The Business Times

Stocks to watch: JMH, ST Engg, Aspen, Sinarmas Land, Tee International

Published Tue, Apr 13, 2021 · 08:52 AM

THE following companies saw new developments that may affect trading of their securities on Tuesday:

Jardine Matheson Holdings (JMH): Shareholders on Monday approved JMH's acquisition of Jardine Strategic. This follows a move to simplify the parent company structure of the group, according to an exchange filing. The acquisition will be effective April 14. Jardine Strategic filed a request for suspension on Tuesday, following the announcement of the acquisition. Shares of JMH rose 0.2 per cent or US$0.13 to close at US$64.37 on Monday, before the announcement.

ST Engineering: RHB raised its target price on ST Engineering (STE) to S$4.50 from S$4.25 previously, while maintaining its "buy" call, in a report on Monday. This comes after STE last week was awarded a contract in partnership with Oshkosh Defense to produce prototypes for the US Army's cold weather, all-terrain vehicle. STE shares fell 0.5 per cent or S$0.02 on Monday to close at S$3.97, after the announcement.

Aspen: The Malaysian property developer and glove maker on Tuesday said its glove unit has entered into a two-year master supply agreement with multinational conglomerate Honeywell to sell part of its Phase 1(b) production capacity. The agreement is valued at US$210 million. Shares of mainboard-listed Aspen closed flat at 26.5 Singapore cents on Monday.

Sinarmas Land: The developer, through its subsidiary Bumi Serpong Damai, announced on Monday that it and Mitbana, a joint venture of Mitsubishi and Surbana Jurong, will jointly develop the first interconnected multi-modal transport complex in Greater Jakarta. The project, worth approximately S$200 million, will offer access to multiple public transportation options. Shares of Sinarmas Land closed at S$0.24 on Monday after the announcement, up S$0.01 or 4.4 per cent.

Tee International: The group announced on Monday that its net loss widened to S$6.4 million for the third quarter ended Feb 28, from a S$4.1 million loss during the same period a year earlier. The wider net loss came as revenue decreased by more than half to S$46.7 million for the three months, from S$100.6 million a year earlier. Tee International shares fell 2.1 per cent or 0.1 Singapore cent to close at 4.6 cents on Monday, before the announcement.


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Trading halt: Yongnam Holdings requested a trading halt on Tuesday pending the release of announcements. Shares of Yongnam closed at 8.3 Singapore cents on Monday, down 4.6 per cent or 0.4 cent.


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