Stocks to watch: ThaiBev, Keppel, Singapore banks, Top Glove, Southern Alliance Mining

THE following companies saw new developments that may affect trading of their securities on Friday (Mar 17):

Thai Beverage : The company clarified in a late night bourse filing on Thursday that it has no concrete plans to list or sell its spirits business, after Bloomberg reported that it is exploring options that include an initial public offering in Singapore. The spirits business is a core business line for the group, accounting for 71.9 per cent of net profit in its 2022 financial year. The counter closed up 0.8 per cent or S$0.005 higher at S$0.625 on Thursday before the announcement.

Keppel Corp : The conglomerate has inked a pact with Cambodia’s Royal Group Power for the long-term import and sale of one gigawatt of low-carbon electricity. The conditional go-ahead was awarded to Keppel Energy, wholly owned by Keppel Infrastructure, which counts Keppel as parent company, the Energy Market Authority said on Thursday. Before the announcement, the counter closed 0.6 per cent or S$0.03 lower at S$5.32. 

DBS , UOB , OCBC : The Monetary Authority of Singapore (MAS) said on Thursday that the trio of Singapore banks’ exposures to Credit Suisse are insignificant and that the banks are well-capitalised and conduct regular stress tests against credit and other risks. MAS was responding to media queries on the local fallout of the embattled Swiss lender’s crisis after Credit Suisse’s stocks plunged more than 30 per cent at one point on Wednesday. Before the statement, DBS shares closed 1.3 per cent down or S$0.42 at S$32.55, UOB shares closed 0.7 per cent down or S$0.20 at S$28 and OCBC shares closed 1 per cent down or $0.12 at $12.15.

Top Glove : The glove manufacturer reported a RM164.7 million (S$49.4 million) loss for the second quarter of FY2023, attributed to industry headwinds such as oversupply and rising production costs. It nonetheless believes long-term prospects are “still promising”, and said the recent financial performance was not reflective of the group’s, nor the industry’s, actual potential. Shares of Top Glove closed up 14.6 per cent or S$0.03 at S$0.235 on Thursday, after the news.

Southern Alliance Mining : The Malaysian iron-ore producer on Thursday reported a loss of RM7 million (S$2.1 million) for its financial first half ended Jan 31, from a profit of RM19.6 million previously. Its revenue had dropped mainly due to intense overburden removal activities that its Chaah Mine underwent during the period, the company said on Thursday. Shares of Southern Alliance Mining closed 1.6 per cent or S$0.01 lower at S$0.61, before the news. 

Oiltek International : Responding to Singapore Exchange queries on Thursday, the company said it has reached an amicable agreement with a customer on rectification works linked to a refinery plant it supplies. The integrated process technology and renewable energy solution provider’s shares closed 6.8 per cent or S$0.02 higher at S$0.235 on Thursday. 

GS Holdings : Its chicken rice brand, Sing Swee Kee, and its Hainanese-style coffee brand, Raffles Coffee & Toast, are expanding into China. The Catalist board-listed company on Thursday said the agreement is expected to contribute positively to the group’s current financial year ending Dec 31. Shares of GS Holdings closed down 6.5 per cent or S$0.007 at S$0.101 before the announcement was made.

Trading halt: Fortress Minerals called for a trading halt before the market opened on Friday, pending the release of an announcement. Shares of Fortress Minerals closed 7.1 per cent or S$0.03 higher at S$0.45 on Thursday.