Stocks to watch: ST Engineering, Genting, First Resources, OUE C-Reit, SingPost

THE following companies saw new developments that may affect trading of their securities on Friday (May 13):

ST Engineering: The defence and engineering group reported revenue of S$2 billion for the first quarter ended March 2022, up 13 per cent year on year and returning to pre-Covid levels. The topline growth came as revenue in all of the group’s business segments booked improvements over the quarter, said ST Engineering in a business update on Friday. Its shares ended Thursday S$0.01 or 0.3 per cent lower at S$3.98.

Genting Singapore: The integrated resort operator on Thursday reported a 17 per cent increase in its net profit after taxation to about S$40.4 million for the first quarter ended Mar 31, 2022, from S$34.5 million in the year-ago period. While footfall in Resorts World Sentosa has increased gradually, the group expects the pace of recovery to be moderated. Shares of Genting Singapore fell S$0.015 or 1.9 per cent to close at S$0.765 on Thursday, before the bourse filing was released.

First Resources: The Indonesian palm oil producer on Friday posted net profit of US$73.6 million for its first quarter ended Mar 31, 2022, jumping by 738.5 per cent from US$8.8 million a year earlier. The growth was mainly driven by stronger average selling prices achieved in the quarter as compared to that in the same period in 2021. Shares of First Resources closed S$0.02 or 0.9 per cent lower at S$2.10 on Thursday.

OUE Commercial Reit (OUE C-Reit): The real estate player’s net property income fell 21.5 per cent to about S$48 million for the first quarter ended Mar 31, 2022, from S$61.1 million in the year-ago period. This was attributed to the deconsolidation of OUE Bayfront’s performance after the divestment of a 50 per cent stake in the property on Mar 31, 2021, said OUE C-Reit on Thursday. Units of OUE C-Reit finished S$0.015 or 3.7 per cent lower at S$0.395 on Thursday, before the business update was released.

Singapore Post (SingPost): The mainboard-listed mail carrier on Friday posted a 188.1 per cent rise in net profit to S$48.1 million for its second half ended Mar 31, 2022, from S$16.7 million in the year-ago period. This comes as the group records a 34 per cent growth in revenue, led by contributions from its logistics segment. Shares of SingPost closed 2.8 per cent or S$0.02 lower at S$0.695 on Thursday.

Geo Energy Resources: The Indonesian coal producer on Thursday reported a 42 per cent growth in its net profit from operations to US$40.5 million for the first quarter ended Mar 31, 2022, up from US$28.5 million in the year-ago period. This was driven by higher operating profit and lower finance costs in October 2021. Shares of mainboard-listed Geo Energy dropped S$0.03 or 6.1 per cent to close at S$0.465 on Thursday, before the business update was released.

EC World Real Estate Investment Trust (EC World Reit): The Reit on Thursday reported a 9.7 per cent decline in its distribution per unit to S$0.01383 for the first quarter ended Mar 31, 2022, from S$0.01532 the year before, despite increases in its net property income and gross revenue. The counter closed down 1.6 per cent or S$0.01 at S$0.62 on Thursday, before the announcement.

United Hampshire US Real Estate Investment Trust : The Reit on Thursday reported a 7.9 per cent increase in its distributable income to US$8.1 million for the first quarter ended Mar 31, 2022, compared with the US$7.6 million in the corresponding period last year. Units of the Reit finished US$0.01 or 1.6 per cent lower at US$0.61 on Thursday, before the business update was released.