UPDATE: Singapore stock briefs Wednesday: OCBC, OUE, Cromwell EREIT, Prime US REIT, Uni-Asia, Dyna-Mac, FSL Trust

The OUE Downtown 2 building in Singapore’s Central Business District. Credit: Shenton WireThe OUE Downtown 2 building in Singapore’s Central Business District. Credit: Shenton Wire

These are Singapore companies which may be in focus on Wednesday, 4 August 2021: OUE, Prime US REIT, Uni-Asia Group, Dyna-Mac Holdings and First Ship Lease Trust.

This item was originally published on Wednesday, 4 August 2021 at 1:12 a.m. SGT; it has since been updated to include OCBC, UOB and Cromwell European REIT.

OCBC

OCBC reported Wednesday its first half net profit jumped 86 percent on-year to S$2.66 billion on income growth and a substantial drop in allowances.

Read more: UPDATE: OCBC reports 1H21 net profit jumped 86 percent on income growth, allowance reduction

UOB

UOB reported its second quarter net profit climbed 43 percent on-year to S$1.0 billion on robust loan growth and a higher net interest margin as well as strong growth in wealth management and other fees. The results beat a forecast from Daiwa.

Read more: UPDATE: UOB posts 2Q21 net profit rose 43 percent on loan and wealth-management growth

OUE

OUE reported Tuesday it swung to a first half net profit of S$30.1 million from a year-earlier net loss of S$207.2 million, mainly on the absence of a year-ago fair value loss on U.S. Bank Tower.

Read more: OUE posts 1H21 swung to net profit after year-earlier fair value loss

Cromwell European REIT

Cromwell European REIT has acquired a U.K. logistics property from a third-party seller for 10 million British pounds, or around 11.7 million euros or S$18.8 million, marking its first asset in the country, the REIT said in a filing to SGX Wednesday

Read more: UPDATE: Cromwell European REIT acquires UK logistics property

Prime US REIT

Prime US REIT reported Tuesday its first half net property income slipped 2.3 percent on-year to US$46.34 million as an increase in property expenses outran higher gross revenue.

Read more: Prime US REIT reports 1H21 net property income edged lower on higher property expenses

Uni-Asia Group

Ham Yong Kwan, a substantial shareholder of Uni-Asia Group has increased his stake in the company to 8.77 percent from 8.36 percent, the company said in a filing to SGX Tuesday.

Kwan purchased 323,700 shares in the market for a total of S$325,465, the filing said.

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Dyna-Mac Holdings

Dyna-Mac Holdings landed a S$114 million fabrication project from China Merchants Heavy Industry (Jiangsu), or CMHI, the company said in a filing to SGX Tuesday.

Under the deal, Dyna-Mac’s joint venture company in China will supply and build topside modules from CMHI, the filing said.

In addition, Dyna-Mac said it is working with CMHI to pursue LNG and green energy module projects.

First Ship Lease Trust

First Ship Lease Trust reported Tuesday its first half profit before tax dropped 89 percent on-year to US$879,000 on revenue of US$12.81 million, down 61 percent on-year, citing a “continuously challenging tanker market environment,” reduced earnings for tankers operating in pools and the spot market, and a lower number of vessels in the fleet compared with the year-ago period.

“The pandemic continues to weigh on freight rates for tankers, now coupled with summer seasonality. Yet, there have also been some
positive signals as OPEC+ recently announced to increase oil production, whilst air traffic is slowly picking up, which is expected to support demand for product tankers,” Roger Woods, CEO of the trust, said in a statement filed to SGX.

The trust declared a distribution per unit (DPU) of 2 U.S. cents for the first half, up from 1.50 U.S. cents in the year-ago period; distributions can also be made from the proceeds of vessel sales as well as earnings.

Read more about First Ship Lease Trust’s earnings statement.

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