Singapore stocks to watch Monday: SGX, Hyflux, Yangzijiang, Oxley, Asiatravel.com

Singapore five-dollar note Photo by Leslie Shaffer

These are the Singapore stocks to watch on Monday 9 July 2018:

Singapore Exchange

Singapore Exchange said that the equity markets had a positive performance in June, with securities daily average value (SDAV) up 14 percent on-year, amid growth in the market turnover value of exchange-traded funds (ETFs), structured warrants and daily leverage certificates (DLC). However, on-month, SDAV was down 10 percent in June at S$1.21 billion, it said in a filing to SGX after the market close.

There was one new Catalist listing in June, raising S$4.5 million, it said. Total market capitalization value of 746 listed companies was at S$991.1 billion at the end of June, it said.

It also said that SGX dollar/yuan futures volume for the January-to-June period reached US$194 billion, topping full-year 2017’s volume of US$190 billion.

Hyflux

Hyflux said that its subsidiary Tuaspring reached an agreement with Malayan Banking (Maybank), its only secured creditor, for the process of divesting its interest in Tuaspring’s Integrated Water and Power Project.

“The company will continue to seek potential investors with a view to divesting its interest in Tuaspring’s Integrated Water and Power Project,” Hyflux said in a filing to SGX after the market close on Friday. “Maybank will be actively involved and engaged in the divestment process,” it added, noting the bank will appoint a valuer to conduct a valuation of the project.

Under the agreement with Maybank, Hyflux will execute a binding agreement with a successful bidder or investor by 15 October, obtain necessary transaction approvals by 11 December and shareholder approval by 4 February 2019, it said.

“Moving forward, the company wishes to divest the Hyflux Group’s interests in the Tuaspring Integrated Water and Power Project (its largest asset) at its best possible value in order to facilitate the Hyflux Group’s wider reorganisation process, and maximise value for all stakeholders,” it said.

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding said it bought back 2 million shares in the market on Friday at S$0.86 each for a total consideration, including other costs, of S$1.722 million.

Since the April 2018 beginning of its share buyback mandate, Yangzijiang has bought back 17,158,400 shares in the market, or 0.43 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Friday.

Shares of Yangzijiang ended Friday down 2.86 percent at S$0.85; the stock is down more than 42 percent year-to-date.

Oxley Holdings

Oxley Holdings said in an SGX filing on Saturday that it bought back 1 million shares in the market on Friday at S$0.335 to S$0.345 for a total consideration, including other costs, of S$345,886.

That was in addition to another buyback of a million shares before the midday break on Friday.

Shares of Oxley ended down 15.85 percent at S$0.345 on Friday amid a sharp selloff in property stocks after the Singapore government introduced fresh cooling measures on the sector.

Since the October 2017 start of its buyback mandate, Oxley has bought back 8.3 million shares, or 0.2815 percent of issued shares excluding treasury shares, it said in the filing.

Wing Tai Holdings

Wing Tai Holdings said it bought back 2,612,700 shares in the market on Friday at S$1.874 each for a total consideration, including other costs, of S$4.909 million.

Since the October 2017 start of the buyback mandate, Wing Tai has bought back 6,454,900 shares, or 0.83 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Friday.

Shares of Wing Tai dropped 6.90 percent on Friday to close at S$1.89 amid a selloff in property shares after the Singapore government imposed fresh cooling measures.

PropNex

UOB KayHian said in a filing to SGX after the market close on Friday that as the stabilizing manager for the initial public offering of PropNex shares, it on Friday bought either as the principal or through dealers 4.65 million shares of PropNex for S$0.60 to S$0.635 each.

Shares of PropNex tumbled 24.64 percent to S$0.52 amid a sharp selloff in property shares after the Singapore government imposed fresh sector cooling measures.

Asiatravel.com

Shares of Asiatravel.com have been suspended as the company hasn’t been able to demonstrate that it can continue as a going concern in line with Catalist rules amid an “uncertain timeline” for cashflows, the company said in a filing to SGX after the market close on  Friday.

Asiatravel.com said its controlling shareholder, ZhongHong Holding, has paid S$200,000 in January from a convertible note agreement dated July 2017 and was scheduled to pay the remaining S$7.35 million by end-June.

“The completion of the note and receipt of the fund is critical to the group’s continuing operations and payment of its debt. However, the fund was not received as per scheduled,” it said in a filing to SGX. “The company is liaising with its controlling shareholder to find out when it can make the payment and will seek legal recourse to protect its rights.”

The company said its financial statements were prepared with the assumption the payment would be made “in due course,” but there was no certainty the payment would ever be received.

It also noted that its payment gateway service provider withheld S$1.3 million for contingent chargeback, compared with the company’s chargeback record for the past three years of less than S$40,000 a year; it said it was requesting the release of the contingent fund to ease its cash flow and was working to use it as collateral to secure a loan.

Sembcorp Marine

Sembcorp Marine said on Friday that it raised its purchase price for the acquisition of Sevan Marine’s intellectual property rights to US$39 million (S$52.9 million) from US$28 million after further negotiations with several shareholders of the Norway-based company.

In June, wholly owned subsidiary Sembcorp Marine Integrated Yard had agreed to buy Sevan Marine’s intellectual property, a 95 percent interest in HiLoad LNG, which was a Sevan Marine subsidiary holding certain intellectual property rights, as well as taking over all operating and associated costs for Sevan Marine’s three office locations and accepting the transfer of 26 Sevan Marine employees, if they accepted.

As part of the revised purchase price, Sevan Marine won’t have the right to terminate the proposed deal for an alternative offer, the filing to SGX on Friday said.

ST Engineering

ST Engineering said it bought back 800,000 shares in the market on Friday at S$3.24-S$3.25 each, for a total consideration, including other costs, of S$2,599,814.

Since the April 2018 start of the buyback mandate, ST Engineering has bought back 1,321,400 shares, or 0.0423 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Friday.

Sunpower Group

Sunpower Group said it completed the acquisition of a 71 percent stake in Xintai Zhengda Thermoelectric, a de facto monopolistic steam supplier in China’s Shandong Province, for 66.5 million yuan in cash.

Sunpower said Xintai Zhengda was an “excellent addition” to its green investments portfolio as it will generate long-term and “high-quality” recurring income. The acquisition was funded by internal resources, bank loans and net proceeds from its convertible bonds issue, it said in a filing to SGX after the market close on Friday.

Noble Group

Noble Group said that on Friday its wholly owned subsidiary Noble Netherlands B.V. disposed of its entire 50 percent interest in Gas Natural Ganamex, a Mexican entity, for US$350,000 in cash.

After the sale, Gas Natural Ganamex ceased to be a joint venture of Noble, it said in a filing to SGX after the market close on Friday.

Based on Noble’s latest unaudited financial results for the period ended 31 March 2018, the book value and net tangible asset value attributable to the GNG stake was “nil,” it said.

Roxy-Pacific Holdings

Roxy-Pacific Holdings bought back 350,000 shares in the market on Friday at S$0.4572 each, for a total consideration, including other costs, of S$160,513.02.

Since the April 2018 start of its buyback mandate, Roxy-Pacific has bought back 6,073,900 shares, or 0.5104 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Friday.

The stock ended Friday down 9.47 percent at S$0.43 amid a sharp sell-off in property shares after the Singapore government imposed fresh sector cooling measures.

Kimly

Kimly said it bought back 500,000 shares in the market on Friday at S$0.347 each for a total consideration, including other costs, of S$174,038.37.

Since the January 2018 start of the buyback mandate, Kimly has bought back 2 million shares, or 0.17 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Friday.

Get Shenton Wire headlines in your inbox

* indicates required