Stocks to watch: OCBC, First Resources, ST Engineering, F&N, Jardine Matheson

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

OCBC : The bank on Friday reported a 21.4 per cent rise in net profit to S$1.8 billion for the third quarter, supported by record growth in net interest income and growth in non-interest income. Annualised earnings per share stood at S$1.58 for the quarter, up from S$1.30 in the year-ago period. Shares of OCBC closed flat at S$13.06 on Thursday.

First Resources : The palm oil producer reported on Friday that its Q3 underlying net profit had fallen 56 per cent to US$51.1 million, despite an improvement in production volumes. Its sales volumes were hit by a net inventory build-up. Shares of the company closed Thursday flat at S$1.48.

Singapore Technologies Engineering (ST Engineering): The technology and engineering group on Friday reported a 9 per cent increase in revenue to S$2.4 billion for the third quarter ended September, from S$2.2 billion a year prior. Its board proposed a third-quarter interim dividend of S$0.04 per share to be paid on Dec 1. Shares of ST Engineering ended Thursday S$0.03 or 0.8 per cent higher at S$3.82.

Fraser and Neave (F&N): The beverage and publishing company on Thursday announced a 6.7 per cent rise in net profit to S$133.2 million for the financial year ended Sep 30, from S$124.9 million a year prior. Revenue grew 4.8 per cent on the year to S$2.1 billion, from S$2 billion. This was largely supported by its beverage segment, in which revenue grew 6.1 per cent to S$603.5 million. Shares of F&N closed flat at S$1.04 on Thursday, before the release of the results.

Jardine Matheson : The Hong Kong-based conglomerate said on Thursday its performance for the third quarter would be “marginally” better than that in the same period the year before. Strong growth from its subsidiaries Astra, DFI Retail Group and Mandarin Oriental would partially offset lower contributions from Jardine Pacific and Hongkong Land . Shares of Jardine Matheson closed Thursday US$0.85 or 2.1 per cent lower at US$40.32.

AEM : The semiconductor equipment maker on Thursday posted a 96.9 per cent decline in net profit to S$3.5 million for the first nine months of 2023, from S$115.3 million in the corresponding year-ago period. Revenue fell 48.2 per cent to S$387 million for 9M FY2023, from S$746.6 million for 9M FY2022. Its shares closed Thursday up S$0.04 or 1.2 per cent at S$3.50 before the news.

Sasseur Real Estate Investment Trust (Reit): The China retail-focused Reit’s distribution per unit (DPU) for the third quarter ended September stood at S$0.01512, down 17.7 per cent from S$0.01838 the year prior, despite higher entrusted management agreement income in yuan terms. Its manager on Friday said the quarter’s lower DPU was mainly due to unfavourable foreign exchange and higher finance costs. Units of Sasseur Reit ended Thursday unchanged at S$0.675.

Centurion : The property company announced on Thursday that its Q3 revenue rose 15 per cent to S$51.1 million. The growth was driven by higher occupancies in dormitories in Singapore and Malaysia, as well as in its student hostels in the UK and Australia. Shares of Centurion rose S$0.015 or 4 per cent to close at S$0.395 on Thursday, before the announcement.

CSE Global : The technology-solutions provider reported a revenue of S$185.4 million for the third quarter ended September, up 31.4 per cent from S$141.1 million in the corresponding year-ago period. Shares of CSE Global closed flat at S$0.43 on Thursday, before the business update.

ARA US Hospitality Trust (ARA H-Trust): Its net property income for the first nine months rose 7 per cent year on year to US$35.2 million, and gross revenue was up 4 per cent on the year to US$134.6 million. On Friday, its managers attributed the topline growth to a continued increase in average daily rates and occupancy growth, with revenue per available room growing 15 per cent year on year. Stapled securities of ARA H-Trust closed Thursday flat at US$0.27.

Unusual : The entertainment company’s H1 net profit soared to S$14.1 million from just S$1 million in the same period the previous year on the back of record-high revenue, the company announced on Thursday. The strong growth was led by increasing demand for live concerts. Shares of the company closed Thursday down S$0.001 or 0.5 per cent at S$0.19, before the news.