Stocks to watch: CLI, ThaiBev, CDL, Singapore Land, SingPost, Frasers Property, CAO, PropNex

THE following companies saw new developments that may affect trading of their securities on Thursday (Aug 10):

CapitaLand Investment (CLI): The company on Thursday announced its launch of a business park development fund, with a target fund size of S$525 million to invest in Grade A business parks in prime locations across gateway cities in India. The first closing is expected to add about S$700 million to CLI’s funds under management. The counter closed S$0.02 or 0.6 per cent down at S$3.26 on Tuesday.

Thai Beverage (ThaiBev): The food and beverage company’s earnings before interest, taxes, depreciation and amortisation fell 3.4 per cent year on year to 37.8 billion baht (S$1.45 billion) for the nine months ended June. This came as higher sales revenue was more than offset by an increase in costs, noted the company on Wednesday. Shares of ThaiBev closed flat on Tuesday at S$0.57.

City Developments Limited (CDL): The property player posted a 94.1 per cent drop in net profit to S$66.5 million for its first half ended Jun 30, 2023. This was largely attributed to the absence of significant divestment gains, as well as greater financing costs and impairment losses for its UK investment properties, CDL said on Thursday. Its shares closed down 1.3 per cent or S$0.09 to S$7.12 on Tuesday.

Singapore Land Group : The real estate company’s net profit for the first half ended June declined 53.2 per cent to S$168.4 million from S$359.8 million a year earlier. This was despite a surge in revenue, as its share of results in its two associates fell due to lower contributions from projects in Shanghai and Singapore. Shares of Singapore Land shed 0.5 per cent or S$0.01 to close at S$2.06 on Tuesday, before the results were announced.

Singapore Post (SingPost): The national postal service provider on Tuesday said it will pay an additional S$1.7 million for the purchase of a remaining 37.5 per cent stake in Famous Holdings amid ongoing arbitration lodged by the share vendor. SingPost shares closed 2 per cent or S$0.01 higher at S$0.50 on Tuesday, before the announcement was made.

Frasers Property : In a business update on Tuesday, the group said it is engaging in ongoing active management of its residential product mix and features to capture pockets of demand amid macroeconomic challenges. This comes as Thailand’s mounting household debt affected consumer spending, economic growth and financial stability. Shares of Frasers Property closed flat at S$0.85, before the news.

China Aviation Oil (CAO): The jet fuel trader on Tuesday reported a net profit of US$19.7 million for its half year ended Jun 30, up 0.4 per cent from the year-ago period as lower revenue was partially offset by a rise in other operating income. Shares of CAO closed 2.7 per cent or S$0.025 higher at S$0.945, before the announcement.

PropNex : The real estate group on Thursday posted an 18.4 per cent drop in net profit to S$22.1 million for its first half year ended June, from S$27.0 million in the previous corresponding period. This was mainly led by lower commission income from agency services and project marketing services amid cooling measures since September 2022. The counter closed on Tuesday 1.9 per cent or S$0.02 down at S$1.04.