Stocks to watch: OCBC, CDL, SingPost, Food Empire, SingLand, Aztech Global

THE following companies saw new developments that may affect trading of their securities on Wednesday (Feb 26):

OCBC : The lender on Wednesday reported a net profit of S$1.69 billion for the fourth quarter ended December, up 4 per cent from S$1.62 billion in the previous corresponding period. This fell short of the S$1.78 billion consensus forecast in a Bloomberg survey of five analysts. The lender has proposed a slightly lower final dividend of S$0.41 per share. A special dividend of S$0.16 per share has also been recommended. This is part of OCBC’s plans to return S$2.5 billion of capital to shareholders over two years via special dividends and share buybacks. Shares of OCBC closed S$0.09 or 0.5 per cent lower at S$17.60 on Tuesday.

City Developments Limited (CDL) : The property giant on Wednesday reported a net profit of S$113.5 million for the second half ended Dec 31, down 54.7 per cent from S$250.8 million in the previous corresponding period. Revenue was 23.6 per cent lower at S$1.7 billion compared with S$2.2 billion previously. This brought its profit for FY2024 to S$201.3 million, down 36.6 per cent from S$317.3 million in the year-ago period. Shares of CDL ended Tuesday 0.4 per cent or S$0.02 lower at S$5.12. It called for a trading halt on Wednesday morning, and also called off its earnings briefing scheduled for Wednesday morning.

Singapore Post (SingPost) : The postal-service provider on Wednesday said it will hold an extraordinary general meeting (EGM) to seek shareholders’ approval for the proposed divestment of its Australia business, Freight Management Holdings. The EGM will be held on Mar 13 at 3.30 pm. The transaction represents an enterprise value of A$1.02 billion (S$867 million), and is expected to generate a gain on disposal of around S$289.5 million. Shares of SingPost closed flat at S$0.55 on Tuesday.

Food Empire : The food and beverage company reported on Tuesday that net profit fell 3.2 per cent to US$28.9 million for the second half ended Dec 31, from US$29.8 million in the same period the year before. Meanwhile, revenue rose 10.4 per cent to US$251.1 million from US$227.5 million. The group proposed a dividend per share of S$0.08, comprising a final dividend of S$0.06 and a special dividend of S$0.02. Shares of Food Empire closed 1 per cent or S$0.01 lower at S$0.975, before the announcement. 

Singapore Land Group (SingLand) : It reported a net profit of S$180.5 million for the second half ended Dec 31, up 76 per cent from S$102.4 million in the year-earlier period. Revenue rose 9 per cent to S$390.5 million from S$358.7 million. Earnings per share, excluding fair-value gains on investment properties, rose to S$0.093 from S$0.07. Shares of SingLand closed S$0.01 or 0.5 per cent lower at S$1.92 on Tuesday, before the announcement.

Aztech Global : The Internet of Things device manufacturer reported on Tuesday a drop in profit from S$57.1 million to S$23.9 million for the second half ended Dec 31. However, it declared a total dividend of S$0.15 per share for the financial year, an increase of 87.5 per cent from the S$0.08 per share dividend distributed in 2023. This comes after the company accumulated a cash reserve of S$311.3 million due to its disciplined approach towards cash and capital management over the years. Shares of Aztech Global closed flat at S$0.725, before the announcement.