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Stocks to watch: DBS, oil & gas counters, CDL H-Trusts, iFast Corporation
SINGAPORE'S largest bank, DBS, and oil-and-gas counters will be in focus on Friday, following the stunning move by Swiber Holdings to wind up the company.
DBS: The bank has a total exposure of about S$700 million to the Swiber group of companies, and expects only half of this to be recovered because the exposure is only partially secured. It said it will tap its general allowance to provide for the anticipated shortfall, bringing its net allowance charge to S$150 million. DBS's peers OCBC and UOB have reported no or "manageable" exposure.
Mermaid Maritime: The company announced that its associate Asia Offshore Drilling (AOD) has secured a three-year contract extension from Saudi Aramco for the jack-up drilling rigs AOD I and AOD II, expiring in June 2019 and July 2019 respectively. The extensions will add about US$225 million in contract backlog.
Vard Holdings: The shipbuilder said it has secured a US$70 million contract for the design and construction of three vessels for an undisclosed client. The announcement did not give further details.
CDL Hospitality Trusts: The trust on Friday reported a 0.9 per cent fall in distribution per stapled security (DPS), reflecting lower net property income. DPS for the three months ended June 30, 2016, stood at 2.23 Singapore cents, compared to 2.25 Singapore cents a year ago.
iFAST Corporation: The online investment products distributor on Friday posted a 65.2 per cent drop in second-quarter net profit on weaker revenue and higher staff costs. Net profit for the three months ended June 30, 2016, stood at S$1.14 million, compared to S$3.28 million from a year ago.