MARKET UPDATES :
- STRUCTURAL steel contractor Yongnam Holdings on Wednesday posted net loss of S$5.26 million for the fiscal second quarter ended June 30. A year ago, it had reported profit of S$8.63 million. Turnover plunged 46.5 per cent year on year to S$61.61 million, as no new contracts were secured in the reporting quarter. Consequently, loss per share was 0.42 cents. A year ago, the group posted earnings per share of 0.68 cents.
- [SINGAPORE] Supercar dealers in wealthy Singapore are fretting over their future as higher taxes, new auto loan restrictions and a shift in tastes towards less ostentatious vehicles send sales plummeting. While the roar of high- octane engines is a familiar sound in central Singapore, home to the third-highest ratio of millionaires per capita in the world, supercar showrooms are largely silent.
- COE or certificate of entitlement premiums rose across the board as dealers rushed to secure them following strong orders for new models and the realisation that the new quota was not as generous as first thought. Category A, for cars below 1,600cc and 130 hp, went up S$1,710 to S$64,600, while Cat B – for cars above 1,600cc or 130 hp – jumped S$3,688 to S$68,689.
STOCK RECOMMENDATION :
- BUY SIA ENGINEERING ABOVE 4.600 TG 4.660, 4.740, 4.820 SL 4.520