Stocks to watch: Sembcorp, Singtel, Mapletree Industrial Trust, Keppel, The Hour Glass, Metro

THE following companies saw new developments that may affect trading of their securities on Friday (May 26): Sembcorp , Singtel : Sembcorp’s wholly-owned subsidiary Sembcorp Power announced on Thursday the signing of a 10-year power purchase agreement to supply electricity to telecoms giant Singtel, with an annual contract value of around S$180 million. Before the update, Sembcorp shares closed on Thursday up 0.4 per cent or S$0.02 to S$4.90; Singtel shares closed down 1.2 per cent or S$0.03 at S$2.53.

Mapletree Industrial Trust (MIT): Its private placement of about 92.6 million new units closed about 4.5 times covered at the issue price of S$2.212 apiece, said the manager on Friday. Part of the proceeds will be used to fund MIT’s 52 billion yen (S$507.9 million) acquisition of a new data centre in Osaka, Japan. Its units closed flat at S$2.28 on Wednesday before the acquisition was announced the following morning. MIT resumes trading on Friday. Keppel Corporation : The group on Friday said it has joined a project consortium to develop a large-scale hydrogen production facility in Queensland, Australia. Separately, it has signed a memorandum of understanding with Incitec Pivot to explore developing a green ammonia facility in Queensland. Keppel shares closed 1.9 per cent or S$0.12 lower at S$6.31 on Thursday. The Hour Glass : The luxury watch retailer reported on Thursday a 5 per cent year-on-year decline in net profit to S$87.8 million (from S$92.1 million) for its second half ended Mar 31. This was despite a slight increase in revenue, as costs and expenses rose. It said global uncertainties and a negative economic outlook are expected to dampen consumer sentiment, although it still expects to be profitable in the next financial year. The counter closed on Thursday, down 1 per cent or S$0.02 at S$2.09 before the news. Metro : The property group recorded a 54 per cent rise in net profit to S$8.3 million for its second half ended Mar 31, from S$5.4 million for the same period the year before. This came as revenue rose on higher contributions from its retail segment, along with higher rental income. This brought its earnings for the full year to S$25.2 million. Metro shares closed 0.8 per cent or S$0.005 lower at S$0.605 on Thursday, before the announcement.