Singapore stocks to watch Friday: Yangzijiang, AddValue, Keppel, Tee Land, Koh Brothers

Singapore five-dollar note Photo by Leslie Shaffer

These are the Singapore stocks to watch on Friday 29 June 2018:

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding said it bought back 2 million shares in the market on Thursday for S$0.90 each for a total consideration including other costs of S$1.802 million.

Since the 27 April 2018, beginning of the buyback mandate, Yangzijiang has bought back 13,158,400 shares, of 0.33 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Thursday.

AddValue Technologies

Mobile satellite communications company Inmarsat, AddValue Technologies, together with a leading satellite operator, signed a contract for “continuous connectivity” on near-earth orbiting satellites, it said in a filing to SGX after the market close on Thursday.

“The agreement will allow the spacecraft to stay in continuous communications with their operation center on the ground, thereby enabling mission tasking and mission data delivery in near real time,” the statement said. “This agreement heralds the first constellation of Inter-Satellite Data Relay System (IDRS™) equipped satellites, one that will provide a game changing capability for satellite operators.”

Previously, low earth orbiting satellite communications was limited to when the satellite was within line-of-sight of an Earth station, it said.

AddValue worked with Inmarsat to develop a terminal for use on a wide range of satellites, even smaller classes, it said.

Keppel Corp.

Keppel Corp. said it bought back 300,000 shares in the market on Thursday at S$7.09-S$7.17 each for a total consideration, including costs, of S$2.14 million.

Since the 20 April 2018, beginning of the buyback mandate, Keppel has bought back 3.061 million shares, or 0.1685 percent of the issued shares excluding treasury shares, it said in an SGX filing after the market close on Thursday.

SATS

SATS said it bought back 200,000 shares in the market on Thursday for S$4.90 to S$4.91 each for a total consideration, including other costs, of S$983,128.

Since the 21 July 2017 beginning of the buyback mandate, SATS has bought back 6,269,500 shares, or 0.5602 percent of the issued shares excluding treasury shares, it said in an SGX filing after the market close on Thursday.

Tee Land

Tee Land said it entered an option-to-purchase agreement to acquire freehold interest in a 3,928.8 square-meter land plot at 338 to 364 Upper East Coast Road, Singapore, for S$60 million.

Tee Land plans to use the land for a residential development, it said in an SGX filing after the market close on Thursday. It will fund the proposed acquisition with internal funds and bank borrowings, it said.

The transaction wasn’t expected to have a material impact on the company’s earnings per share or net tangible assets for the financial year ending 31 May 2019, the filing said.

Hotung Investment

Hotung Investment said that one of its investee companies, LCY Technology, listed on the Taiwan Stock Exchange on Thursday.

In a filing to SGX after the market close on Thursday, Hotung said it had invested in LCY, a copper foil supplier to automotive and 5G network industry supply chains, since May 2017.

“LCY has shown potential in generating revenue and profit in the past two years. Going forward, LCY’s revenue is expected to gain momentum from upward demand in the automotive and 5G network industry,” it said.

Koh Brothers

Koh Brothers Group said its first development project in South Korea has been met with strong demand and is currently 96 percent sold.

It sold 75 percent of the units of the freehold mixed-use development in Seoul’s Gangnam district in the first seven days after the launch, it said in a filing to SGX after the market close on Thursday.

Koh Brothers owns 45 percent of the property, Nonhyeon I’PARK, which is set to be redeveloped into an 18-storey development with 346 upscale residential units and retail space, it said. The expected completion is in the fourth quarter of 2020, it said.

Del Monte Pacific

Del Monte Pacific Ltd. (DMPL) said that it has completed the purchase from some lenders of US$129 million principal amount of second lien term loans of its U.S. subsidiary, Del Monte Foods (DMFI).

The notes have been trading at a discount in the secondary market and the company purchased them at a 30 percent discount to par value, it said in a filing to SGX after the market close on Thursday.

It said the loans would remain on DMFI’s balance sheet as an obligation, the related interest expense would be eliminated upon consolidation of DMPL, resulting in lower leverage for the group.

“This loan purchase is in line with the company’s plan to delever its balance sheet and improve the capital structure and profitability of the DMPL Group, through a reduction in effective interest expense and savings from the purchase price discount,” it said.

Accordia Golf Trust

Global Long Short Master Ireland cut its direct interest in Accordia Golf Trust to 5.98 percent from 6 percent in a market transaction earlier this week, according to an SGX filing on Thursday.