Stocks to watch: ThaiBev, OCBC, Bumitama Agri, Sasseur Reit, SBS Transit, LHN

THE following companies saw new developments that may affect trading of their securities on Tuesday (May 14):

Thai Beverage (ThaiBev): The beverage manufacturer on Monday reported a 4.9 per cent drop in net profit to seven billion baht (S$257 million) for its second quarter ended Mar 31, 2024. The decline was mainly due to a lower share of profits from investment on its associated companies and joint ventures. Shares of Thai Beverage closed flat at S$0.49, before the release of the results.

OCBC : It has priced US$500 million of fixed-rate subordinated notes under its US$30 billion global medium-term note programme. On Tuesday, the bank said net proceeds will be used for general corporate purposes. Shares of OCBC ended S$0.16 or 1.1 per cent higher on Monday at S$14.28. 

Bumitama Agri : The palm oil producer on Tuesday posted a 23.5 per cent year-on-year drop in net profit to 328.4 billion rupiah (S$27.6 million) for the first quarter ended Mar 31. This was attributed to the strengthening US dollar amid a higher-for-longer interest rate environment. Excluding foreign exchange (forex) losses in the quarter, net profit would have been 22.8 per cent higher than in the same period last year, which recorded forex gains. Shares of Bumitama Agri closed on Monday 0.7 per cent or S$0.005 lower at S$0.675.

Sasseur Real Estate Investment Trust (Sasseur Reit): Its Q1 rental income under its entrusted management agreement model rose 1.2 per cent year on year to 172.6 million yuan (S$32.6 million). On Tuesday, its manager also said that with effect from FY2024, the Reit will make distributions half yearly instead of quarterly to save compliance and administrative costs. Units of the Reit closed on Monday down 2.9 per cent or S$0.02 at S$0.67.

SBS Transit : The public transport operator’s net profit for the first quarter grew 7.5 per cent year on year to S$17 million amid higher fare revenue and ridership. The top-line improvement came despite higher operating costs for the quarter. SBS Transit shares fell 0.4 per cent or S$0.01 to close at S$2.54 on Monday, before the announcement.

LHN : Its net profit for the first half-year ended Mar 31, 2024, declined 23.4 per cent to S$13 million in the absence of contributions from LHN Logistics, which the group had disposed of in August last year. On Monday, the real estate management services company said excluding results from LHN Logistics, net profit would have declined 14.6 per cent. Shares of LHN closed flat at S$0.32, before the announcement.