Stocks to watch: Wing Tai, Valuetronics, HRnetGroup, Boustead Projects, Hwa Hong
Tan Nai Lun
THE following companies saw new developments that may affect trading of their securities on Thursday (May 26):
Wing Tai Holdings : The property and lifestyle group’s wholly-owned subsidiary has won the tender for Lakeside Apartments at S$273.9 million, representing a 14.1 per cent premium to the property’s S$240 million reserve price. In a press statement on Thursday, the group said it plans to redevelop the site into a residential development of more than 300 units. Wing Tai closed S$0.01 or 0.6 per cent higher on Wednesday at S$1.75.
Valuetronics Holdings : The mainboard-listed electronics manufacturing service provider on Thursday posted a 40.5 per cent drop in its net profit to HK$56.9 million (S$10 million) for the 6 months ended Mar 31, from HK$95.6 million in the year-ago period. The drop in net profit comes as a global components shortage impacted the group’s ability to meet orders for the full year. The counter closed flat at S$0.525 on Wednesday.
HRnetGroup : The recruitment company on Thursday said it co-invested S$500,000 in the flexible staffing business of Recruit First Indonesia (RFI). The group made the investment with a new co-owner - Kelvin Rimbum - to provide further working capital. Rimbun, who is a senior consultant, was part of RFI’s pioneer team when it started operations in 2020. HRnetGroup closed 0.7 per cent or S$0.005 higher at S$0.715 on Wednesday.
Boustead Projects : The real estate solutions provider on Wednesday reported a 91 per cent fall in earnings to S$11.3 million for FY2022 ending Mar 31, down from S$131.7 million the year before, as a result of the absence of a one-off gain. Shares of Boustead Projects closed up 0.5 per cent or S$0.005 to S$0.935 on Wednesday, before the announcement was made.
Hwa Hong Corporation : Its board on Wednesday set out the views of non-independent non-executive director, Huang Yuan Chiang, following a dispute over a financial adviser appointment and statements made to the media about the company’s annual general meeting. Separately, the Securities Investors Association (Singapore) called for incoming independent directors to “step aside” until the company’s mandated independent review is completed. Shares of Hwa Hong closed flat at S$0.385 on Wednesday, before the announcement.
Nordic Group : The engineering solutions provider on Wednesday posted a net profit of S$5.2 million for Q1 2022, representing a 49 per cent on-year increase from S$3.5 million. Revenue was up 64 per cent to S$40.1 million, from S$24.5 million last year, which Nordic attributed to consistent growth and diversification of its revenue stream. Shares of Nordic closed up S$0.01 or 2.5 per cent at S$0.405 on Wednesday, after the announcement was made.
