These are Singapore companies which may be in focus on Monday, 11 November 2019: Keppel Corp.,, CapitaLand, Venture Corp., Far East Orchard, Yoma Strategic, TEE International, SK Jewellery, Nordic Group, Synagie and Y Ventures.
This article was originally published on Sunday, 10 November 2019 at 13:46 SGT; it has since been updated to include DBS, ST Engineering, Eagle Hospitality Trust and SATS.
DBS reported Monday its third quarter net profit climbed 15 percent on-year to S$1.629 billion, beating forecasts from Daiwa and UOB KayHian, on record fee income and higher trading gains.
ST Engineering reported Monday its third quarter net profit increased 3 percent on-year to S$139.1 million on contributions from MRAS.
Keppel Corp. broke ground Friday on its Saigon Sports City project, a 64-hectare site to be developed into a township in Ho Chi Minh City’s district 2, the company said in a filing to SGX.
CapitaLand said Friday it has completed the divestment of Excel Chinese International Ltd. (ECIL) for HK$581.8 million, or around S$101.6 million, to an unrelated party.
ECIL owns the Citadines Mercer Hong Kong serviced residence property in Sheung Wan, Hong Kong, CapitaLand said in a filing to SGX.
“The property has reached the optimal stage of its life cycle and the divestment is in line with CapitaLand’s strategy of unlocking value through proactive portfolio reconstitution,” the filing said. ECIL has now ceased to be a subsidiary of CapitaLand, the filing said.
Venture Corp. reported Friday its third quarter net profit rose 5.5 percent on-year to S$85.20 million, missing CGS-CIMB’s forecast for S$90.4 million.
Far East Orchard
Far East Orchard said Friday acquired two student accommodation properties in the U.K. from EF IV Student Portfolio Holding for 66.5 million British pounds, or around S$115.7 million.
SATS said Monday it created a new China subsidiary called Ganzhou SATS Aviation Food with a registered capital of 5 million yuan, or around S$1 million.
The new subsidiary will mainly be involved in aviation and railway food production and distribution, SATS said in a filing to SGX.
Ganzhou SATS Aviation Food is a 100 percent owned direct subsidiary of Nanjing Weizhou Airline Food, which is an indirect, 50 percent-owned subsidiary of SATS, the filing said.
Eagle Hospitality Trust
Compass Cove Assets sold part of its interest in Eagle Hospitality Trust, with its direct interest falling to 9.43 percent from 10 percent, Norbert Shih Hau Yuan, who owns all of Compass Cove Assets, said in a filing to SGX Monday.
The decline was on the sale of 5 million units at US$0.445 each in an off-market transaction, the filing said.
Yoma Strategic said Friday it plans to divest its remaining telecommunications tower investment, acquire an additional 10 percent stake in Wave Money and try to dispose of a China shopping mall investment in a bid to free up cash for its core businesses.
Yoma Strategic warned Friday it expects to report an overall loss for the fiscal second quarter ended 30 September due to efforts to sell its investment in a China mall.
TEE International issued Saturday the disclaimer of opinion from its independent external auditor, Deloitte & Touche, which declined to express an opinion on the company’s financial statements due to an inability to obtain sufficient audit evidence.
The auditors pointed to transactions totalling S$3.75 million paid to the former group CEO and managing director and high wholly owned private company, Oscar Investment, of which S$3 million remained outstanding; the statement added the former group CEO, who remains a company director, has given inconsistent statements about how the funds were used.
“We are uncertain without further details, about whether there may be other issues and whether these issues could materially impact the financial statements of the group,” the auditors said. “We were also not able to determine whether there were other instances of management override of controls by the former group CEO affecting the internal control over financial reporting.”
Nordic Group reported Friday its third quarter net profit fell 12 percent on-year to S$2.93 million on lower revenue and lower margins.
SK Jewellery reported Friday its third quarter net profit dropped 57.9 percent on-year to S$459,000 after the cessation of SK Bullion’s operations in May 2019.
Synagie proposed Friday a renounceable non-underwritten rights issue of up to 39.72 million new shares at S$0.10 each on the basis of three rights shares for every 20 existing shares.
Y Ventures said it wasn’t aware of a reason for the stock price’s 14.29 percent surge to S$0.12 in strong volume Friday.
In response to a query from SGX, Y Ventures pointed to a previous announcement it was in talks with a counterparty to explore a potential joint venture.
“Till date, no definitive terms or formal legal documentation have been agreed on, and no binding agreement in relation to the potential JV have been entered into between the parties,” Y Ventures said in a filing to SGX Friday.