Singapore stocks to watch Thursday: Hyflux, UOB, Synagie, Koufu, AsiaPhos, Y Ventures

Singapore street sceneSingapore street scene

These are the Singapore stocks which may be in focus on Thursday, 30 August 2018:

Hyflux

Hyflux said on Wednesday that Securities Investors Association (Singapore), or SIAS, has established an informal steering committee for holders of the company’s notes to facilitate negotiations during its reorganization.

SIAS is also in the process of establishing an informal steering committee for the preference shareholders and the perpetual securityholders to facilitate Hyflux’s engagement with those stakeholders, it said in a filing to SGX after the market close on Wednesday.

While the reorganization is ongoing, Hyflux won’t be making any coupon or interest payments, distribution payments or dividend payments for any of the notes, perpetual securities and preference shares and it won’t redeem any of the securities, it said.

UOB and Synagie

UOB and Synagie on Wednesday said they entered a tie-up for UOB’s small and medium-sized enterprise (SMEs) clients to have preferential access to Synagie’s e-commerce services.

That includes Synagie’s cloud-based platform that lets businesses integrate sales in Malaysia and Singapore across multiple e-commerce sites, such as Lazada, Qoo10 and Shopee, and offline channels on a dashboard, it said in a filing to SGX on Wednesday. Synagie’s services also include on-demand warehousing and fulfillment services, it said.

Under the deal, UOB clients will be given up to S$2,500 of incentives, including a three-month complimentary use of Synagie.com with free warehouse storage, it said.

Singtel

Singapore Telecommunications said on Wednesday that its wholly owned subsidiary Singtel Optus, via its wholly owned subsidiary Optus Finance, has priced A$500 million five-year fixed-rate notes to be issued 6 September.

The notes, which were issued under Optus’ Australian dollar debt issuance program, carry a coupon of 3.25 percent a year and will mature 6 September 2023, it said in a filing to SGX after the market close on Wednesday.

The notes are guaranteed by Optus and certain subsidiaries and are part of its long-term financing strategy, which extends the maturity profile of its debt and adds diversity to its debt structure, it said.

The funds are earmarked for general corporate purposes, it said.

Koufu

Singapore food-court operator Koufu reported its second quarter net profit fell 2.6 percent on-year to S$6.16 million amid a decline in interest income.

Finance income fell 83 percent on-year in the quarter to S$61,000 from S$358,000 in the year-ago period due to a decrease in income from convertible loan notes which were sold in 2017 as part of a restructuring exercise, it said in a filing to SGX after the market close on Wednesday.

Read more: Koufu reports 2Q18 net profit falls slightly as interest income fell

City Developments

City Developments said on Wednesday that it bought back 100,000 shares in the market at S$9.42 to S$9.53 each for a total consideration including other costs of S$951,007.

Since the April 2018 start of the buyback mandate, City Developments has bought back 800,000 shares, or 0.088 percent of the issued shares excluding treasury shares at the time of the mandate’s commencement, it said in a filing to SGX after the market close on Wednesday.

Raffles Education

Raffles Education reported on Wednesday a fiscal full-year net profit of S$10.67 million, swinging from a year-earlier loss of S$1.85 million.

Revenue for the year was S$96.83 million, up 1 percent on-year, it said in a filing to SGX after the market close on Wednesday.

Its net fair value gain on investment properties climbed to S$64.94 million in the year, from S$12.79 million the previous year, it said. That includes a S$53.0 million gain from investment properties in OUCL and Oriental University of City Holdings (H.K.), a S$7.7 million gain from investment properties in Parramatta, Australia, and a S$1.7 million gain from investment properties in Bangkok, Thailand, it said.

AsiaPhos

AsiaPhos said on Wednesday that its wholly owned unit Mianzhu Norwest was informed on Tuesday that its application for the renewal of Mine 2 exploration right would not be renewed by the authority.

“The reason given by the Authority was that Mine 2 is located within the boundaries of the JiuDingShan Nature Reserve, the Giant Panda National Park, the red line for ecological protection and the JiuDingShan scenic area,” it said in a filing to SGX after the market close on Wednesday.

AsiaPhos had announced in November of 2017 that Mianzhu Norwest had been requested to provide a letter of undertaking to vacate and rehabilitate the mining site, the filing said, adding that the exploration right had expired on 16 June of this year. AsiaPhos’ China legal advisers had advised submitting an application for renewal of the exploration permit until the company receives a formal expropriation notice from the authority, it said.

“Based on legal advice obtained, the group believes that the act of non-renewal is tantamount to an expropriation and the group is entitled to compensation,” the filing on Wednesday said, adding that it couldn’t provide an estimate of the potential financial effects of the non-renewal until any compensation amount has been determined.

Y Ventures

Y Ventures said on Thursday that its subsidiary Luminore 8 has tied up with blockchain advisory Coinsilium Group for an advisory partnership.

The tie-up follows Luminore’s initial coin offering of AORA coins of up to US$50 million launched in July for the AORA platform, which is expected to launch  in the first half of 2019, it said.

“Coinsilium will provide their blockchain expertise and advisory services to AORA in relation to the ICO, including the promotion and marketing of the Tokens. Coinsilium will also be advising on the development of the AORA platform,” Y Ventures said in a filing to SGX before the market open on Thursday.

“AORA seeks to become the world’s first blockchain-enabled global buying platform that allows consumers to purchase real-world products from any online store and marketplace using cryptocurrencies,” it said.

Sakae Holdings

Sushi purveyor Sakae Holdings said late on Wednesday that its net profit for the 18 months ended 30 June was S$4.89 million, compared with a loss of S$12.64 million for the 2016 calendar year and a net profit of S$1.04 million for the 2017 calendar year.

Revenue for the 18-month period was S$99.54 million, compared with S$68.87 million for calendar 2017 and S$86.45 million for calendar 2016, it said in a filing to SGX after the market close on Wednesday. The 2016 results were its most-recent audited financial statements, it said.

Sakae said revenue for 2017 declined due to streamlining operations and a “continuing rationalization exercise on non-performing outlets in Singapore.”

The group profit margin for the 18-months ended 30 June fell to 56.4 percent from 62.3 percent in 2016 as the prices of high-quality raw materials rose even as Sakae maintained competitive pricing on its Singapore menu offerings since May 2018, it said.

The streamlining resulted in 2017 administrative expenses falling 24.6 percent on-year to S$29.64 million, amid a decrease in labor costs, while administrative expenses for the 18-month period were S$39.86 million, it said.

CSE Global

CSE Global said on Wednesday that it bought back 831,700 shares in the market at S$0.45 each for a total consideration including other costs of S$375,226.

Since the April 2018 beginning of the buyback mandate, CSE Global has bought back 6,177,500 shares, or 1.2 percent of the issued shares excluding treasury shares at the mandate’s commencement, it said in a filing to SGX after the market close on Wednesday.

This article was originally published on Thursday 30 August 2018 at 8:13 A.M. SGT; it has since been updated to include an item on Sakae. 

 

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