Singapore Stocks: Amtek, Chuan Hup, Golden Agri-Resources, Osim
Singapore’s Straits Times Index climbed 1.2 percent to 3,181.94 at the close, the most since Nov. 8. Almost eight stocks rose for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.4 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Palm-oil suppliers: Crude palm-oil futures for February delivery increased as much as 2.6 percent in Kuala Lumpur today.
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer, climbed 2.1 percent to 74 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, advanced 3 percent to S$2.73. Wilmar International Ltd. (WIL SP), the world’s largest palm-oil trader, gained 0.5 percent to S$6.05.
Amtek Engineering Ltd. (AMTK SP), a supplier of precision components to companies such as Sony Corp., tumbled 21 percent to S$1.03 on its first trading day. The company offered as many as 230 million shares at S$1.30 each, including an over- allotment option, in its initial share sale. The public offering was 1.4 times subscribed.
Chuan Hup Holdings Ltd. (CH SP), a Singapore-based marine transport company, surged 7 percent to 23 Singapore cents. The company said it agreed to sell its entire 23.2 percent stake in Scomi Marine Bhd., a Malaysia-based marine transport company, for 91.8 million ringgit ($29 million). The 170 million Scomi Marine shares will be sold to The Asian Entrepreneur Legacy One LP and Petroworld Investments Inc.
C&O Pharmaceutical Technology Holdings Ltd. (COPT SP), a China-based drugmaker, climbed 2.1 percent to 49.5 Singapore cents. The company said Sumitomo Corp., a Japanese trading house, agreed to acquire 29 percent of the company for S$96.2 million ($73 million), or 50 Singapore cents a share.
Osim International Ltd. (OSIM SP), Asia’s biggest maker of massage chairs outside of Japan, rose 2.1 percent to S$1.47. IIFL Securities Pte, a unit of Indian brokerage India Infoline Ltd., initiated coverage of the stock with a “buy” rating and share-price estimate of S$1.80.
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