Update: Singapore stocks to watch Wednesday: Wing Tai, Yanlord, CapitaLand, Sunpower, Asiatravel.com

Singapore five-dollar note Photo by Leslie Shaffer

These are the Singapore stocks which may be in focus on Wednesday 29 August 2018:

Wing Tai Holdings

Wing Tai Holdings reported on Tuesday that its fiscal fourth quarter net profit surged nearly 14 times on-year to S$129.79 million from S$9.49 million a year earlier amid continued project sales.

Revenue for the quarter ended 30 June rose 80 percent on-year to S$105.78 million, the property developer said in a filing to SGX after the market close on Tuesday.

Other gains for the quarter were at S$21.69 million, compared with a loss of S$5.59 million in the year-earlier quarter, it said.

Read more: Wing Tai reports fiscal 4Q net profit surges nearly 14 times

Yanlord Land

Yanlord Land sold more than 2.986 billion yuan, or nearly S$600 million, in pre-sales transactons of apartments on the launch day of its Nanjing project, Yanlord Taoyuan Gardens, the China property developer said on Tuesday.

That was 510 of the 516 apartment units launched that day, or more than 99 percent, of the units launched on 26 August, it said in a filing to SGX on Tuesday after the market close.

Read more: Yanlord sells nearly S$600 million of apartments on launch day of Nanjing project

CapitaLand

CapitaLand said on Tuesday that it appointed Lee Chee Koon, age 43, as president and group CEO, with his appointment to take effect on 15 September.

Lee is currently the group chief investment officer of the property developer and since joining the company in February of 2007, has held several positions, including CEO of The Ascott Limited, CapitaLand’s wholly owned serviced residence business, it said in an SGX filing after the market close on Tuesday.

“Over a four-year period from 2013, he successfully led Ascott’s recovery in profits, significantly grew its revenues and oversaw its unprecedented expansion,” CapitaLand said.

The current president and CEO, Lim Ming Yan, will continue to serve as a board director of CapitaLand until 31 December, after stepping down on 15 September, it said.

In a separate filing on Tuesday, CapitaLand said that Jason Leow Juan Thong was appointed president (Asia and retail), taking effect from 15 September. Leow has been with CapitaLand since 1994 and is currently the group chief operating officer, it said. The move was in conjunction with Lucas Ignatius Loh Jen Yuh being appointed president (China and investment management), it said.

“Mr. Leow, Mr. Lee and Mr. Loh are key members of the management team and  have been instrumental in developing and executing the group’s growth strategy,” CapitaLand said. “They complement each other in terms of competencies and experience, which will benefit CapitaLand greatly.”

OCBC

OCBC Bank priced A$500 million of senior floating rate notes due 2021 under its US$30 billion global medium term note program, with the net proceeds earmarked for general corporate purposes, it said in a filing to SGX after the market close on Tuesday.

The notes will be issued by OCBC Bank, acting through its Sydney branch, and are expected to be repo eligible by the Reserve Bank of Australia, it said, adding the expected rating from Moody’s Investors Service was Aa1. The expected rating from both S&P Global Ratings and Fitch Ratings was AA minus, it said.

The notes will bear interest at the three-month bank bill swap reference rate plus 0.72 percent per annum, payable quarterly, it said, adding they were expected to be issued on 6 September.

ANZ, Commonwealth Bank of Australia, OCBC Bank and Westpac Banking Corporation acted as joint lead managers and bookrunners, it said.

Sunpower Group

Sunpower Group said on Tuesday that it secured a 32 million yuan contract from steel giant ArcelorMittal for engineering services and the shipment of bioreactors, and the manufacturing and factory testing for the Steelanol project.

The Steelanol project, jointly developed by ArcelorMittal and other partners, is Europe’s first commercial-scale production facility that can create bioethanol from waste gasses produced by the steel-making process, resulting in an 80 percent reduction in greenhouse gas emissions, Sunpower said.

“This contract win marks Sunpower’s successful entry into the Belgian steel industry, having first entered the Belgian oil and gas market in 2007 with its customer BP. It is expected to have a positive impact on the Group’s performance for FY2018 and FY2019,” Sunpower said.

Asiatravel.com

Asiatravel.com said on Tuesday that it received SGX-ST approval for its application for a two-month extension to 14 October to announce its second-quarter financial statement.

Read more: Asiatravel.com seeks extension to file 2Q18 results amid ‘minor cash flow issues,’ resignations

CH Offshore and Baker Technology

Baker Technology said on Tuesday that its wholly owned subsidiary BI Investments, or BTI, raised its interest in subsidiary CH Offshore to 53.07 percent, or 374,056,427 shares from 52.83 percent, or 372,390,612 shares.

The increase in Baker Technology’s deemed interest in CHO came after 1,665,815 shares were tendered in acceptance of the mandatory unconditional cash offer at the offer price of S$0.13 a share between 17 August and 21 August, it said in a filing to SGX after the market close on Tuesday.

It also has valid acceptances of 2,037,923 offer shares, or around 0.29 percent of the total number of shares, which have yet to be settled, it said. Those shares would bring its holding to around 53.35 percent of CHO, it said.

The offering closes at 5:30 P.M. SGT on 7 September, it said.

Civmec

Civmec reported on Tuesday that its fiscal fourth quarter net profit rose 819.5 percent on-year to S$7.92 million, amid higher contributions from existing contracts as projects previously secured came on line.

Sales revenue increased 130.7 percent on-year in the quarter to S$225.47 million, the heavy engineering and construction provider to the oil and gas sectors said in a filing to SGX after the market close on Tuesday.

Read more: Civmec reports fiscal 4Q net profit surges more than 8 times

Singapore Post

Singapore Post said on Tuesday that it bought back 700,000 shares in the market at S$1.13 to S$1.14 each for a total consideration including other costs of S$795,520.

Since the July 2018 beginning of the buyback mandate, SingPost has bought back 3,180,000 shares, or 0.1405 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 Tuesday.

Keppel REIT

Keppel REIT’s manager said on Tuesday it bought back 500,000 shares in the market at S$1.19 each for a total consideration including other costs of S$595,700.

Since the April 2018 buyback mandate, Keppel REIT has bought back 4,532,800 shares, or 0.1337 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 Tuesday.

This article was originally published on Wednesday, 29 August 2018; it has since been updated to add an item on Baker Technology and CH Offshore.

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