Shares of Singapore-listed Chinese chemical firm SunVic Chemical <SVCH.SI> rose as much as 3.7% to a 40-month high on Thursday after it reported strong third quarter earnings.

At 0203 GMT, SunVic shares were up 3% at $0.695, more than four times its value at the start of the year. Over 13.7 million shares had changed hands.

 

SunVic said on Wednesday its third quarter swung to a net profit of 193.4 million yuan ($37.5 million) from a loss of 6.1 million yuan a year ago.

 

Its revenue more than doubled to 981.4 million yuan, helped by strong demand and higher average selling prices for its chemical products.

 

“After the stellar results this quarter, investors are expecting good results for the whole year and management also indicated it expects prices of its products to remain stable.” said a local trader.

 

Phillip Securities has also raised its target price for SunVic to $0.95 and kept its “buy” rating.