Stocks to watch: CDL, Singtel, GuocoLand, China Aviation Oil, Sabana Reit, ESR-Reit

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

City Developments Limited (CDL): Millennium Hotels and Resorts (MHR) cut 159 jobs - or about 15 per cent of its Singapore-based workforce - on Wednesday, following earlier reductions in its foreign worker headcount over the course of this year. MHR is the global brand of Millennium & Copthorne Hotels, a wholly-owned subsidiary of CDL. CDL shares closed at S$8.02 on Wednesday, down S$0.08 or 1 per cent.

Singtel: S&P Global Ratings expects pandemic-related movement restrictions and economic deterioration to hit Singtel's performance "especially hard" in the first quarter of fiscal 2021. The report does not constitute a rating action, S&P said. Shares of Singtel were trading down S$0.03 or 1.3 per cent to S$2.30 as at 9.57am on Thursday.

GuocoLand: The mainboard-listed property developer's group managing director Cheng Hsing Yao said in an interview with The Business Times that the original ideas for Guoco Midtown are still relevant amid the "new normal" created by the pandemic. This comes as GuocoLand announced that it will develop a second luxury residential project and third retail cluster at the mega project. Wallich Residence, famed for Singapore's most expensive penthouse, is also 62 per cent sold, Mr Cheng said separately. Shares of GuocoLand were trading flat at S$1.38 as at 10.13am on Thursday.

China Aviation Oil (Singapore) (CAO): Banque de Commerce et de Placements, DIFC Branch, has sued the mainboard-listed jet fuel trader over an alleged fraudulent deal as the Swiss bank seeks to reclaim the US$19 million it paid to CAO for a cargo, a court document showed. Shares of CAO were trading down three Singapore cents or 3.4 per cent to 86.5 cents as at 9.59am on Thursday.

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit), ESR-Reit: Quarz Capital Management said on Wednesday that it, together with other minority shareholders, looks forward to receiving guidance and support from the Monetary Authority of Singapore and the Singapore Exchange Regulation on the proposed Sabana Reit-ESR-Reit merger. Units in Sabana closed half a Singapore cent higher at 37.5 cents on Wednesday, while units in ESR-Reit also ended the day half a Singapore cent higher at 39 cents, before the announcement.

Aoxin Q&M Dental Group: The Catalist-listed group said on Wednesday that its Dalian operations had resumed in recent days after fulfilling the required standard operating procedures and meeting the reopening criteria governed by the Health Commission of Dalian City. The counter closed flat at 12.5 Singapore cents unchanged on Wednesday, before the announcement.