Companies & Markets

Stocks to watch: CapitaLand, ComfortDelGro, OUE, Bukit Sembawang, PEC

Published Wed, Jun 17, 2020 · 12:47 AM

THE following companies saw new developments that may affect trading of their securities on Wednesday:

CapitaLand: In the first five months of this year, CapitaLand's lodging business unit The Ascott secured contracts for 25 new properties. The contracts cover 5,400 units across 19 cities globally, the property giant said on Wednesday. CapitaLand shares closed at S$3.03 on Tuesday, up S$0.07 or 2.4 per cent.

ComfortDelGro: Since the start of Phase One of Singapore's reopening, the number of trips for each taxi has increased by more than 30 per cent on average, chief executive Ang Wei Neng told The Business Times. Following the launch of its ComfortDelivery Driver app on April 29, taxis involved in delivery services amid the pandemic have clocked about 70,000 trips overall. Shares of ComfortDelGro ended Tuesday at S$1.64, up S$0.06 or 3.8 per cent.

OUE: The property group is in talks for a potential sale of US Bank Tower in Los Angeles, it disclosed in a bourse filing late on Tuesday. OUE is now in "non-binding exploratory discussions" with a possible institutional buyer, but while negotiations are underway, there is no assurance that these talks will lead to a definitive or binding agreement. OUE shares closed up by S$0.03, or 2.61 per cent, at S$1.18 on Tuesday, before the news.

Bukit Sembawang Estates: The company recently booked a much higher impairment loss on its serviced apartments because of market uncertainty in the segment amid the pandemic, its board said on Tuesday. Total impairment loss on its serviced apartment units was S$53.8 million, with an impairment loss of $44.1 million on Fraser Residence Orchard, Singapore, in its latest financial year, up from S$9.7 million before. The counter added S$0.04, or 1.03 per cent, to S$3.92 on Tuesday before the update.

PEC: The mainboard-listed plant and terminal engineering specialist will consolidate its stake in Chinese subsidiary Huizhou Tianxin Petrochemical Engineering for close to 37.5 million yuan (S$7.4 million), its board said on Tuesday. PEC is buying out joint-venture partners Sinopec Nanjing and Sinopec Luoyang, which together owned 40 per cent of Tianxin. PEC shares closed flat at S$0.46 on Tuesday before the announcement.