Singapore stocks to watch Thursday: SPH, Yangzijiang, Oxley, PACC Offshore, Sembcorp

Singapore’s Orchard MRT stopSingapore’s Orchard MRT stop

These are the Singapore stocks likely in focus on Thursday 12 July 2018:

Singapore Press Holdings

Singapore Press Holdings reported on Wednesday that its fiscal third quarter net profit rose 64.3 percent on-year to S$47.4 million due to lower impairment charges.

Group operating revenue for the quarter ended 31 May fell 3.8 percent on-year to S$250.1 million, while group recurring earnings, or operating profit, rose 29.6 percent on-year to S$44.4 million, it said in a filing to SGX after the market close on Wednesday.

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding said it bought back 3 million shares in the market on Wednesday at S$0.90 each for a total consideration, including other costs, of S$2.703 million.

Since the April 2018 beginning of the share buyback mandate, Yangzijiang has bought back 20,158,400 shares, or 0.508 percent of the issued shares excluding treasury shares, it said in a filing to SGX after the market close on Wednesday.

Oxley Holdings

Ching Chiat Kwong, CEO and executive chairman of Oxley Holdings, bought 4.550 million shares in the company in the market on Tuesday at S$0.3502 each, 2.315 million shares at S$0.3483 each and 1.5 million shares at S$0.3476 each, according to an SGX filing after the market close on Wednesday.

On Wednesday, Ching also bought 1.8 million shares at S$0.35609 each, the filing said.

The four transactions brought his direct stake in the company to 41.16 percent, up from 40.97 percent, the filing said. He also has a deemed interest of 0.26 percent via Gold Crescent Holdings, which he wholly owns, it said.

Low See Ching (Liu Shijin), deputy CEO and executive director of Oxley Holdings, bought 500,000 shares of the company at S$0.3536 a share on Wednesday, according to a midday SGX filing. In a separate filing, it said he bought another 500,000 shares at S$0.36 each on Wednesday.

That brought his direct interest in Oxley Holdings to 27.70 percent, up from 27.67 percent, the filing on Wednesday said.

PACC Offshore Services

PACC Offshore Services Holdings, or POSH, said on Thursday it will be forming a joint venture with Taiwan-based logistics firm TJ Logistics to provide a services platform for offshore wind farm developers, EPCI contractors and wind turbine manufacturers.

“Leveraging the capabilities and assets of both companies, POSH Kerry will provide a comprehensive portfolio including the end-to-end transportation of wind turbines and components as well as diversified marine solutions during the installation, operations and maintenance of offshore wind farms in Taiwan,” the filing to SGX before the market open on Thursday said.

The joint venture will also have other strategic partners working to customize services for the Taiwan offshore renewables market, it said, adding that a memorandum of understanding has been signed with Rolls-Royce to explore designs for walk-to-work and services operations vessels specific to offshore wind operations.

The joint venture will be called POSH Kerry Renewables, it said, but didn’t provide a breakdown of ownership levels.

Sembcorp Industries

Sembcorp Industries said it bought back 150,000 shares in the market on Wednesday at S$2.67 each for a total consideration, including other costs, of S$400,982.

Since the April 2018 beginning of the share buyback mandate, the company has bought back 550,000 shares, or 0.031 percent of the issued shares excluding treasury shares, it said in an SGX filing after the market close on Wednesday.

Kencana Agri

Kencana Agri said on Wednesday that three of its wholly owned subsidiaries divisted their entire 100 percent interest in PT Sawit Alam Permai, or SAP, to Agustinus J.T. Senak & Wendy Esmara, an unrelated third party, for 3.164 billion rupiah, or around S$299,487, in cash.

SAP is located in Belitung with a planted area of 534 ha (nucleus) and 220 ha (plasma), it said.

“As the size of the plantation does not meet the requirement for optimal operational efficiency, the board, having considered the resources of the group and the limited possibility to expand further in Belitung, determined that it would be in the best interests of the company to dispose of SAP,” it said in the filing to SGX after the market close on Wednesday.

The three wholly owned subsidiaries are PR Sawindo Cemerlang, PT Palm Makmur Sentosa and PT Sawit Permai Lestari, it said.

Interra Resources

Interra Resources said on Wednesday that its joint venture, Goldpetrol Joint Operating Company, has completed development well CHK 1210 in Myanmar’s Chauk oil field as an oil producer.

Interra owns a 60 percent interest in the Improved Petroleum Recovery Contract of the Chauk field and has a 60 percent interest in Goldpetrol, the filing to SGX after the market close on Wednesday said.

After production testing, CHK 1210 was completed through casing perforations over 105 feet covering 14 reservoirs for 125 barrels of oil a day, it said, adding that CHK 1210 was the fifth well to be completed as an oil producer in Myanmar this year.