Singapore stocks to watch Monday: Frasers Commercial Trust, Hyflux, Delong, Courts Asia

These are Singapore stocks which may be in focus on Monday, 21 January 2019:

Frasers Commercial Trust

Frasers Commercial Trust reported its fiscal first quarter net property income fell 15.0 percent on-year to S$21.12 million as revenue fell and on higher property tax at Alexandra Technopark and higher amortization of lease incentives for the Central Park and 357 Collins Street properties.

Read more: Frasers Commercial Trust reports fiscal 1Q net property income fell 15 percent

Hyflux

Hyflux founder and CEO Olivia Lum will be giving up her founding stake as part of the troubled water infrastructure player’s restructuring deal, according to her prepared remarks for a townhall meeting on Friday of holders of the company’s notes and perpetual securities.

Read more: Hyflux founder Lum to give up stake in restructuring deal

Frasers Centrepoint Trust

Frasers Centrepoint Trust’s manager said on Monday CEO and Executive Director Chew Tuan Chiong, age 61, has announced his intention to retire from both roles by the end of 2019.

Read more: Frasers Centrepoint Trust CEO sets plan to retire by end of year

Delong Holdings

Delong Holdings said on Friday that it has received an additional payment of 32.53 million yuan from the People’s Government of Laiyuan County, or PGLC, for the cessation of Aoyu Steel’s operations.

Read more: Delong Holdings receives additional installment on compensation for steel unit cessation

Boustead Projects

Boustead Projects said on Friday it obtained a contract valued at more than S$200 million to build a global headquarters for Surbana Jurong at the 600-hectare Jurong Innovation District in Singapore.

Read more: Boustead Projects lands contract valued at more than S$200 million from Surbana Jurong

Courts Asia

Shares of Courts Asia surged 31.58 percent to close at S$0.20 on Friday after the trading halt on its shares was lifted during the afternoon session.

That was just shy of the S$0.205 a share takeover bid the furniture and electronics retailer received from Nojima Asia Pacific, a subsidiary of Japanese electronics retailer Nojima Corp., which was announced in the early hours of Friday.

Courts Asia said it would appoint an independent financial adviser and it would publish its recommendation within 14 days of the offer document being issued. In the meantime, it advised shareholders to exercise caution in dealing in the shares.

Sunpower Group

Sunpower Group said on Friday that it incorporated a wholly owned subsidiary, called Yueyang Sunpower Clean Energy, in China, with the business of supplying heat and electricity to enterprises.

The new subsidiary will be held by Sunpower Clean Energy Investment (Jiangsu), a wholly owned Sunpower subsidiary, which is incorporated in China, it said in a filing to SGX after the market close on Friday.

Yueyang Sunpower Clean Energy will have registered capital of US$8 million, which will be funded by internal resources and/or the net proceeds of Sunpower’s convertible bonds, it said.

Falcon Energy

Falcon Energy said in a filing to SGX on Friday that it requested suspension of trading in its shares to protect stakeholder interests and to ensure no one is trading in shares without sufficient information.

It said there had been “significant progress” in discussions with major creditors on restructuring its borrowings.

In a separate filing, Falcon Energy said that to conserve liquidity for business operations, it would suspend coupon payments for its notes, which were due on Saturday. It added it planned to propose converting some of its notes into equity.

Falcon Energy said also it was discussing restructuring term loans with its bankers, with an intention of adopting a similar cash conservation position ahead.

As a light at the end of the tunnel, Falcon Energy pointed to expectations oil prices would be higher this year, leading it to be “reasonably optimistic” of improved operations in its market.

Get the Shenton Wire morning briefing in your inbox