UPDATE: Singapore stocks to watch Wednesday: CRCT, Frasers Hospitality Trust, CapitaLand, Starhill Global REIT

CapitaLand Retail China Trust's 51 percent-owned Rock Square mall, located in Guangzhou in China. Credit: CapitaLand Retail China TrustCapitaLand Retail China Trust's 51 percent-owned Rock Square mall, located in Guangzhou in China. Credit: CapitaLand Retail China Trust

This article was originally published on Tuesday, 30 July 2019 at 20:51 SGT; it has since been updated to include Frasers Hospitality Trust, CapitaLand Retail China Trust, Frasers Logistics Trust, Parkway Life REIT, Indofood Agri, Synagie and TEE International.

These are Singapore companies which may be in focus on Wednesday, 31 July 2019:

CapitaLand Retail China Trust

CapitaLand Retail China Trust (CRCT) reported Wednesday its second quarter net property income rose 7.3 percent on-year to S$40.36 million on stronger rental growth and lower operating expenses.

Read more: CapitaLand Retail China Trust reports 2Q19 net property income rose 7 percent

Frasers Hospitality Trust

Frasers Hospitality Trust reported Tuesday its fiscal third quarter net property income fell 11 percent on-year to S$25.4 million, mainly on a weaker performance from the Australia portfolio and on foreign-exchange effects.

Read more: Frasers Hospitality Trust reports fiscal 3Q net property income fell 11 percent

Frasers Logistics Trust

Frasers Logistics & Industrial Trust launched a private placement of 220 million net units to be issued at S$1.143 to S$1.173 to raise as much as around S$258.1 million, the trust said in a filing to SGX late Tuesday.

Read more: Frasers Logistics Trust launches private placement to raise as much as around S$258 million

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Starhill Global REIT

Starhill Global REIT reported Tuesday its fiscal fourth quarter net property income slipped 0.4 percent on-year to S$39.9 million on lower contributions from the Singapore retail portfolio. The results missed a forecast from Daiwa.

Read more: Starhill Global REIT reported fiscal 4Q net property income slipped, missing Daiwa forecast

CapitaLand

Park Regent, a joint venture residential development between CapitaLand and Malaysia’s ParkCity Group, sold more than 70 percent of the Kuala Lumpur project’s 505 units after the priority launch on Saturday and Sunday, the developers said in a press release Tuesday.

Read more: CapitaLand-ParkCity joint venture sells more than 70 percent of residential development

Fraser and Neave

Fraser and Neave’s wholly owned subsidiary F&N Investments (F&NI) has subscribed for an additional 2 million shares of joint venture company Emerald Brewery Myanmar Ltd. (EBML) for US$1 each, or a total of US$2 million in cash, the beverage maker said in a filing to SGX Tuesday.

In addition, Myanmar-based Sun Ace, a joint venture partner, also subscribed for another 500,000 new EBML shares at US$1 each, the filing said. Than Lwin Aye Yar Industrial Production & Construction (TLAY), another partner, did not subscribe for additional shares, continuing to hold 76,500 EBML shares, Fraser and Neave said.

After the transactions, F&NI holds 79.81 percent of EBML, Sun Ace holds 20 percent and TLAY has 0.19 percent, the filing said.

Read more about Fraser and Neave.

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Parkway Life REIT

Parkway Life REIT reported Wednesday its second quarter net property income rose 2.3 percent on-year to S$26.81 million on a Japan property acquisition, higher rent from Singapore properties and appreciation of the Japanese yen.

Read more: Parkway Life REIT reports 2Q19 net property income rose 2 percent

Citic Envirotech

In response to a query from SGX, Citic Envirotech said Tuesday the drop in engineering revenue and membrane system sales in the second quarter was due to more engineering projects being executed in the year-earlier period.

“In contrast to treatment revenue, which is stable and recurring in nature, engineering revenue and membrane systems sales are directly related to the order book of the engineering contracts as well as the progress of the execution of the engineering projects in the pipeline,” the company said in a filing to SGX. “Engineering contracts are one-off and lumpy in nature.”

Earlier this month, Citic Envirotech reported its second quarter net profit dropped 65.6 percent on-year to S$14.99 million as engineering revenue and membrane system sales fell. Engineering revenue dropped 29.8 percent on-year to S$79.0 million, while membrane system sales declined 44.7 percent on-year to S$67.9 million, the company had said.

Read more about Citic Envirotech.

Indofood Agri

Indofood Agri reported Wednesday its second quarter net loss widened to 216.54 billion Indonesian rupiah (S$21.19 million or US$15.44 million) from 68.60 billion rupiah in the year-ago period on lower selling prices for palm products.

Read more: Indofood Agri reports 2Q19 net loss widened as palm oil prices fell

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TEE International

TEE International reported Wednesday a fiscal year net loss of S$17.83 million, wider than the S$10.0 million net loss in the previous fiscal year, on revenue of S$420.49 million, up 56.6 percent on-year.

Revenue for the fiscal year ended 31 May rose on progressive revenue recognition from on-going engineering projects and including revenue from waste-management and recycling subsidiaries, TEE International said in a filing to SGX.

The net loss widened due to accounting standard changes, the depreciation of the Larmont Hotel, a foreign-exchange adjustment loss and start-up costs for the infrastructure segment’s new business, the filing said.

Read more about TEE International.

TEE Land

TEE Land reported Tuesday a net loss of S$23.84 million for the fiscal year ended 31 May, wider than the year-ago net loss of S$8.69 million, on lower revenue, accounting changes resulting in the recognition of costs and interest expenses, and one-off costs.

Revenue for the fiscal year fell 7.9 percent on-year to S$100.52 million on lower revenue from the Third Avenue project in Malaysia and the absence of contributions from the Hilbre 28 and Harvey Avenue projects, the property developer said in a filing to SGX.

“Moving forward, the group will take a cautious approach when seeking opportunities to acquire new land sites and in making any investments,” Jonathan Phua, executive director and CEO of TEE Land, said in the statement. “In addition, we will continue to hold a tight rein on operation costs and assess the market situation so as to ensure that our sales strategies are relevant and in line with market conditions.”

Read more about TEE Land.

Broadway Industrial Group

Broadway Industrial Group said Tuesday it expected to report a net loss for the second quarter, mainly due to continued revenue weakness from the hard disk drive business. The company is due to release its earnings report on or before 15 August, Broadway said in a filing to SGX.

Read more about Broadway Industrial Group.

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Lian Beng Group

Lian Beng Group reported Tuesday its net profit for the fiscal year ended 31 May fell 69.5 percent on-year to S$16.75 million on the adoption of new accounting standards. Under the previous standards, fiscal-year net profit would have risen 12.9 percent to S$61.4 million, Lian Beng said in a filing to SGX.

Revenue for the fiscal year fell 11.6 percent on-year to S$132.89 million as improvements in revenue from the construction and investment holding segments were offset by lower contributions from property development, the filing said.

“Lian Beng is cautiously optimistic about the outlook of the construction sector in the months ahead. In July 2019, it secured a S$235-million construction contract to construct a fresh food distribution center for NTUC Fairprice Co-operative,” the company said. “This, along with another S$117-million contract secured in March 2019, has boosted its order book to S$1.4 billion and should provide the group with a steady flow of activities through FY2022.”

Read more about Lian Beng.

SLB Development

SLB Development reported a net loss for the fiscal year ended 31 May of S$5.03 million, swinging from a year-ago net profit of S$15.62 million on higher staff costs, a foreign-exchange loss and maintenance fees.

Revenue for the fiscal year fell 69.2 percent on-year to S$47.65 million on a lower contribution from industrial development project, T-Sapce @ Tampines, as it was completed in June 2018, the company said in a filing to SGX.

“The group will continue to monitor the property market closely and take appropriate action when necessary. The group is cautious when seeking opportunities to replenish its land bank and will continue to explore business opportunities in the region through acquisition,
joint venture and/or strategic alliances that will complement its property development business,” SLB Development said. “It will also prudently seek suitable opportunities to diversify its income streams further for sustainable future growth.”

Read more about SLB Development.

Synagie

Synagie landed a deal with Amer Sports Malaysia, a subsidiary of Nasdaq-listed Amer Sports Corp., to manage its e-commerce platforms business in Southeast Asia, the e-commerce services provider said in a filing to SGX Wednesday.

Under the deal, Synagie will maintain and promote online distribution and expand online sales of Amer Sports products, manage its authorized online channels and online stores and provide services ranging from promotion to customer service, the filing said.

Amer Sports brands include Suunto, Wilson, Precor and Peak Performance, and it has a broad product portfolio including apparel, equipment, footwear and accessories, the filing said.

Read more about Synagie.

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