UPDATE: Singapore stocks to watch Thursday: M1, Olam, Yanlord Land, Jardine C&C, Banyan Tree

M1 retail outlet at Orchard Road In SingaporeM1 retail outlet at Orchard Road In Singapore

This article was originally published on Thursday, 28 February 2019 at 12:45 A.M. SGT; it has since been updated to include Olam, Frasers Centrepoint Trust, Indofood Agri and ARA Asset Management.

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

M1

M1 will be delisted from the SGX as acceptances of the takeover bid for the Singapore telco have crossed over 90 percent, Konnectivity said in a filing to SGX late on Wednesday.

Read more: M1 to be delisted as takeover acceptances top 90 percent

Olam

Commodity trader Olam reported on Thursday its fourth quarter net profit dropped 71.6 percent on-year to S$75.31 million on a year-earlier gain and as coffee prices fell.

Read more: Olam 4Q18 net profit drops 72 percent on year-earlier gain, coffee price decline

Yanlord Land

China property developer Yanlord Land reported on Wednesday its fourth quarter net profit fell 78 percent on-year to 256.90 million yuan (S$51.82 million or US$38.45 million) as it delivered less gross floor area under its delivery schedule.

Read more: Yanlord Land reports 4Q18 net profit fell 78 percent as average selling prices fell

Jardine Cycle & Carriage

Jardine Cycle & Carriage reported on Wednesday its 2018 net profit fell 55 percent on-year to US$420 million, mainly on unrealized fair value losses related to non-current investments.

Read more: Jardine Cycle & Carriage full year net profit fell 55 percent amid fair value losses

Frasers Centrepoint Trust

Frasers Centrepoint Trust said on Thursday entered deals to buy 90,346 shares, or an around 17.1312 percent stake, in PGIM Real Estate AsiaRetail Fund for an aggregate S$342.5 million via 12 separate agreements with certain shareholders.

Read more: Frasers Centrepoint Trust to acquire around 17 percent stake in Tiong Bahru Plaza owner

Indofood Agri

Indofood Agri reported on Thursday it swung to a fourth quarter net loss after tax of 362 billion Indonesian rupiah, or S$34 million, from a year-ago net profit, mainly due to soft commodity prices.

Read more: Indofood Agri swings to 4Q18 net loss amid soft commodity prices

Banyan Tree

Resort operator Banyan Tree reported on Wednesday its fourth quarter net profit increased 44 percent on-year to S$5.6 million on a gain from disposing of assets in the Seychelles, partly offset by lower operating profit from property sales.

Read more: Banyan Tree reports 4Q18 net profit rose 44 percent on disposal of Seychelles assets

ARA Asset Management

ARA Asset Management said on Thursday it agreed to acquire all of 23-storey office building Seoul Square in Seoul, South Korea, via its new private real estate fund in South Korea, which is managed by ARA Korea (REF).

“Seoul Square is one of the most iconic and high profile prime office buildings in Seoul with a rare large and efficient floor plate. The property is located within a core transportation hub area in Seoul with convenient access to local, regional and national destinations
through numerous subway lines, railways and bus lines,” Anthony Kang, country head of ARA Korea, said in the statement to SGX before the market open on Thursday.

ARA didn’t disclose the price of the transaction.

Read more about ARA Asset Management.

Perennial Real Estate

Perennial Real Estate said on Wednesday it tapped Khoo Chow Huat as its new chief operating officer for China, effective 1 March, while Liak Teng Lit, age 65,will step down as group COO of Perennial and as CEO of Perennial Healthcare.

Read more: Perennial Real Estate taps Khoo Chow Huat as new China chief operating officer

SoilBuild Construction

SoilBuild Construction reported on Wednesday a fourth quarter net loss of S$4.01 million, wider than the year-earlier net loss of S$3.15 million after an unfavorable arbitration ruling.

Read more: SoilBuild Construction reports wider 4Q18 net loss after arbitration loss

Sunpower Group

Sunpower Group reported on Wednesday its fourth quarter net profit jumped 161.6 percent on-year to 138.5 million yuan (S$27.93 million or US$20.71 million) on the first full quarter of contributions from the Yongxing Plant and a stronger-than-expected ramp-up of other green investments (GI) projects.

Read more: Sunpower Group 4Q18 net profit jumps 162 percent on green investment ramp-up

Hong Leong Finance

Hong Leong Finance reported on Wednesday its full year profit attributate to shareholders was S$118.3 million, up 38.1 percent on-year, with interest on loans up 15.9 percent on-year at S$259.54 million.

Net interest income rose 20.9 percent on-year at S$212.12 million as the net interest margin increased by 21 basis points on a higher average loan yield and higher loan growth, which outpaced a rise in average funding costs, it said in a filing to SGX on Wednesday.

“Although momentum is expected to wane in 2019 as the contribution from the manufacturing sector may weaken, we are cautiosuly optimistic about the growth due to strong domestic demand,” Kwek Leng Beng, chairman on Hong Leong Finance, said in the filing. However, he also pointed to concerns over the U.S.-China trade dispute, which could dent consumer confidence, and a potenial slowdown in China’s economy.

“The company will focus on writing more quality loans to drive higher revenue based on robust cost control measures and prudent risk management,” he said.

Read more about Hong Leong Finance.

Bumitama Agri

Bumitama Agri said on Wednesday it entered a facility agreement with United Overseas Bank for up to US$25 million in principal for refinancing any notes issued under its Islamic medium term note program and to fund its general corporate purposes, including capital expenditure and working capital.

Read more about Bumitama Agri.

Civmec

Civmec obtained a fabrication and assembly contract for BHP’s South Flank iron ore mine, which is under construction around 100 kilometers northwest of Newman in Western Australia, it said in a filing to SGX on Wednesday.

The contract includes the supply and assembly of 23 “smart modules,” including the supply and installation of the required mechanical and electrical equipment, Civmec said.

“The scope comprises conveyor shuttle modules, sample station, pump skids, train loadout and feeder modules,” which will be assembled at Civmec’s  facility in Western Australia, it said.

Work will begin immediately, with completion by mid-2020, it said; the combined value of the fabrication and assembly packages for the project is around $48 million, it added.

Read more about Civmec.

MindChamps PreSchool

MindChamps PreSchool reported on Wednesday its 2018 net profit rose 33 percent on-year to S$6.49 million on revenue of S$36.96 million, up 62 percent on-year.

It attributed the growth to an increase of around S$12.5 million in school fees on a higher number of enrolled students after it acquired preschool centers in Australia and Singapore, and to an increase of S$1.2 million in non-recurring franchise fees.

“MindChamps’ growing global presence continues to be a strong growth contributor, with newly opened preschool and nursery centres in Singapore, Australia, Philippines, Abu Dhabi, Dubai, Myanmar and Vietnam,” it said in a filing to SGX on Wednesday. It noted that it now has 74 centers, up from 59 in 2017.

“MindChamps is expected to further establish its network of preschool and enrichment centers in Malaysia, with the recently announced plans to launch 20 international preschools, including building of the largest premium preschool campuses there,” it added.

Read more about MindChamps PreSchool.

 

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