrease, the company’s strong financial performance could have positively impacted the stock price.
Earnings Beat Expectations: The company’s Full Year 2023 Earnings Per Share (EPS) was S$0.023, which was lower than S$0.079 in FY 20224. Despite this decrease, the company’s strong financial performance could have positively impacted the stock price.
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