Stocks to watch: Singtel, Wilmar, First Reit 

THE following companies saw new developments that may affect trading of their securities on Friday (Nov 1):

Singtel : The Australian Competition and Consumer Commission filed court proceedings against Singtel’s subsidiary Optus Mobile over allegations of inappropriate sales conduct. The commission is pursuing penalties, consumer redress, a compliance programme and costs from Optus, said the telecommunications giant in a Thursday bourse announcement. It said that while it could not “determine the quantum of penalties, if any”, it has taken disciplinary action against staff who engaged in misconduct. Singtel shares closed 1.6 per cent or S$0.05 lower at S$3.13 on Wednesday. 

Wilmar International : The agribusiness group’s net profit for the third quarter ended Sep 30, 2024 dropped 19 per cent to US$254.4 million from US$313.9 million in the year-ago period on weaker contributions from its China operations and sugar division, the group said in a Wednesday bourse filing. This brought net profit for the first nine months of its 2024 financial year to US$834 million, down 3.6 per cent on the year from S$864.8 million. Revenue for Q3 was largely steady, up 0.4 per cent at US$17.7 billion, as lower commodity prices offset higher sales volumes. With its net gearing ratio having improved to 0.81 times from 0.88 times in FY2023, the group is “cautiously optimistic” that its performance for the rest of the year will be “satisfactory”. The counter closed at S$3.20, down S$0.02 or 0.6 per cent, before the announcement.