Stocks to watch: OCBC, Sasseur Reit, Sembcorp, Olam, Best World, Grand Venture

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

OCBC : The bank announced on Wednesday that net profit for its first quarter rose 39 per cent to a record S$1.9 billion, buoyed by strong net interest income growth, with total income for the quarter up 27 per cent to S$3.4 billion. Net interest margin stood at 2.3 per cent for the quarter, up by 75 basis points. Shares of OCBC closed flat on Tuesday at S$12.25. Sasseur Reit : The real estate investment trust (Reit) posted a distribution per unit of S$0.01849 after retention for the first quarter ended Mar 31, a 1.5 per cent increase from the previous year. This was attributed to strong sales performance – as outlet sales rose 17.9 per cent on year to 1.3 billion yuan (S$249.3 million). Units of the Reit closed 2 per cent or S$0.015 lower at S$0.72 on Tuesday, before the announcement. Sembcorp Industries : Potential bidders for SembWaste include US private equity group KKR and Australia’s Macquarie Asset Management, a Reuters report said. Citing sources, the news agency on Tuesday said the deal could value Sembcorp’s waste and recycling management arm at around US$500 million, with the first round of non-binding bids due by early June. Shares of Sembcorp closed unchanged at S$4.59, before the news. Olam Group : The agri-food giant is planning to launch a dual initial public offering (IPO) of its agricultural unit that could raise up to US$1 billion in Singapore and Saudi Arabia, a Reuters article said on Tuesday. The IPO, subject to regulatory approval, would be the first dual listing on the exchanges of Singapore and Saudi Arabia. Olam’s shares closed at S$1.50, down 2 per cent or S$0.03, before the news. Best World : The skincare and consumer health product group reported that its net profit for the three months ended March fell 25.7 per cent to S$20.5 million, from S$27.6 million in the year-ago period. This was due to lower contributions from its franchise segment. Its shares closed down 2.5 per cent or S$0.05 at S$1.93 on Tuesday, before the news. Grand Venture Tech : The manufacturing service provider posted a 58.3 per cent fall in net profit after tax to S$1.5 million for the first quarter ended Mar 31, amid reduced demand in the semiconductor sector and adverse macroeconomic factors. Prior to the news on Tuesday, its shares closed 1 per cent or S$0.005 lower at S$0.49. Dyna-mac : The engineering and service provider’s net profit more than doubled to S$3.9 million for the first quarter ended Mar 31 as revenue rose on a year-on-year basis. Shares closed 6.7 per cent or S$0.02 lower at S$0.28 on Tuesday, before the announcement.   Trading halt: Mercurius Cap Investment requested a trading halt on Wednesday morning, pending the release of an announcement. The counter last closed at S$0.025 on Tuesday, down 3.9 per cent or S$0.001.