Stocks to watch: Singtel, CDL

The following companies saw new developments that may affect trading of their securities on Thursday (May 21):

Singtel : On Thursday, it posted a net profit of S$2.2 billion for its second half ended Mar 31, down 20.9 per cent from S$2.8 billion in the year-ago period. Its H2 underlying net profit grew 10.6 per cent to S$1.4 billion as revenue rose 2.7 per cent to S$7.4 billion. Separately, Indonesian digital bank Superbank will be consolidated into Grab’s financial services segment, after Singtel transfers its stake in Superbank to GXS Bank, which is a joint venture between Grab and the telco, Grab announced on Wednesday. The counter closed 0.8 per cent or S$0.04 higher at S$5.02 on Wednesday.

City Developments Ltd (CDL) : The property developer posted a decline in its first-quarter Singapore property sales, while its global hotel operations recorded higher revenue per available room. For the three months ended Mar 31, the group and its joint venture associates sold 242 units with a total sales value of S$609.6 million. This was down from the year-ago period’s 795 units with S$1.9 billion in sales value. Shares of CDL closed 1.8 per cent or S$0.15 lower at S$8.07 on Wednesday, before the update.