UPDATE: Singapore stocks to watch Monday: SembMarine, Mapletree Logistics, HPHT, ST Engineering

On Singapore’s National Day, 9 August 2014, helicopters fly the flag toward the National Day Parade.On Singapore’s National Day, 9 August 2014, helicopters fly the flag toward the National Day Parade.

These are Singapore stocks which may be in focus on Monday 29 October 2018:

ST Engineering

ST Engineering said on Monday that it is seeking to develop a 655,000 square foot airframe aircraft maintenance, repair and overhaul (MRO) complex at the Pensacola International Airport in Florida to expand its U.S. MRO business.

Read more: ST Engineering to expand US aerospace MRO operations with US$210 million Florida project

Sembcorp Marine

Sembcorp Marine said on Monday that it obtained two separate renewable energy projects valued at more than S$200 million.

Read more: Sembcorp Marine: Obtained two renewable energy projects of more S$200 million

Mapletree Logistics Trust

Mapletree Logistics Trust said on Friday that it proposed acquiring the Coles Distribution Centre in Brisbane, Australia, for A$105.0 million, or around S$102.2 million.

Read more: Mapletree Logistics Trust proposes acquiring Brisbane logistics property for A$105 million

HPHT

Hutchison Port Holdings Trust (HPHT) said on Friday that its profit attributable to unitholders for the third quarter fell 11.4 percent on-year to HK$239.5 million amid lower throughput.

Read more: Hutchison Port Holdings Trust 3Q18 net profit fell 11 percent on-year amid lower throughput

HPHT

Hutchison Port Holdings Trust (HPHT) said on Friday that it declined an offer from HPH to acquire HPH’s 70 percent interest in  Shantou International Container Terminals (SICT). HPHT had right of first refusal over the asset.

SICT, which operates a feeder port in Shantou and provides container handling services in Guangdong Province’s northeast area, is a joint venture 70 percent held by HPH’s indirect wholly owned subsidiary, Hutchison Ports Shantou Ltd. (HPSL), it said.

HPHT’s trustee-manager said SICT didn’t meet its investment criteria due to keen competition in the area, particularly the development of the Guangao port zone, the lack of potential synergy between SICT and HPHT’s portfolio and the potential impact to HPHT’s financials if it made the acquisition.

Great Eastern

Great Eastern reported on Monday that its third-quarter net profit attributable to shareholders fell 26 percent on-year to S$213.3 million due to favorable market conditions in the year-ago period.

Read more: Great Eastern 3Q18 profit attributable to shareholders down 26 percent

OUE

OUE Ltd. said on Friday that it completed the acquisition of a 60 percent interest in Bowsprit Capital, the manager of First REIT. OUE Lippo Healthcare acquired the remaining 40 percent of Bowsprit Capital, it said. OUE Ltd. indirectly owns 64.35 percent of OUE Lippo Healthcare, it said.

OHI, an indirect wholly owned subsidiary of OUE Lippo Healthcare, also completed on Friday the acquisition of 83.59 million units in First REIT, or a 10.60 percent stake, it said.

OUE Lippo Healthcare also said it completed its portion of the transaction, making Bowsprit Capital a 40 percent owned associate company and giving it a 10.60 percent effective interest in First REIT.

In a separate filing on Friday, OUE Ltd. said it used the net proceeds of S$151.6 million from the issue of S$154.75 million 1.50 percent convertible bonds due 2023 to substantially fund its subscription to 1.43 billion rights shares in OUE Lippo Healthcare for S$96.5 million and the acquisition of 600,000 shares in Bowsprit Capital for around S$59.3 million.

Sabana Shariah Compliant Industrial REIT

Sabana Shariah Compliant Industrial REIT reported on Friday that its third quarter net property income fell 5.7 percent on-year to S$12.63 million, while gross revenue fell 4.8 percent on-year to S$19.86 million. The distribution per unit (DPU) fell 2.5 percent on-year in the quarter to 0.77 Singapore cent amid lower revenue in a challenging market, it said.

It said the contribution from some multi-tenanted properties fell amid lower occupancy and lower rental reversions on some master lease renewals.

Creative Technology

Creative Technology said on Monday that it would start taking pre-orders for its SXFI AMP from the U.S. starting on 1 November following what the Singapore-based speaker maker said were strong sales after the September launch of its Super X-Fi headphone in Singapore.

Read more: Creative Technology to begin US sales of SXFI AMP

Sunpower Group

Sunpower Group said on Monday that it obtained a manufacturing and services contract valued at more than 100 million yuan from Fujian Billion Petrochemicals to provide oxidation reactor condensers and distillation towers for FBP’s Purified Terephthalic Acid project.

Delivery of the equipment is expected to be finished by 2020, with the contract to positively impact Sunpower’s results from fiscal 2018-20, it said.

M1

M1 said on Friday that its wholly owned subsidiary, M1 TeliNet, sold of its entire 30 percent stake in Octopus Retail Management to Eleos Web for S$1.5 million. Eleos Web is an existing shareholder of Octopus Retail Management, it said in a filing to SGX.

China Sunsine

China Sunsine said on Friday that its third-quarter earnings results were expected to show a “material increase” in net profit from the year-earlier period.

“The expected profit growth is mainly due to the increase in both average selling price (ASP) and sales volume of the group’s products,” it said in a filing to SGX on Friday.

China Sunsine noted its previous announcements that China’s government’s greater emphasis on environmental protection and more frequent environmental inspections has resulted in some rubber-chemical players being forced to suspend production after failing to meet regulations.

“This had resulted in the short supply in the market, which allowed us to charge a higher quarterly selling price to our big customers, resulting in higher revenue and gross profits,” the company said.

EMAS Offshore

EMAS Offshore said on Friday that its wholly owned subsidiary, Emas Offshore Pte. Ltd. (EOPL), entered a deal for Udenna Corp. to conduct due diligence for an investment of US$73.29 million to acquire certain vessels and invest in EOPL.

Noble Group

Noble Group said on Friday that it issued a notice to holders of its US$1.18 principal amount of 6.75 percent U.S. dollar fixed rate senior notes due 2020 of an event of default as the company has sought U.S. recognition of its restructuring deal.

Noble noted it previously announced that 2020 notes and other senior unsecured debts will be released in exchange for new debt instruments and equity under the restructuring plan.

Noble Group

Noble Group said on Friday it established a wholly owned subsidiary, Noble New Asset Intermediate, in the British Virgin Islands for investment holding. The new entity is intended to be a subsidiary of Asset Co. and an intermediate holding company for the legal title and/or interest in certain Asset Co. assets after the proposed restructuring is completed, it said in a filing to SGX on Friday.

This article was originally published on Monday 29 October 2018 at 8:08 A.M. SGT; it has since been updated with items on Great Eastern, EMAS Offshore, Sabana REIT, Creative Technology and ST Engineering. 

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