Sembcorp, Genting, Venture ComfortDelGro: Mid-week STI stock take

Sembcorp Industries, Genting Singapore, ComfortDelGro and Venture are among the STI Index's top give share price gainers on Wednesday.

Singapore stock benchmark Straits Times Index (STI Index) is slightly up this Wednesday (02 September 2020), thanks to upbeat US market moves and manufacturing data a day earlier.

Of the 30 Blue Chip stocks tracked by the STI Index, only ten companies experienced share price losses on the day, as market sentiment picked up.

Here are the STI Index’s top gainers on Wednesday.

Sembcorp Industries (SGX: U96): +3.76%

Share price: S$1.93

Energy and marine development group Sembcorp Industries experienced the largest increase in share value today, closing proceedings at S$1.93 a share.

This represents an increase of 3.76% from Wednesday’s opening rate of S$1.87.

Sembcorp Industries’ share price rally comes a day after the company said it would be divesting its entire 32% stake in joint venture company Shenzhen Chiwan Sembawang Engineering (CSE) for a total gross consideration of 150 million Chinese yuan (approximately S$29.4 million).

Upon completion of the sale, CSE will cease to be a part of Sembcorp Industries. The group stated that the divestment is not expected to have any material impact on the earnings per share and net asset value per share of Sembcorp for the financial year ending 31 December 2020.

IG data shows that ‘sells’ make up 69% of all trades on the Sembcorp Industries counter this week.

Meanwhile, 98% of client accounts with open positions expect the share price to rise in the near term.

Read more: Top Singapore stocks to buy in September 2020

Genting Singapore (SGX: G13): + 1.45%

Share price: S$0.70

Accommodation provider and hospitality group Genting Singapore managed to see its stock price increase 1.45% to finish Wednesday at S$0.70 a share.

Earlier today, it was reported that sister company Genting Hong Kong – listed on the Hong Kong Stock Exchange – sold entertainment venue Zouk Group to related Malaysian firm Tulipa for S$14 million.

The sale is being conducted by Genting Hong Kong as part of an ongoing effort to generate cash via the offloading of non-core assets.

Genting Singapore recently posted a 65% decline in revenue to S$448 million and a net loss of S$117 million for the first half of fiscal 2020.

IG’s market analysis shows that ‘sells’ form 60% of all trades on the Genting Singapore counter this week.

Additionally, 80% of IG client accounts with open orders in this market currently hold ‘buy’ (long) positions.

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Jardine C&C (SGX: C07): +1.43%

Share price: US$19.11 (US$26)

Jardine Cycle & Carriage (C&C), the investment holding arm of the Jardine Matheson Group in Southeast Asia, was the third biggest gainer on the STI Index this Wednesday.

The group’s shares managed to finish 1.43% higher at US$19.11 (S$26) per share.

Nevertheless, Jardine C&C’s share price is still down around 0.7% so far this week, following last week’s expansionary monetary policy statements made by the US central bank.

In late-July, the group also saw its stock value retreat, after posting a 66% decline in underlying profit for the first half of fiscal 2020.

Interim dividend subsequently came in 50% lower at US$0.09 per share.

IG client data shows that ‘buys’ comprise 60% of all Jardine C&C trades so far this week. In terms of outlook, 97% of opened client accounts currently hold ‘buy’ (long) positions.

ComfortDelGro (SGX: C52): +1.36%

Share price: S$1.49

Land transport group ComfortDelGro (CDG) managed to see its stock price rebound on Wednesday, increasing 1.36% throughout the day to finish at S$1.49 a share.

On a weekly basis, share price is down by 2.4%.

The group recently posted a 21% decline in revenue to S$1.53 billion in its latest financial update for the first half of fiscal 2020.

Net profit also fell a massive 99.1% to just S$1.6 million for the six months ended 30 June 2020. As a result of the poor performance, the group did not declare any interim dividend.

IG’s market analysis shows that ‘buys’ form 50% of all trades on the CDG counter this week.

Meanwhile, 92% of IG client accounts with open orders in this market currently hold ‘buy’ (long) positions, indicating an expectation for price to increase.

Venture Corp (SGX: V03): +1.2%

Share price: S$20.20

Technology service provider Venture Corp concluded Wednesday’s session 1.2% higher than its opening price at S$20.20 per share.

Venture is also one of a handful of stocks on the STI Index that gained in price this week, amid ongoing market uncertainty.

Two weeks ago, the group reported a 28% year-on-year in net profit for the six months ending 30 June 2020.

Despite the weaker results, the group’s board still proposed an interim shareholder dividend per share (DPS) of S$0.25 per share – 25% higher than the S$0.20 paid out a year prior.

IG’s market analysis shows that ‘sells’ formed 68% of all Venture trades on IG so far this week.

Additionally, 67% of opened client accounts currently hold ‘sell’ (short) positions on the stock, as compared to 33% on ‘buy’ (long).

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