UPDATE: Singapore stock briefs Thursday: CityDev, Wilmar, MUST, Boustead Proj, Dyna-Mac, KORE, Temasek, Dasin Retail Trust, HPHT, APAC Realty, Fu Yu

Singapore street sceneSingapore street scene

These are Singapore companies which may be in focus on Thursday, 12 August 2021: Wilmar International, Dyna-Mac Holdings, Temasek Holdings, Keppel Pacific Oak US REIT (KORE), Dasin Retail Trust, Hutchison Port Holdings Trust (HPHT), APAC Realty, Fu Yu Corp., Boldtek Holdings, Asiaphos and TEE International.

This item was originally published on Thursday, 12 August 2021 at 12:17 a.m. SGT; it has since been updated to include City Developments, Singtel, ST Engineering, Boustead Projects, Keppel DC REIT and Manulife US REIT (MUST).

City Developments

City Developments reported Thursday it swung to a first half net loss of S$32.1 million from a year-earlier net profit of S$3.1 million as the hotel operations took a hit from the Covid-19 pandemic and from higher taxes in New Zealand.

Read more: City Developments reports 1H21 loss as hotel operations faced pandemic hit, higher taxes

Wilmar International

Wilmar International reported Wednesday its first half net profit increased 23 percent on-year to US$750.9 million, boosted by better performance in the feed & industrial products and plantation & sugar milling segments.

Read more: Wilmar posts 1H21 net profit rose 23 percent on feed & industrial products, sugar

Singtel

Singtel reported its fiscal first quarter swung to a net profit of S$445 million from a year-ago net loss of S$20 million on an improved operating environment as Covid-19 related restrictions were eased and as the Australian dollar appreciated by 11 percent.

Read more about Singtel’s business update.

ST Engineering

ST Engineering reported Thursday its first half net profit rose 15 percent on-year to S$296.1 million on better operating performance of the urban solutions & satcom and the defence & public security segments, which offset weaker performance from commercial aerospace, lower government support and higher tax expense.

Read more about ST Engineering’s results.

Boustead Projects

Boustead Projects’ wholly owned subsidiary BP-Real Estate Investments, along with Roark Capital and Lim Teck Lee Investments, have entered a deal to acquire S$110 million in notes backed by Singapore’s Orchard Hills property for S$117 million, the Singapore-listed company said Thursday.

Read more: Boustead Projects, investors to acquire S$110M defaulted notes backed by Orchard Hills property

 

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Keppel DC REIT

Keppel DC REIT has launched a private placement of 81 million new units at S$2.47 to S$2.522 each to raise between S$200.1 million and S$204.3 million to partially fund its acquisition of a data center property in China and prepare for future deals, the REIT said Thursday.

Read more: Keppel DC REIT launches private placement to raise up to S$204M

Manulife US REIT

Manulife US REIT reported Thursday its first half net property income dropped 9.8 percent on-year to US$56.07 million on lower rental income from the Michelson, Centrepointe and Capitol properties due to higher vacancies, Covid-related rent abatements to tenants and lower portfolio carpark income.

Read more: Manulife US REIT 1H21 net property income slid nearly 10 percent

Dyna-Mac Holdings

Dyna-Mac Holdings reported Wednesday it swung to a first half net profit attributable to equity holders of S$2.49 million from a year-ago loss of S$14.22 million on more progress on projects during the period, compared with a production stand-down in the second quarter of 2020.

Read more: Dyna-Mac swings to 1H21 net profit, expects to remain a going concern

Temasek and Keppel Pacific Oak US REIT

Singapore state-owned investment company Temasek Holdings’ deemed interest in Keppel Pacific Oak US REIT (KORE) has fallen to 10.86 percent from 11.87 percent previously after the issuance of 88.68 million new KORE units in a private placement, according to a filing to SGX Wednesday.

Temasek does not hold any KORE units directly, with its holding via its stakes in Keppel Corp. and DBS, which each hold stakes in the REIT, the filing said.

Dasin Retail Trust

Aqua Wealth Holdings has shed 306,500 units of Dasin Retail Trust for around S$191,566 after CGS-CIMB Securities (Singapore), which held the units under a share pledge arrangement for share margin financing facilities, exercised its margin call on the units over on 6 and 10 August, according to a filing to SGX Saturday.

Aqua Wealth Holdings, which is part of the Zhang Family Settlement trust, remains a substantial shareholder of the trust, with a deemed 53.41 percent stake, or 417.67 million units, the filing said. Zhang Zhencheng, the settler of the family trust and the sole member of the trust’s investment committee, holds 99 percent of Dasin Retail Trust Management, the filing said.

This followed a similar transaction reported on 7 August.

 

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Hutchison Port Holdings Trust

Hutchison Port Holdings Trust, or HPHT, said Wednesday Diana Tung Wan Lee, age 53, would resign from the role of chief financial officer and investor relations officer of the trust’s manager, effective 1 January 2022, as part of the group’s succession plan.

Lee, who had taken on the role in 2016, will be assuming the role of group chief financial officer of Hutchison Port Holdings, HPHT said in a filing to SGX.

Jimmy Chi Kit Ng, age 45, currently the business director of the Southeast Asia division of Hutchison Port Holdings, will succeed Lee, the filing said.

APAC Realty

APAC Realty’s Thailand subsidiary, ERA Thailand entered a deal to acquire 99.99 percent of Thailand-based ERA Property Network, or EPN, for around 5 million baht, or around S$211,392, the Singapore-listed realty operator said in a filing to SGX Wednesday.

EPN is a member broker operating under ERA Thailand with around 100 real estate agents as of end-June, making it the largest ERA member broker in Thailand, the filing said.

APAC Realty

APAC Realty said Wednesday it subscribed for 49.77 million shares, or a 5.24 percent stake, in PT ERA Graharealty, or ERA Indonesia, in its initial public offering (IPO) for 5.97 billion rupiah, or around S$560,000.

ERA Indonesia holds the ERA country master franchise for Indonesia, with 112 active member broker offices in Indonesia’s major cities, with 4,254 agents as of end-June, APAC Realty said in a filing to SGX.

Fu Yu

Fu Yu Corp. reported Wednesday its first half net profit increased 20.1 percent on-year to S$8.86 million on a change in the revenue mix, lower headcount mainly due to closing Fu Yu Chongqing and cost-management and efficiency initiatives.

Revenue for the January-to-June period slipped 1.7 percent on-year to S$70.39 million as higher sales from manufacturing operations in Singapore and Malaysia offset a sales decline from the China segment on lower printing and imaging orders and the cessation of operations at the Chongqing factory, the precision plastic component maker said in a filing to SGX.

Singapore sales increased on higher demand from the medical sector, while Malaysia saw higher orders of printing and imaging products and power tools and revenue from new industrial products even as orders of consumer products decreased, Fu Yu said.

Read more about Fu Yu Corp.’s earnings.

Boldtek Holdings

Boldtek Holdings said Wednesday its subsidiary Logistics Construction landed a S$37.28 million contract from the Civil Aviation Authority of Singapore for addition and alteration works on the existing air traffic control center.

The contract is set to begin 16 August, with completion expected by the first quarter of 2023, Boldtek said in a filing to SGX.

 

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Asiaphos

Asiaphos warned Wednesday it would report wider net losses for the second quarter and first half, mainly on higher legal fees and professional fees in connection with arbitration with the Chinese government.

The results are due to be released on or before 14 August, Asiaphos said in a filing to SGX.

TEE International

TEE International said Wednesday it has redesignated interim CEO Phua Cher Chuan, age 52, to the role of CEO. Phua, which is a nephew of Director Phua Boon Kin, has served as interim CEO since June and since 2011, he has served as an executive director of the company, according to a filing to SGX.

In a separate statement, TEE International said it appointed Chua Siong Kiat, age 50, to the role of chief financial officer. Chua has served as a director of Lighthouse Business Consulting since 2015, and as the chief financial officer of Wai Fong Construction from August 2020 to September 2021, the filing said.

 

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