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Stocks to watch: CapitaLand, Keppel, SGX, Frasers Logistics & Commercial Trust
THE following companies saw new developments that may affect trading of their securities on Tuesday:
CapitaLand: CapitaLand and other shareholders have divested an aggregate 40 per cent equity stake in a Guangzhou development unit to an unrelated purchaser for 395.7 million yuan (S$78.6 million). The counter closed at S$2.71 on Monday, down S$0.05 or 1.8 per cent, before this announcement.
Keppel Corporation: Some analysts are keeping faith with Temasek Holdings going through with its partial offer for Keppel Corp, given the need for consolidation in the sector. But the offer price may be lowered, leading them to cut their target prices, even though they are keeping their "buy" calls. Shares of Keppel Corp tumbled on Monday, closing S$0.22 or 4.1 per cent lower at S$5.18.
Singapore Exchange (SGX): SGX shares gained on Monday, bucking the broad market trend after the bourse operator made a surprise move to raise its final quarterly dividend to eight Singapore cents per share, up from 7.5 cents a year ago. The stock closed at S$8.51 on Monday, up S$0.34 or 4.2 per cent.
Frasers Property, Frasers Logistics & Commercial Trust (FLCT): The trust's revenue almost doubled for its third quarter ended June 30, its manager said on Monday night. FLCT also plans to acquire a logistics property in Australia and a business park in the UK for S$89.9 million from its sponsor Frasers Property, as well as sell its remaining half stake in an Australian cold storage facility. Frasers Property shares were trading flat at S$1.16 as at 9.26am on Tuesday, while units of FLCT were at S$1.35, up S$0.03 or 2.3 per cent.
Suntec Real Estate Investment Trust (Suntec Reit): Suntec Reit announced on Monday that its office development, Olderfleet, at 477 Collins Street in Melbourne, Australia, received practical completion on July 31. Units of the Reit closed at S$1.31 on Monday, down S$0.03 or 2.2 per cent, before this announcement.
AEM Holdings: Semiconductor play AEM Holdings on Monday reported a more than doubling in first-half net profit to S$55.3 million, from S$22.3 million a year ago. This came on the back of higher revenue, favourable product mix and operational cost efficiency. AEM shares closed at S$3.66 on Monday, up S$0.09 or 2.5 per cent, before its results release.
Chip Eng Seng: The property development and construction firm on Monday posted a net loss of S$24.4 million for its first half ended June 30, reversing from a net profit of S$15.2 million a year ago. Shares of Chip Eng Seng closed at 42.5 Singapore cents on Monday, down two cents or 4.5 per cent, before the release of its results.
Hong Leong Asia: Hong Leong Asia on Monday said it has garnered 97.23 per cent shareholding in cement manufacturer Tasek Corp Bhd as at the close of the unconditional voluntary takeover offer. The counter finished at 46.5 Singapore cents on Monday before this announcement, down 0.5 cent or 1.1 per cent.
Lippo Malls Indonesia Retail Trust (LMIRT): The manager of LMIRT said on Monday that it had completed the divestment of Binjai Supermall for 262 billion rupiah (S$24.5 million). LMIRT units closed at 11.3 Singapore cents on Monday, down 0.4 cent or 3.4 per cent, before this announcement.
iX Biopharma: The Catalist-listed firm on Tuesday said it has received enhanced patent protection in the US for its lead drug Wafermine. Shares of iX Biopharma closed up S$0.01 or 3.7 per cent to S$0.28 on Monday.