Chemoil: Surges 16.4% to US$0.355 on high vol after reporting FY11 profit attributable to equity holders of US$46.3m, swinging from a year-earlier loss of US$9.5m, supporting energy traders' expectations bunker-fuel trading remains a hot business, especially with Asia's fuel-oil deficit.
Grp note that stable results from marine terminals, improved profitability from all our marine fuel supply regions and positive results from new businesses, OceanConnect Marine and renewables trading, all contributed to the improved results. But further gains could be limited as the stock is up 51.1% month-to-date, bolstered by news Glencore increased its stake in the marine-fuel supplier to 89.0% from 51.5%. Its low free-float of around 10% also tends to make the stock volatile. Its 52-week high of US$0.365 may be a near-term cap.
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