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Stocks to watch: CapitaLand, SMRT, Acromec
STOCKS with recent earnings disclosures and corporate updates will likely provide some trading impetus on Wednesday.
CapitaLand: The property developer clocked in a 35.4 per cent increase in net profit after tax and minority interest (Patmi) to S$218.3 million for the first quarter ended March 31, 2016. This was mainly bolstered by a fair-value gain from the divestment of a property in China, Somerset ZhongGuanCun Beijing.
SMRT Corporation: The transport operator said on Wednesday its wholly owned subsidiary SMRT Services Pte Ltd has agreed with 2 Getthere Holding BV on April 19 the key principles and terms of a joint-venture (JV) agreement. Under this agreement, they will market, supply and operate automated vehicle systems in the Asia-Pacific. A JV company, 2getthere Asia Pte Ltd (2GT Asia), was incorporated in Singapore on Tuesday.
This announcement came hot on the heels of an announcement on Monday saying SMRT Taxis' subsidiary Strides Transportation has inked a one-year partnership with ride-booking platform Grab. Through the collaboration, Strides will provide car-booking services to commuters via the latter's GrabCar platform for a year.
Acromec: The local cleanroom specialist that started trading of its shares on the Catalist board on Monday has secured two contracts totalling S$7.1 million from a customer in the healthcare sector. This brings its current order book to about S$47 million, the company said this week.
The first contract relates to the refurbishment and enhancement of a restructured hospital's existing operating theatres and is scheduled to commence in May and complete in October this year.