Singapore stocks to watch Friday: Property stocks, Frasers Property, Sembcorp, ST Engineering

Construction site in SingaporeConstruction site in Singapore

These are the Singapore stocks likely in focus on Friday 6 July 2018:

Property stocks

Property developers and realtors will likely be in focus on Friday after Singapore’s government announced fresh cooling measures for the residential market on Thursday. Those included raising the additional buyers’ stamp duty (ABSD) and requiring developers to pay an ABSD on en bloc deals.

On Thursday, property developers’ shares had rallied, possibly on expectations that no measures were likely in the near term as Ravi Menon, Singapore’s central bank chief, said in a speech on Wednesday only that developments in the property market were being monitored.

Frasers Property

Frasers Property said it would operate Alpha Industrial GmbH, which it completed acquiring on Thursday, with Geneba Properties N.V., which became a wholly owned subsidiary earlier this week, under the name Frasers Property Europe.

“With the integration of the Geneba and Alpha teams into Frasers Property Europe, the new platform now offers extensive real estate investment expertise, a long-standing track record in developing modern logistics properties and an extensive network of relationships in Europe’s industrial heartland,” the company said in a filing with SGX before the market open on Friday.

Frasers Property Europe has current assets under management of more than 1.5 billion euros and will be headquartered in Amersterdam, with offices in Cologne and Munich, it said.

Frasers Property Europe, which will predominately target Germany and the Netherlands, will have three business lines, investment, development and asset management, including managing third-party assets, it said.

Sembcorp Industries

Sembcorp Industries said it bought back 200,000 shares in the market on Thursday at S$2.684 each for a total consideration, including other costs, of S$537,508.24.

Since the April 2018 beginning of the buyback mandate, Sembcorp Industries has bought back 400,000 shares, or 0.0224 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Thursday.

Sembcorp Industries

Sembcorp Industries said it planned to redeem all of its S$200 million 5.00 percent subordinated perpetual securities that it issued under its S$2.5 billion multi-currency debt program.

It plans to redeem the securities at face value along with any distribution accrued through August 21, which is the first call and redemption date, according to a filing to SGX before the market open on Friday.

ST Engineering

ST Engineering said it bought back 200,000 shares in the market on Thursday at S$3.25 each for a total consideration, including other costs, of S$650,834.60.

Since the April 2018 beginning of the share buyback mandate, ST Engineering has bought back 521,400 shares, or 0.0167 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Thursday.

Sunpower Group

Sunpower Group said it incorporated a wholly owned subsidiary in China called Ruijin Sunpower Clean Energy with registered capital of US$10 million. The subsidiary will principally engage in the supply of heat and electricity to enterprises, it said in a filing to SGX on Thursday after the market close.

The subsidiary will be held by Sunpower Clean Energy Investment (Jiangsu), a wholly owned subsidiary of Sunpower and incorporated in China, it said.

The investment will be funded by internal resources and/or net proceeds of the convertible bonds issue in March 2017, it said.

Kimly

Kimly said it bought back 1.5 million shares on Thursday at S$0.3595 each for a total consideration, including other costs, of S$540,923.30.

This was Kimly’s first buyback since the January 2018 start of the buyback mandate. The purchase represented 0.13 percent of the total issued shares excluding treasury shares, it said in a filing to SGX after the market close on Thursday.

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