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Stocks to watch: CDL, Singapore Airlines, SIAEC, ST Engineering, Teckwah, glove makers
THE following companies saw new developments that may affect trading of their securities on Thursday:
City Developments Limited (CDL): Its net profit plunged 99.1 per cent to just S$3.1 million for the first half of the year, from S$362 million a year ago, as all business segments were "severely impacted" by the coronavirus pandemic, CDL said on Thursday. The counter closed at S$8.34 on Wednesday, down S$0.01 or 0.1 per cent.
Singapore Airlines (SIA): The flag carrier is offering its cabin crew a voluntary release scheme. They can opt for an early release or retirement with payouts and benefits, The Business Times reported on Wednesday evening. SIA shares closed S$0.08 or 2.2 per cent higher at S$3.68.
SIA Engineering Company (SIAEC): Its senior management has decided to take a further 5 per cent pay cut accruing with effect from Aug 1, 2020, given the difficult business environment and continued challenging outlook, SIAEC said on Thursday. The counter finished Wednesday at S$1.84, up S$0.039 or 2.2 per cent.
Singapore Technologies Engineering (ST Engineering): Lim Serh Ghee, current president of the group’s aerospace sector, will take on a new role as chief operating officer of the group, effective Oct 1. ST Engineering shares advanced S$0.05 or 1.6 per cent to S$3.27 on Wednesday, before announcing the leadership changes.
Teckwah Industrial Corp: A consortium formed by Teckwah’s three largest shareholders made a voluntary conditional cash offer of 65 Singapore cents per share to take the packaging, printing and logistics company private. Teckwah on Wednesday also reported a first-half net profit of S$5.29 million, up 16.2 per cent from a year earlier. Teckwah requested a trading halt on Tuesday morning, and lifted it early Thursday. Its shares last traded on Aug 7 at 55.5 cents.
Olam International: The agri and food giant’s net profit rose 44.4 per cent to S$332.7 million for the first half of the year, thanks to a net exceptional gain of S$130.6 million, it said in results released on Thursday. Shares of Olam were trading at S$1.37 as at 9.14am on Thursday, up S$0.05 or 3.8 per cent.
Top Glove Corp, Riverstone Holdings, UG Healthcare Corp: The trio of Singapore-listed glove names saw their shares skid on Wednesday, following news about Covid-19 vaccines. Top Glove sank 9.3 per cent or S$0.84 to close at S$8.19 on Wednesday, Riverstone fell 9.4 per cent or S$0.43 to S$4.14, while UG Healthcare lost 11.6 per cent or S$0.39 to S$2.98.
Yanlord Land Group: The Chinese property developer’s net profit slumped 59 per cent to 492.9 million yuan (S$97.5 million) for the first half of this year, mainly due to a change in the composition of its product mix, it said on Wednesday night. Yanlord shares closed flat at S$1.27, before its results announcement.
Vicom: The vehicle inspection firm's first-half net profit shrank 30.2 per cent to S$9.7 million, weighed down by lower business volumes when economic activity ground to a halt during Singapore’s “circuit-breaker” period. The mainboard-listed stock rose S$0.01 or 0.5 per cent to end at S$2.17 on Wednesday, before the results were released.
DBS, Tiong Seng Group: DBS on Thursday introduced an automated supplier payments solution for Singapore’s construction sector, developed by local fintech Doxa. Main contractor Tiong Seng has signed up as the pioneer adopter. DBS shares closed at S$21.01 on Wednesday, up S$0.16 or 0.8 per cent, while Tiong Seng shares last traded at S$0.16 on July 28.