Stocks to watch: Sats, SingPost, Cortina, GK Goh, Valuetronics, Old Chang Kee, SIA Engineering

THE following companies saw new developments that may affect trading of their securities on Tuesday (May 30):

Sats : The in-flight caterer and ground handler reported earnings of S$6 million for the second half-year ended March 2023, a 16.7 per cent decrease year on year. This was despite a 57.1 per cent increase in revenue. Sats ended the full year with a net loss of S$26.5 million, a reversal from FY2022’s net profit of S$20.4 million. No dividend was proposed, and shares of Sats closed down 2.8 per cent or S$0.08 to S$2.75 on Monday before the release of its results. 

Singapore Post (SingPost): New arbitration proceedings have commenced against SingPost over a share purchase agreement related to Famous and its units, SingPost said on Monday. The proceedings were started by Tan Ho Sung, who has had various disputes with SingPost and its units since 2017. SingPost shares ended Monday flat at S$0.455.

Cortina : Weighed by a one-off write-back, the luxury watch retailer’s net profit fell 11 per cent to S$38.6 million for H2 ended Mar 31, even as the company’s revenue for the half year rose 7 per cent to S$419.7 million. On a full-year basis, the company’s net profit rose 11 per cent to S$76.5 million, on the back of a 15 per cent revenue increase to S$826.6 million. Cortina shares ended Monday flat at S$3.80.

GK Goh : The investment holding company announced on Monday that it will be delisting on Jun 5 after a successful privatisation bid. Verveine, a special purpose vehicle owned by GK Goh’s founder and chairman, and its managing director, received 95 per cent of valid acceptances for its bid to take the mainboard-listed company private at S$1.26 per share in cash a month ago. The company last traded at S$1.24 on Apr 25, 2023.

Valuetronics : The electronics manufacturing service provider on Tuesday reported a net profit of HK$65.1 million (S$11.3 million) for H2 ended Mar 31, up 14.4 per cent year on year as higher interest rates boosted interest income over the period. Its board has proposed a special dividend of HK$0.06 per share on top of a final dividend of HK$0.10 per share. Including an interim dividend of HK$0.04 per share, full-year payout will be HK$0.20 per share. Valuetronics ended Monday flat at S$0.51.

Old Chang Kee : The curry puff specialist announced net profits of S$3.5 million for H2 ended Mar 31, a 52.6 per cent increase. The company also posted an 18.4 per cent increase in revenue for the half year to S$46.1 million. For the full year, its net profit was up 8.4 per cent to S$6.2 million, while its revenue rose 15.9 per cent to S$89.8 million. The company declared a final dividend of S$0.01 per share, unchanged from the year-ago period. The counter closed flat at S$0.62 on Monday.

SIA Engineering Company (SIAEC): SIAEC announced on Tuesday that it will form a joint venture (JV) together with the Cambodia Airport Investment Company (CAIC) for aircraft line maintenance services at a new airport in Phnom Penh, Cambodia. SIAEC will hold a 51 per cent stake in the JV, while CAIC will hold 49 per cent. The counter ended Monday S$0.03 down, or 1.2 per cent, at S$2.42.

Trading halt: Challenger Technologies requested a halt in trading of its shares with immediate effect, pending the release of an announcement, after market close on Monday.