Stocks to watch: CDL, Frencken, Hiap Tong

THE following companies saw new developments that may affect trading of their securities on Monday (May 22):   City Developments Limited (CDL): The property developer on Friday reported a slowdown in its sales for the first quarter ended Mar 31. The group’s total sales value fell to S$213.2 million across 88 units, compared with 188 units at S$477.9 million in Q1 the year before. CDL shares slipped 0.3 per cent or S$0.02 to S$6.89, ahead of the update. Frencken Group : The automation and technology company reported a net profit of S$5.2 million for the first quarter ended March, down 59.5 per cent from S$12.8 million in the corresponding year-ago quarter. Revenue for the quarter fell 13 per cent year on year to S$172.5 million, with improved sales from its European operations offset by lower sales in Asia. Shares of Frencken closed on Friday 1.6 per cent or S$0.015 higher at S$0.94, before the news.

Hiap Tong : The Catalist-listed crane provider said on Friday that it expects to record “significantly higher” net profit after tax for its FY2023 ended Mar 31 compared with FY2022, thanks to new projects and the full resumption of business operations in Singapore and Malaysia. The company will release its financial statements on or before May 30. Shares of Hiap Tong closed on Friday 4.8 per cent or S$0.005 lower at S$0.099, before the update.