UPDATE: Singapore stocks to watch Wednesday: CapitaLand, Golden Agri, OUE, Olam, UOL

The OUE Downtown 2 building in Signapore’s Central Business District. Credit: Shenton WireThe OUE Downtown 2 building in Signapore’s Central Business District. Credit: Shenton Wire

This article was originally published on Wednesday, 27 February 2019 at 12:46 A.M. SGT; it has since been updated to include CapitaLand, Golden Agri Resources, Ezion and Cromwell European REIT. 

These are Singapore companies which may be in focus on Wednesday, 27 February 2019:

CapitaLand

CapitaLand said on Wednesday it launched CREDO I China, its first discretionary real estate debt fund, after raising US$556 million, or around S$749.08 million, to invest in offshore U.S. dollar-denominated subordinated instruments for real estate in China’s first and second tier cities.

Read more: CapitaLand launches China discretionary debt fund after raising US$556 million

Golden Agri Resources

Golden Agri reported on Wednesday a net loss of US$2 million for 2018, swinging from a year-earlier profit of US$74 million, on a foreign exchange loss, loss from changes in the fair value of biological assets and a deferred tax expense.

Read more: Golden Agri reports 2018 net loss, missing some analysts’ forecasts

OUE

Singapore-listed property company OUE reported on Tuesday its full year net profit dropped 89.4 percent on-year to S$10.0 million on impairment of goodwill for its investment in OUE Lippo Healthcare and lower net fair value gains on investment properties.

Read more: OUE 2018 net profit dropped on goodwill impairment

Olam International

Olam International acquired 85 percent of YTS Holdings, which owns all of cocoa processor PT Bumitangerang Mesindotama, or BT Cocoa, for US$90 million (S$121.41 million), expanding its footprint in Indonesia’s cocoa market, it said in a filing to SGX on Tuesday.

Read more: Olam’s YTS acquisition expands its cocoa holdings

UOL Group

Singapore property developer and investor UOL Group reported on Tuesday its 2018 net profit fell 51 percent on-year to S$433.72 million due to a year-earlier one-off gain of S$535.6 million for consolidating United Industrial Corp. (UIC) results in 2017.

Read more: UOL Group reports 2018 net profit dropped 51 percent on year-ago gain

UOL Group

UOL Group said on Tuesday it promoted Jesline Goh Hwee Peng, currently senior general manager for asset management and marketing, to chief investment and asset officer, effective at the beginning of 2019. She will be responsible for all investment, asset management and marketing initiatives and activities for UOL, it said in a filing to SGX after the market close on Tuesday.

In a separate filing, UOL said it appointed Neo Soon Hup as executive vice president for operations at Pan Pacific Hotels Group (PPHG), which is wholly owned subsidiary. The appointment was effective from the start of 2019, it said. He was previously senior vice president for operations and chief financial officer at PPHG, UOL said.

Read more about UOL Group.

Cromwell European REIT

Cromwell European REIT reported on Wednesday that its net property income for 30 November 2017 to end-December 2018 was 90.18 million euros (S$138.43 million or US$102.72 million), 3.7 percent above the forecast from its IPO prospectus.

Read more: Cromwell European REIT results beat IPO forecasts

Ezion

Ezion requested a trading halt on Wednesday before the market open, pending an announcement. In November, Ezion had highlighted that potential strategic investors had begun due diligence.

Read more about Ezion.

Citic Envirotech

Water-treatment player Citic Envirotech reported on Tuesday its net profit for 2018 rose 41.6 percent on-year to S$113.18 million on higher revenue from engineering and membrane system sales.

Read more: Membrane revenue aids Citic Envirotech 2018 net profit

Tiong Seng

Tiong Seng reported on Tuesday its 2018 net profit fell 74.1 percent on-year to S$8.8 million, while revenue declined 52.8 percent on-year to S$379.10 million, amid industry headwinds and increasing competition, with less construction work.

“A marked increase in competition from both local players and overseas companies continues to weigh on the group’s performance. The current competitive landscape has resulted in competitors bidding lower at tenders, even at or below costs, in order to secure contracts,” Pek Lian Guan, CEO of Tiong Seng Holdings, said in a statement filing to SGX on Tuesday.

He added the company was looking to improve efficiency and lower costs via digitizing operations and using pre-fabricated construction technology.

Read more about Tiong Seng.

Silverlake Axis

Silverlake Axis said on Tuesday that it and Elite Capital have entered a deal to sell their respective 24.5 percent and 10.5 percent stakes in ePetrol Silverswitch to Dialog Innovation Ventures (DIV) for 2 Malaysian ringgit (S$0.66 or US$0.49); DIV holds the remainder of Silverswitch.

The sale was because Silverswitch’s project to develop a cashless payment service was not profitable and it no longer has any business operations, Silverlake Axis said in a filing to SGX after the market close on Tuesday.

Silverswitch also owes Silverlake 735,000 ringgit (S$244,074 or US$180,946) and Elite 315,000 ringgit, it said, noting Silverlake wrote off the loan fully in 2014.

As part of the sale, Silverswitch will pay Silverlake 135,120 ringgit and Elite 57,947 ringgit to fully settle the loans, it said.

Read more about Silverlake Axis.

 

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