Singapore stocks to watch Tuesday: CMT, Noble, Raffles Medical, Koda, Koufu

Singapore CBD skylineSingapore CBD skyline

These are the Singapore stocks likely in focus on Tuesday, 28 August 2018:

CapitaLand Mall Trust

CapitaLand Mall Trust is set to acquire the 70 percent of Infinity Mall Trust it doesn’t already own for S$805.5 million, including other costs, in a deal which will give the trust complete ownership of Westgate mall in the Jurong Lake District, the trust manager said on Monday.

CMT will fund the acquisition either through debt or a combination of debt and equity, with the transaction expected to be completed in the fourth quarter, the trust manager said in a filing to SGX after the market close on Monday.

Read more: CapitaLand Mall Trust to acquire rest of Westgate from CapitaLand in S$805.5 million deal

Noble Group

Noble Group said on Monday that its shareholders overwhelmingly approved its restructuring proposal, which the troubled commodity trader has previously indicated was necessary to the company’s continued existence.

Shareholders representing 99.96 percent of the shares which were voted were in favor of the controversial restructuring proposal, while just 0.04 percent were against, Noble said in a filing to SGX after the market close on Monday.

Noble requested that the trading halt on its shares be lifted before the market open on Tuesday.

Read more: Noble shareholders approve restructuring proposal overwhelmingly

Raffles Medical Group

Raffles Medical Group said on Monday that it signed a memorandum of understanding with China Taiping Insurance Group, or CTIG, to jointly provide medical and healthcare services and healthcare management services and to explore health-related real-estate opportunities.

The two will explore setting up a joint venture company in China to offer medical and healthcare insurance products and healthcare management services, it said in a filing to SGX after the market close on Monday.

Under the MOU, CTIG will be able to appoint RMG as its preferred network of medical providers for its insured members, both individual and corporate, as well as staff and their dependents, it said.

The potential real-estate opportunities would include medical facilities, elderly homes and retirement villages in China, it said.

Koda

Furniture maker Koda said on Tuesday that its fiscal year net profit rose 40.1 percent on-year to US$5.67 million, while its revenue was up 5.9 percent at US$52.4 million as both its export-oriented manufacturing business and its retail and distribution brand turned in better results.

“Due to economies of scale arising from higher capacity utilisation, supply chain efficiency and higher contribution from Commune, the group was able to boost its profitability,” it said in a filing to SGX before the market open on Tuesday.

“The planned rollout of 100 stores for Commune in China by 2020 remains on track with more stores opening there. Commune has also opened its first outlet in Manila in May this year, making the Philippines its third market in Southeast Asia, after Singapore and Malaysia and expects to debut in Hong Kong soon,” it said.

Koda declared a final cash dividend of 0.75 Singapore cent a share and a special cash dividend of 0.75 Singapore cent a share, for total full-year payout of 1.75 Singapore cents a share. In the previous year, Koda declared a 1.0 Singapore cents final dividend and a 2.0 Singapore cents special dividend, for a total of 3.50 Singapore cents for the year.

PACC Offshore Services

PACC Offshore Services said on Monday that its chief financial officer, Lim Han Boon Michael, would exit his role on 17 September for a new role at Kuok (Singapore).

Koufu Group

Koufu Group said on Monday that its wholly owned subsidiary Koufu Pte. incorporated a 100 percent-owned subsidiary in Hong Kong, Koufu (HK), to operate food courts.

The Hong Kong subsidiary will have a paid up capital of Hk$100,000, funded by internal resources, it said in a filing to SGX after the market close on Monday.

The investment isn’t expected to have a material impact on the earnings per share and net tangible assets per share for the current financial year, it said.

Stamford Land

Stamford Land said on Monday that it bought back 143,900 shares in the market at S$0.495 each for a total consideration, including other costs, of S$71,337.

Since the July 2018 beginning of the buyback mandate, Stamford Land has purchased 2,396,200 shares, or 0.277 percent of the issued shares excluding treasury shares at the time of the mandate, it said in a filing to SGX after the market close on Monday.

This article was originally published on Tuesday, 28 August 2018 at 7:42 A.M. SGT; it has since been updated with additional information on Noble shares.

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