Stocks to watch: ComfortDelGro, Golden Agri, The Hour Glass, Boustead Singapore

THE following companies saw new developments that may affect trading of their securities on Wednesday (Nov 15):

ComfortDelGro : The land transport giant posted a 54.5 per cent rise in net profit to S$49.9 million for the third quarter ended Sep 30, from S$32.3 million a year earlier. This came as the company’s public transport business improved, as renewals and indexation in the UK continued to improve margins. Its shares shed 0.8 per cent or S$0.01 to close at S$1.31 on Tuesday, before the business update.

Golden Agri-Resources : The palm oil company posted a 25 per cent decline in net profit for the third quarter ended Sep 30 to US$68 million, from US$90 million in the same period a year earlier. In a business update on Tuesday, the company said its results remained firm, notwithstanding a normalisation in the price of crude palm oil after it hit a record high in 2022. Its counter closed 1.9 per cent or S$0.005 higher at S$0.27 on Tuesday, before the news.

The Hour Glass : The luxury watch retailer on Tuesday posted a 9 per cent fall in net profit for the first half of FY2024. Net profit fell to S$77 million from S$84.6 million in the year-earlier period, as exchange rate movements hit its margins, while revenue stayed flat. The company’s shares ended Tuesday flat at S$1.72.

Boustead Singapore : The engineering services group proposed an unconditional cash exit offer for its real estate unit Boustead Projects at S$1.18 per share, representing a 24.2 per cent increase from the previous voluntary unconditional general offer of S$0.95 per share. It reported a first-half net profit of S$26.9 million, up 19 per cent from the same period the prior year. Shares of Boustead Singapore ended 1.8 per cent or S$0.015 higher at S$0.85 on Tuesday, after the news.

Delfi : The chocolate confectionery company’s earnings before interest, taxes, depreciation and amortisation declined 6.3 per cent to US$12.9 million in the third quarter ended Sep 30. This was despite the group posting a 12.9 per cent increase in third-quarter revenue to US$126.4 million, from US$112 million the year before. Shares of Delfi closed 2.4 per cent or S$0.03 higher at S$1.30, before the news.

Cortina : The luxury watch retailer posted an 18.5 per cent decline in net profit for the half year ended Sep 30 to S$30.9 million. It attributed the decline to economic uncertainties due to rising interest rates, the weakening of some currencies in South-east Asia against the Singapore dollar, and operational disruptions due to the expansion and renovation of outlets in Malaysia and Thailand. Cortina shares closed flat at S$3.50 on Tuesday, before the results.

SIIC Environment : The wastewater treatment company posted a 0.5 per cent rise in net profit to 206 million yuan (S$38.3 million) for the third quarter ended Sep 30, from 205 million yuan a year earlier. Revenue over the same period rose 10.9 per cent to 2.3 billion yuan, from 2.1 billion yuan previously. Shares of SIIC Environment fell 2 per cent or S$0.004 to S$0.196 on Tuesday, before the results.

Geo Energy Resources : The mainboard-listed Indonesian coal producer posted a 68 per cent decline in net profit to US$11.5 million for the third quarter ended Sep 30, from US$35.7 million a year earlier. Revenue over the same period fell 33 per cent to US$111 million, following lower revenue on reduced sales volume and average selling prices. Geo Energy shares closed flat at S$0.295 on Tuesday, before its earnings were released.

GP Industries : The battery maker posted a 55.1 per cent fall in net profit for the first half of FY2024, amid a decline in sales and the absence of one-off disposal gains it had recorded the previous year. Net profit for the six months ended Sep 30 stood at S$8.9 million, down from S$19.8 million in the year-earlier period. GP Industries shares ended Tuesday flat at S$0.635, before the news.

Amara : The hotel group on Tuesday received a voluntary cash offer at S$0.60 per share from a consortium linked to its chief executive Albert Teo, other members of his family, and private equity investor Dymon Asia. The offeror plans to privatise Amara, citing a challenging growth environment and low trading liquidity. Amara most recently transacted at S$0.46, before a trading halt was called on Nov 10.

LHN Group : The real estate services provider warned that it expects to record a 23.8 per cent year-on-year decline in net profit to no less than S$40 million for the year ended Sep 30, from S$52.5 million a year earlier. It attributed the lower profit estimate to net fair value loss on its and its joint ventures’ investment properties in FY2023, compared with net fair value gain recognised in FY2022. Its shares closed 1.5 per cent or S$0.005 lower at S$0.33 on Tuesday, before the news.