Stocks to watch: Sats, OCBC, IHH Healthcare, Straco, iFast
THE following companies saw new developments that may affect trading of their securities on Thursday (May 30):
Sats : The in-flight caterer and ground handler on Wednesday reported earnings of S$64.1 million for the second half ended Mar 31, 2024, more than 10 times the S$6 million booked in the previous corresponding period. This comes amid a strong post-pandemic recovery by the aviation sector, as well as contributions from the group’s recently acquired air-cargo handling company Worldwide Flight Services. Shares of Sats closed S$0.01 or 0.4 per cent lower at S$2.63, before the announcement.
OCBC : The bank aims to invest HK$1.5 billion (S$259.1 million) into its technology and facilities in Greater China over the next three years, which includes modernising its technology platforms, channels and products. It is looking to positive spillovers from China’s improving economic conditions to drive growth in Asia. Shares of OCBC closed 0.8 per cent or S$0.11 lower at S$14.39, before the announcement on Wednesday.
IHH Healthcare : The healthcare provider posted a 45 per cent fall in net profit to RM768 million (S$221 million) for its first quarter ended Mar 31, 2024, from RM1.4 billion in the corresponding period in 2023. The drop in profit was mainly attributed to a high base in Q1 2023. Shares of IHH closed 1.7 per cent or S$0.03 lower at S$1.77 on Wednesday, before the results were announced.
Straco : The tourism facilities operator reported a net profit of S$5 million for its first quarter ended Mar 31, 2024, more than treble the S$1.6 million recorded in the same period a year prior. This was due to the full resumption of the Singapore Flyer’s operations in the first quarter, and higher visitor numbers for the group’s attractions in China. Shares of the mainboard-listed company closed 1 per cent or S$0.005 lower at S$0.48 on Wednesday, before the announcement.
iFast Corporation : The financial services company has established a S$300 million multicurrency debt issuance programme, it announced on Wednesday. Proceeds will be used for general corporate purposes, which may include refinancing certain borrowings. Shares of iFast ended S$0.04 or 0.6 per cent down at S$6.86, before the news.
