Stocks to watch: Keppel Corp, SGX, Frasers Property, Prime US Reit, Manulife US Reit, BRC Asia, Straco
Chelsea Ong
THE following companies saw new developments that may affect trading of their securities on Thursday (Feb 9):
Keppel Corporation : A unit of Keppel Land is selling its 100 per cent stake in Willowville for US$5.5 million, the company said on Wednesday. Willowville has a 60 per cent stake in a project company that holds the rights to develop a site in District 1 in Ho Chi Minh City, Vietnam, and the sale is expected to occur in the first half of 2023. Shares of Keppel Corporation closed at S$7.08, down 0.4 per cent or S$0.03 before the news.
Singapore Exchange (SGX) : It reported a 30.1 per cent increase in net profit to S$284.6 million for the first half of FY2023 on Thursday from S$218.7 million a year earlier. This comes as operating revenue rose, driven by an increase in derivatives trading and clearing revenue, as well as treasury income. SGX shares closed 0.1 per cent lower, or S$0.01 at S$9.15 on Wednesday.
Frasers Property : The real estate management company has achieved a pre-sold revenue of S$2.7 billion across Singapore, Australia, China and Thailand in its first quarter ended Dec 31, 2022, it said on Wednesday. The company’s hospitality portfolio is also positioned for recovery, with all properties reopened to capture demand as the industry rebounds from the pandemic, it added. Shares of Frasers Property closed at S$0.9, up 0.6 per cent or S$0.005 before the announcement.
Prime US Real Estate Investment Trust (Reit ): The Reit announced a 2 per cent year-on-year increase in distributable income to US$77.2 million for the financial year ended Dec 31, 2022, despite a 2.7 per cent dip in net property income to US$97.9 million for the period. Its distribution per unit for FY2022 fell 3.4 per cent to 6.55 US cents, its manager said on Wednesday. Units of Prime US Reit closed at US$0.525, down 0.9 per cent or US$0.005 before the news.
Manulife US Reit : Its distribution per unit for the half-year ended Dec 31, 2022, has fallen 10.3 per cent on-year to S$0.0236 on lower rental income from existing properties, said the manager on Thursday. Units of the Reit ended Wednesday at S$0.33, up 1.5 per cent or S$0.005.
BRC Asia : The steel solutions provider reported on Wednesday a fall in net profit by 12.2 per cent year-on-year to S$11.7 million for the first quarter ended Dec 31, 2022, while revenue for the period also declined 4.5 per cent to S$341.2 million. The construction industry will face multiple challenges in the short term, such as escalating costs and slower-than-usual site progress, which will result in lower-than-expected contractual offtake, the company said. Shares of BRC Asia closed at S$1.86, down 1.1 per cent or S$0.02 before the announcement.
Straco Corporation : The tourism attractions operator is expecting a “substantial net loss” for FY2022 as compared to its net profit in the previous year, the group announced on Wednesday. It attributed the loss to a fall in revenue from the group’s China attractions from FY2021 to FY2022 due to Covid-19 measures in the country, which impacted visitor numbers. Shares of Straco closed at S$0.465, down 7 per cent or S$0.035 after the news.
