Singapore stocks Friday: SIA, SGX, ComfortDelGro, SembMarine, Old Chang Kee, FLCT, Kimly

A Singapore Airlines Scoot plane on the tarmac at Changi Airport in October 2018.A Singapore Airlines' Scoot plane at Changi Airport

Singapore companies in focus on Friday, 12 November 2021:

  • Singapore Airlines reports fiscal 1H net loss narrowed as VTLs support demand
  • ComfortDelGro reports 3Q21 net profit rose 19 percent as public transport revenue rose
  • SembMarine: Expect ‘significant losses’ to continue in 2H21 amid supply-chain disruption, border controls
  • SBS Transit reports 3Q21 profit after tax fell 28 percent as operating costs rose
  • Curry puff maker Old Chang Kee posts fiscal 1H net profit tumbled as catering to dorm workers ended

Others: Singapore Exchange (SGX), Frasers Logistics & Commercial Trust, SBS Transit, Kimly and Best World International.

Singapore Exchange

Singapore Exchange (SGX) reported Thursday derivatives volume in October rose 11 percent on-year to 18.1 million contracts, while the SGX FTSE China A50 Index Futures traded volume grew 23 percent on-year to 7.3 million contracts, with a record 591,040 contracts changing hands during China’s Golden Week holidays.

“Risk-management demand drove volume gains across multiple asset classes, as investors weighed global economic optimism against uncertainty over the pace of China’s recovery,” SGX said in the statement.

Read Singapore Exchange’s market statistics for October.

Singapore Airlines

Singapore Airlines reported Thursday its fiscal first half net loss narrowed to S$837 million from a net loss of S$3.47 billion in the year-ago period, bolstered by record cargo revenue and vaccinated travel lanes (VTLs) supporting demand for air travel to and through Singapore.

Read more: Singapore Airlines reports fiscal 1H net loss narrowed as VTLs support demand

ComfortDelGro

ComfortDelGro reported Thursday its third-quarter net profit increased 19.4 percent on-year to S$25.8 million as public transportation revenue grew.

Read more: ComfortDelGro reports 3Q21 net profit rose 19 percent as public transport revenue rose

Sembcorp Marine

Sembcorp Marine (SembMarine) warned Thursday it expected to post “significant losses” in the second half of 2021, possibly as high as losses in the first half, when the company reported a net loss of S$647 million.

Read more: SembMarine: Expect ‘significant losses’ to continue in 2H21 amid supply-chain disruption, border controls

Frasers Logistics & Commercial Trust

Frasers Logistics & Commercial Trust reported Thursday its fiscal second half adjusted net property income grew 12.3 percent on-year to S$181.27 million, mainly on acquisitions, partly offset by divestments and rental waivers.

Read more: Frasers Logistics & Commercial Trust posts fiscal 2H21 adjusted net property income grew 12 percent

SBS Transit

SBS Transit reported Thursday its third quarter profit after tax fell 28.4 percent on-year to S$13.86 million on higher operating costs.

Read more: SBS Transit reports 3Q21 profit after tax fell 28 percent as operating costs rose

SBS Transit

SBS Transit said Thursday the Downtown MRT Line (DTL) would transition to the New Rail Financing Framework Version 2 (NRFF (V2)), similar to the model for the North East Line and the Sengkang Punggol LRT line, which allows for more risk sharing with the Land Transport Authority (LTA). Under the framework, rail operators’ earnings before interest and tax (EBIT) is capped at an around 5 percent margin, with the LTA sharing any revenue shortfalls, the company said in a filing to SGX.

“The significant changes in our rail operating context, in particular the sharp plunge in rail ridership due to the Covid-19 pandemic has highlighted the pressing need to recalibrate the sharing of risks between the government and rail operators and to reduce commercial volatility for the provision of public rail services,” Cheng Siak Kian, CEO of SBS Transit, said in the statement.

“As the Covid-19 pandemic is still on-going, the timing of the recovery of travel and economic activities to pre-Covid-19 levels is uncertain and there could be significant shifts in ridership patterns in a post pandemic environment,” Cheng said.

Read SBS Transit’s filing to SGX.

Old Chang Kee

Iconic Singapore curry puff maker Old Chang Kee reported Thursday its net profit for the fiscal first half tumbled 42.7 percent on-year to S$3.44 million as the gross profit margin fell, mainly on the absence of economies of scale savings from the large-scale catering of packed meals to foreign workers dormitories.

Read more: Curry puff maker Old Chang Kee posts fiscal 1H net profit tumbled as catering to dorm workers ended

Kimly

Kimly Ltd. said Thursday Executive Chairman Lim Hee Liat and Executive Director and CEO Chia Cher Khiang have informed the board that the Commercial Affairs Department (CAD) of the Singapore Police Force has notified them they have each been charged with an offence under the Securities and Futures Act.

Read more: UPDATE: Singapore executive moves: Kimly Executive Chmn Lim to resign after CAD charges

Best World International

Best World International said Thursday it is considering a delisting of its shares, given prevailing market conditions and uncertainty over whether China will accept filings to expand its existing direct selling licenses in a reasonable timeframe.

The company’s shares are likely to remain suspended until the group can transition to a direct-selling model in China as SGX RegCo has regulatory concerns over the sales and distribution model there, Best World said in a filing to SGX.

Read Best World International’s filing to SGX.

 

Follow Shenton Wire on Telegram to receive alerts on your phone