Celestial Off 3.0%; Refinancing Fears Weigh

Celestial Nutrifoods (C56.SG) off 3.0% at S$0.325 after hitting nearly 3-month low of S$0.315 earlier in session. Trader at local house says main worry is that China-based soy protein food and beverage products maker needs to refinance CNY1.2 billion of convertible bonds that can be redeemed by bondholders in June; “the focus is more on the refinancing than the upcoming 4Q earnings at the moment; they have the cash to cover the convertible bonds but the issue is how they then fund their capex needs.” Volume decent with 6.9 million shares traded vs 50 day average of 5.1 million; suggests shares may have further downside; support tipped at Oct. 10 2008 multiyear low of S$0.275. (KIG)