UPDATE: Singapore stocks to watch Thursday: Genting Singapore, ThaiBev, Keppel, MLT, Indofood Agri

Cans of Chang beer at a Singapore supermarket; taken September 2018. The Chang brand is owned, brewed and distributed by Thai Beverage.Cans of Chang beer at a Singapore supermarket; taken September 2018. The Chang brand is owned, brewed and distributed by Thai Beverage.

This article was originally published on Wednesday, 10 April 2019 at 22:58 SGT; it has since been updated to include Pacific Radiance, include and update Indofood Agri, and an update on Thai Beverage.

These are Singapore companies which may be in focus on Thursday, 11 April 2019:

Indofood Agri

Indofood Sukses Makmur said late on Wednesday it offered to acquire the rest of Singapore-listed Indofood Agri it doesn’t already own for S$0.28 a share, in a deal valuing the company at around S$390.85 million.

In a separate filing, Indofood Agri requested the trading halt on its shares be lifted at 9:00 A.M. SGT.

Read more: Indofood Sukses Makmur offers to buy Indofood Agri, valuing palm oil play at around S$391M

Genting Singapore

Genting Singapore said on Wednesday that its indirect wholly owned subsidiary Resorts World Sentosa will voluntarily make a full prepayment of an outstanding loan of S$680 million.

The repayment will be made from internal cash resources and is aimed at improving capital efficiency, the casino-resort operator said in a filing to SGX after the market close on Wednesday.

That will reduce Genting Singapore’s borrowings to S$253 million from S$933 million, it said.

The loan was under its S$2.27 billion syndicated senior secured credit facility dating from 2015, the filing said.

Read more about Genting Singapore.

Thai Beverage

Fitch Ratings on Wednesday revised Thai Beverage’s ratings outlook to negative from stable, amid continued weak domestic demand.

Separately, Thai Beverage highlighted in a filing to SGX that Fitch Ratings had assigned the company a foreign currency long-term issue default rating of BBB-minus and a national long-term rating of AA(tha).

That compared with Fitch’s international rating on Thailand of BBB-plus and its national rating of AAA(tha), Thai Beverage said in a filing to SGX after the market close on Wednesday.

“THBEV’s company ratings by Fitch are considered as investment grade,” the company said.

Read more: Fitch revises Thai Beverage outlook to negative from stable

Keppel Corp.

Keppel Offshore & Marine delivered the world’s first European Union Stage V dredger, which will meet the EU’s stricter emission standards for inland waterway vessels, Keppel said on Wednesday.

Read more: Keppel delivers world’s first EU Stage V dredger to meet emission standards

Mapletree Logistics Trust

Mapletree Logistics Trust said on Wednesday it sold five properties in Japan to Godo Kaisha T&C for 17.52 billion yen, or around S$213.3 million in cash.

Read more: Mapletree Logistics Trust sells five properties in Japan for around S$213 million

Singapore Exchange

Singapore Exchange reported on Wednesday that derivatives volume in the first quarter rose to a record, with an average daily volume of more than a million contracts for the first time.

Read more: Singapore Exchange posts record derivatives volume for first quarter

Yanlord Land

Yanlord Land said on Wednesday its wholly owned subsidiary Yanlord Land (HK) was granted a dual-tranche term loan facility of up to US$363.5 million in either U.S. dollars or Hong Kong dollars.

The loan facility will be used for general corporate purposes, including refinancing existing indebtedness, Yanlord said in a filing to SGX after the market close on Wednesday.

The lead arrangers of the facility were Bank of Shanghai (Hong Kong), China Construction Bank (Asia), China Merchants Bank’s Hong Kong and Singapore branches, Hang Seng Bank, Shanghai Pudong Development Bank’s Hong Kong branch and HSBC.

Read more about Yanlord Land.

First REIT

Healthcare-focused First REIT reported on Wednesday its first quarter net property income fell 1.4 percent on-year to S$28.03 million amid higher property expenses.

Read more: First REIT reports 1Q19 net property income slipped amid higher property expenses

Keppel REIT

Keppel REIT said on Wednesday that its issue of S$200 million of 1.90 percent convertible bonds due 2024 has closed, and the bonds are expected to be admitted to SGX on Thursday.

The issue was fully placed to institutional and accredited investors, the REIT said in a filing to SGX after the market close on Wednesday.

Up to 136.75 million new units could be issued it the bonds are fully converted, the filing said.

Read more: Keppel REIT prices S$200 million five-year convertible bond issue at 1.90 percent

UOL Group

UOL Group said on Wednesday that Lothar Wilhelm Nessmann has resigned as CEO (Hotels) of Pan Pacific Hotels Group (PPHG), which is a wholly owned subsidiary.

The resignation will be effective 30 June, with Nessmann saying he planned to pursue other personal interests, UOL said in a filing to SGX on Wednesday. Nessmann had held the role since March 2017, the filing said.

Liam Wee Sin, group CEO, will oversee PPHG’s day-to-day operations pending the appointment of Nessmann’s successor, the filing said.

Read more about UOL Group.

TEE International

TEE International reported on Wednesday its fiscal third quarter net profit surged 89.3 percent on-year to S$708,000 as revenue more than doubled on higher recognition from on-going projects.

Read more: TEE International reports fiscal 3Q net profit surged 89 percent

TEE Land

TEE Land reported on Wednesday it swung to a fiscal third quarter net loss of S$1.03 million, from a year earlier net profit of S$1.17 million, as cost of sales surged mainly on the sale of three units at The Peak at steep discounts to clear unsold units.

Read more: TEE Land swings to fiscal 3Q net loss after selling three Peak units at steep discounts

Isetan Singapore

Isetan Singapore said on Wednesday it will carry out a major renovation of its flagship Iseton Scotts store, located in Singapore’s tony Orchard Road shopping belt, in phases, starting from around mid-year and with a targeted completion in 2020.

“The company plans to invest an estimated amount of S$12 million to rejuvenate Isetan Scotts and to convert it into a lifestyle destination store,” Isetan Singapore said in a filing to SGX after the market close on Wednesday.

“This renovation will be pivotal to our long term plan to turn around the retail segment,” it added. “The board believes it will have a long term positive impact on the company should Isetan Scotts be successfully rejuvenated.”

Read more about Isetan Singapore.

Pacific Radiance

Pacific Radiance on Thursday gave notice that it has posted three consecutive years of pre-tax losses and that its auditor has issued a “disclaimer of opinion,” saying there were “material uncertainties” on whether it was appropriate to use the going concern assumption to prepare the company’s financial statements.

The auditor, Ernst & Young, said it was inherently uncertain that Pacific Radiance would be able to complete its restructuring proposal, as talks with potential investors are ongoing.

Ernst & Young said Pacific Radiance’s current and total liabilities exceeded current and total assets by US$486.75 million and US$158.48 million respectively as of end-December.


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