UPDATE: Singapore stocks to watch Thursday: Singtel, CityDev, F&N, Halcyon Agri, Koufu, Noble

SingTel retail store at Raffles City Mall in Singapore; taken September 2018.SingTel retail store at Raffles City Mall in Singapore.

This article was originally published on Thursday, 8 August 2019 at 12:45 A.M. SGT; it has since been updated to include Singtel, City Developments, Cromwell European REIT and Frasers Logistics & Industrial Trust.

These are Singapore companies which may be in focus on Thursday, 8 August 2019:

Singtel

Singtel posted Thursday its fiscal first quarter net profit dropped 34.9 percent on-year to S$541 million on losses from Airtel and higher depreciation and amortization for network and spectrum across the group.

Read more: Singtel posts fiscal 1Q net profit dropped 35 percent, partly on Airtel losses

City Developments

City Developments entered a deal to invest in China property developer Sincere Property Group for a total 5.5 billion yuan, or around S$1.1 billion, the Singapore real estate company said in a filing to SGX before the market open Wednesday.

Read more: City Developments enters S$1.1 billion deal to invest in China developer Sincere Property

Singapore Exchange

Singapore Exchange’s regulatory arm, or SGX RegCo, plans new initiatives for market regulation which could include setting up a whistle-blowing office and better inspection of market professionals, according to a report in the Business Times Wednesday.

Tan Boon Gin, CEO of SGX Reg Co, said the exchange was aiming for the equivalent of a market “neighborhood watch,” the report said.

“A (traditional) neighborhood watch doesn’t rely on regulation to achieve its objectives. The fact that these groups exist is a recognition that it is not possible to solve everything by regulation and enforcement alone. Some bad behavior is best addressed by peer pressure, scrutiny, and advocacy,” Tan said at the launch of the Singapore Governance & Transparency Index, according to the report.

Read the Business Times report.

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Fraser and Neave

Fraser and Neave reported Wednesday its fiscal third quarter net profit increased 9 percent on-year to S$54.83 million on higher soft drink and dairy sales.

Read more: Fraser and Neave reports fiscal 3Q net profit increased 9 percent on soft drink boost

Halcyon Agri

The Shanghai International Energy Exchange (INE) approved seven of Halcyon Agri’s factories to supply Technically Specified Rubber 20 (TSR20) for delivery, the rubber producer said in a filing to SGX Wednesday.

Read more: Halcyon Agri: Seven factories approved to deliver new Shanghai rubber contract

Frasers Property and Frasers Property (Thailand)

Frasers Property said Wednesday its indirect wholly owned subsidiary FPHT has tendered its 927.64 million shares in Golden Land Property, marking a 39.92 percent stake, to Frasers Property Thailand for 7.89 billion Thai baht, or around S$350.6 million.

Read more: Frasers Property to sell its 40 percent Golden Land stake for around S$351 million

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Frasers Logistics & Industrial Trust

Frasers Logistics & Industrial Trust said Thursday the 220 million new units it offered at S$1.173 each under its private placement will begin trading at the opening of Thursday’s session on SGX.

Read more about Frasers Logistics & Industrial Trust.

Cromwell European REIT

Cromwell European REIT reported Thursday its first half net property income climbed 33.7 percent on-year to 54.13 million euros (S$83.93 million or US$60.68 million), mainly on the acquisition of 22  new properties acquired in late 2018 and early 2019.

Read more: Cromwell European REIT posts 1H19 net property income jumped 34 percent

Cromwell European REIT

Cromwell European REIT said Thursday it entered a deal to sell a property in France, Parc d’Osny in Osny, to Arc Eiffel Investissement for 19.0 million euros (S$29.47 million or US$21.30 million) in cash.

The property was independently valued at 16.8 million euros by Colliers International Valuation UK at end-June, Cromwell European REIT said in a filing to SGX.

“The sale is consistent with the manager’s strategy of disposing non-core assets and/or assets with risk/return profiles that no longer fit CEREIT’s key objectives to provide unitholders with regular and stable distributions and to achieve long-term growth in distribution per unit
and net asset value per unit,” the REIT said.

The deal is expected to be completed by October, the REIT said.

Read more about Cromwell European REIT.

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Koufu

Singapore coffee shop operator Koufu reported Wednesday its second quarter net profit increased 16.2 percent on-year to S$7.2 million on stronger contributions from both the outlet and mall management and the food and beverage retail segments.

Read more: Koufu posts 2Q19 net profit climbed 16 percent after Marina Bay Sands food court reopening

Kimly

Singapore-style coffee shop operator Kimly reported Wednesday its fiscal third quarter net profit fell 6 percent on-year to S$4.69 million despite higher revenue as expenses increased.

Read more: Kimly post fiscal 3Q net profit fell 6 percent on higher expenses

Noble Group

Noble Group Holding, the “New Noble” that emerged after restructuring the troubled commodity trader, reported Monday a first half net profit of US$45.91 million on strong global demand for the company’s traded commodities.

Read more: Noble Group reports 1H19 net profit on energy and minerals contributions

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OUE Commercial REIT

OUE Commercial REIT reported Wednesday its second quarter net property income jumped 20.1 percent on-year to S$40.75 million, mainly on the acquisition of OUE  Downtown Office in November 2018.

Read more: OUE Commercial REIT 2Q19 net property income jumped 20 percent

Dairy Farm International

Dairy Farm International said Wednesday it received notification from Commonwealth Bank of Australia that the voting rights of its controlled undertakings in the company had fallen to zero from 5.19 percent previously.

That was after CBA divested its global asset management business earlier in August, Dairy Farm said in a filing to SGX.

Read more about Dairy Farm International.

ESR-REIT

ESR-REIT said Wednesday its joint venture with Poh Tiong Choon Logistics, called PTC Logistics Hub, has completed the acquisition of the property at 48 Pandan Road, Singapore, for S$225 million.

After the completion, the joint venture has entered an agreement to lease the property to Poh Tiong Choon Logistics for 10-years, with a fixed annual rental escalation, the REIT said in a filing to SGX.

Around S$44.4 million of the proceeds from ESR-REIT’s private placement of new units was used to finance the acquisition, the REIT said.

Read more about ESR-REIT.

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MindChamps PreSchool

MindChamps PreSchool reported Wednesday its second quarter net profit tumbled 74 percent on-year to S$319,000 as higher expenses offset strong revenue growth.

Read more: MindChamps PreSchool reports 2Q19 net profit tumbled 74 percent

Allied Technologies

Allied Technologies warned Wednesday it expected to report a net loss for the second quarter and first half when it releases its results on or before 14 August.

“This is mainly due to declining gross profit margin arising from the challenging business environment in light of the uncertain global economic outlook,” Allied Technologies said in a filing to SGX.

Read more about Allied Technologies.

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