Stocks to watch: IHH Healthcare, Cosco Shipping, MLT, FCT, ComfortDelGro

THE following companies saw new developments that may affect trading of their securities on Friday (Mar 1):

IHH Healthcare : The integrated healthcare provider reported earnings of RM727.5 million (S$205.8 million) for the fourth quarter ended December 2023, a 280 per cent jump from RM191.3 million in the corresponding quarter a year earlier. On Thursday, the group added that Q4 revenue rose 9 per cent to RM5.3 billion, as hospital and healthcare revenue rose 13 per cent to RM5.2 billion. Shares of IHH Healthcare closed S$0.02 or 1.1 per cent higher, at S$1.77, before the announcement of the results.

Cosco Shipping : The logistics management service provider on Thursday recorded a full-year net profit of S$1.9 million, reversing from an S$88.6 million loss a year ago. This came as its H2 net loss shrank drastically to S$59,000 from S$94.8 million in the year-ago period, after administrative expenses fell to S$13.5 million from S$112.6 million. This was due to the absence of a S$99 million impairment of goodwill recorded in H2 FY2022. Shares of Cosco Shipping fell 0.7 per cent or S$0.001 to S$0.137, before the results were announced.

Mapletree Logistics Trust (MLT): The trust manager on Thursday announced that MLT will acquire three Grade A warehouses – one in Malaysia, and two in Vietnam – for RM558.8 million (S$157.9 million) and 1.3 trillion Vietnamese dong (S$68.4 million) respectively. The total acquisition cost, including acquisition-related expenses, is estimated to top S$234 million. The manager intends to finance the acquisitions through a mix of debt and part of the sales proceeds from divestments in recent quarters. MLT units closed up 0.7 per cent or S$0.01 at S$1.48, before the announcement. Frasers Centrepoint Trust (FCT): The trust will be added to the Strait Times Index (STI), Singapore’s main stock market benchmark, on Mar 18, replacing Philippine liquor giant Emperador. The outcome of the latest STI quarterly review, which assesses the 30 largest listed companies on the Singapore Exchange, was announced on Thursday. Shares of FCT closed at S$2.19, up 0.5 per cent or S$0.01, before the announcement.

ComfortDelGro : The transport operator announced a net profit of S$102 million for the second half of 2023, up 76.5 per cent from S$57.8 million in the year-earlier period. The group said on Thursday that this was after a 4.2 per cent revenue jump to S$2 billion, from S$1.9 billion in H2 FY2022. This brought the company’s full-year net profit of S$180.5 million, up 4.3 per cent from S$173.1 million in FY2022. Shares of ComfortDelGro closed down 1.5 per cent or S$0.02 at S$1.35, before the results were made known.

OUE : The property developer posted earnings of S$40.9 million for the second half of the fiscal year ended December 2023, down 59.6 per cent from S$101.2 million in the corresponding year-ago period. The group said on Thursday that the loss was due to a ​​lower share of results of equity-accounted investees, higher fair-value losses recognised for investment properties and finance expenses, as well as a lower net write-back of impairment losses recognised on property, plant and equipment. Shares of OUE closed at S$1.04 down 1 per cent or S$0.01, before the announcement.

Hong Fok Corporation : The property developer on Thursday posted a net profit of S$81.2 million for the second half of 2023, a 61.5 per cent drop from its earnings of S$211 million in the year before. H2 revenue fell 39.2 per cent to S$59.8 million. The company attributed the drop in revenue to a fall in its sale of residential units in Concourse Skyline, a condominium development in Beach Road. The drop was marginally cushioned by a rise in rental income. Shares of Hong Fok closed up 4.2 per cent, or S$0.035 at S$0.86, before the release of the results.