Singapore stocks to watch Thursday: M1, Oxley Holdings, Yangzijiang, BreadTalk, Yanlord

M1 location in Singapore Geylang neighbourhoodM1 location in Singapore’s Geylang neighbourhood

These are the Singapore stocks likely in focus on Thursday 28 June 2018:

M1

M1 said its wholly owned subsidiary M1 Net entered a deal to acquire all of AsiaPac Distribution, a provider of information technology devices and services to enterprise and public-sector customers in Singapore, for up to S$20.0 million.

“The proposed acquisition will fast track the Company’s entry into the information and communications technology (ICT) segment and enhance its proposition as an integrated corporate ICT solutions provider,” M1 said in a filing to SGX after the market close on Wednesday.

On completion of the deal, M1 will pay S$8.0 million, with further payments of up to S$12.0 million payable as earn-out payments based on audited net profit figures for financial years through 30 June 2019, it said.

Oxley Holdings

Oxley Holdings said that the Verandah Residences, its first residential project launched in Singapore this year, has sold all 170 of its units in the three months since the April launch.

The project achieved total revenue of S$248.8 million, with the average price for the 170 units at S$1,795 per square foot, it said in a filing to SGX after the market close on Wednesday. It said it purchased the freehold site on Pasir Panjang Road for S$121 million, or S$964 per square foot per plot ratio, it said.

“So far we have launched four residential projects in Singapore in 2018, and overall the sales progress has been very healthy,” Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings, said in the statement. “Verandah started our 2018 sales on a strong note, and we will strive to let the success continue with our upcoming launches.”

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding bought back 2 million shares in the market on Wednesday at S$0.92 each for a total consideration, including other costs, of S$1.842 million, it said in a filing to SGX after the market close on Wednesday.

That brought to 11.158 million shares, or 0.281 percent of the issued shares excluding treasury shares, the total bought back since the late April start of the buyback mandate, it said.

BreadTalk Group

BreadTalk Group said its wholly owned subsidiary Shanghai BreadTalk Gourmet entered a joint venture with Mr. Ge Ying to operate BreadTalk brand bakeries in Chongqing, China, with the potential to expand across the Southwestern markets, such as Yunnan and Guiyang.

Ge Ying wll hold 70 percent of the venture and Shanghai BreadTalk will hold 30 percent, it said.

“This strategic partnership combines BreadTalk Group’s wealth of experience in managing and developing franchisee relationships with GY’s strong understanding of Chinese consumers’ preferences,” the company said in a filing to SGX after the market close on Wednesday.

It noted that GY and his team are an existing franchisee, managing BreadTalk bakeries in Tibet Autonomous Region for the past six years.

The investment isn’t expected to have a material impact on earnings per share in the current financial year, it said.

Yanlord Land

Yanlord Land Group said its wholly owned subsidiary Yanlord Land Pte. acquired the 40 percent of Yanlord Property it didn’t already own from Reco Yizhong Pte. for 1.046 billion yuan in cash.

The consideration comprised 466.89 million yuan for the transfer of the 40 percent stake and 579 million yuan for the transfer of the shareholder loan of an equivalent amount from Reco to Yanlord Property, it said in a filing to SGX after the market close on Wednesday.

The consideration will be paid in a lump sum in cash from the group’s internal resources, it said.

Based on Yanlord Property’s unaudited financial statements at the end of the first quarter, the net tangible asset value of the 40 percent stake was around 1.784 billion yuan, the filing said..

The acquisition isn’t expected to have a material impact on earnings per share for the financial year ending 31 December, it said.

Y Ventures

Y Ventures said it signed a distributor agreement with Beast Kingdom, a licensee for official Disney products in Asia, to act as their exclusive online distributor in Southeast Asia.

Y Ventures’ online stores will be stocked with official Disney, Marvel, Star Wars and Pixar merchandise, with the products including figurines, toys, novelties and stationary, it said in a filing to SGX after the market closed on Wednesday.

In addition, Y Ventures will also provide data analytics to augment product selection and improve online marketing as well as ensure delivery and after-sales support, it said.

Keppel Corp.

Keppel Corp. said it bought back 300,000 shares in the market on Wednesday at S$7.08-S$7.17 each for a total consideration, including other costs, of S$2.145 million.

That brought to 2.761 million shares, or 0.152 percent of the issued shares excluding treasury shares, the total that has been bought back since the late April beginning of the share buyback mandate, it said in a filing to SGX after the market close on Wednesday.

SATS

SATS said it bought back 300,000 shares in the market on Wednesday at S$4.91-S$4.95 each for a total consideration, including other costs, of S$1.48 million.

That brought to 6.069 million shares, or 0.5423 percent of the issued shares including treasury shares, the total bought back since the July 2017, start date of the buyback mandate, it said in a filing to SGX after the market close on Wednesday.

Courts Asia

Courts Asia said it was seeking its noteholders’ approval at an extraordinary meeting in July to add a call option to its S$75 million 5.75 percent notes due 2019 in series 002 (ISIN: SG71D9000002).

If the resolution is passed at the meeting, the company may redeem all of the notes outstanding at 100 percent of the purchase cost and the interest accrued from the last preceding interest payment date through the redemption date, Courts Asia said in an SGX filing before the market open on Thursday.

“The proposed transaction is part of the company’s continuing capital and liability management initiatives. The company is of the view that it is prudent to explore the early redemption of the notes,” it said. “The company has existing surplus cash to finance the aggregate settlement amount.”

Oxley Holdings

Oxley Holdings said it entered a deal to buy 5 percent of the Malaysia-based Beverly Heights Properties for 22.5 million ringgit, or around S$7.5 million.

It will purchase 25,000 shares of BHP each from Dato’ Sri Choong Yuen Keong @ Tong Yuen Keong and from Dato’ Tong Yun Mong, it said in a filing to SGX on Thursday before the market open.

In 2013, Oxley’s wholly owned subsidiary Oxley Star entered a joint venture with BHP to give Oxley Star the absolute, exclusive and irrevocable right to develop two lots of land owned by BHP in Penang, Malaysia, the filing said.

According to a valuation report commissioned by BHP, the market value of the land was 410 million ringgit as of February 2017, it said.

Wing Tai Holdings

Wing Tai Holdings said it bought back 711,500 shares in the market on Wednesday at around S$1.95 each for a total consideration including other costs of S$1.39 million.

That brought to 1,036,500 shares, or 0.13 percent of the issued shares excluding treasury shares, the total that has been bought back since the October 2017 beginning of the buyback mandate, it said in a filing to SGX after the market close on Wednesday.

Oxley Holdings

Oxley Holdings said it bought back 300,000 shares in the market on Wednesday at S$0.415 each for a total consideration, including other costs, of S$124,820.

Since the October 31, 2017, beginning of the buyback mandate, Oxley has bought back 5.3 million shares, or 0.1798 percent of the issues shares excluding treasury shares, it said in a filing to SGX on Wednesday after the market close.

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