Stocks to watch: ThaiBev, Keppel, Kore, Civmec

THE following companies saw new developments that may affect trading of their securities on Thursday (Feb 15):

Thai Beverage (ThaiBev): The beverage manufacturer posted a 5.9 per cent fall in sales revenue to 76.1 billion baht (S$2.8 billion) from 80.9 billion baht from the same year-ago period, for its first quarter ended Dec 31, 2023. This was after a 14 per cent decline in the group’s beer segment revenue. However, earnings before interest, taxes, depreciation and amortisation rose 1.9 per cent to 13.8 billion baht, from 13.5 billion baht a year earlier, due to “effective cost management”. Shares of ThaiBev finished up S$0.005 or 1 per cent at S$0.495, before the update on Wednesday. Keppel : The conglomerate has been appointed by Changi Airport Group to design, build and operate a solar photovoltaic (PV) system on the rooftops of Changi Airport’s terminals, terminal auxiliary structures, airfield and cargo buildings for 25 years. The group announced on Wednesday that this will make it the largest single-site rooftop solar PV system in Singapore. The system is slated to be completed in early 2025. Keppel shares closed at S$7.17, up S$0.02 or 0.3 per cent, before the announcement. Keppel Pacific Oak US Reit (Kore): The real estate investment trust (Reit) posted a 10.1 per cent fall in distributable income to US$26.1 million for the second half year ended Dec 31, 2023. Kore declared no distribution for the period, as part of its recapitalisation plan that suspends distribution for two years. Its manager said on Thursday that given Kore’s leverage was up to 43.2 per cent post-FY2023 valuation, it is not sustainable to continue funding investments via debt. Suspending distributions is expected to provide significantly more capital over two years compared to what an equity fundraising could raise today, said the manager. Kore’s units closed Wednesday down US$0.005 or 2 per cent at US$0.25.

Civmec : The engineering and construction company posted a 12.9 per cent increase in net profit to A$31.9 million (S$27.9 million) for the first half ended Dec 31, 2023, on the back of higher revenue. This was up from A$28.2 million in the previous corresponding period, the company said on Wednesday. Shares of Civmec closed S$0.005 or 0.6 per cent higher at S$0.795, before the announcement.