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Stocks to watch: CDL, UOL, SATS, SembMarine, Oxley, BreadTalk, Dasin Retail Trust
THE following companies saw new developments that may affect trading of their securities on Wednesday:
City Developments Limited (CDL): The developer's third-quarter net profit sank 33.7 per cent year on year to S$114.96 million, weighed down by impairment losses and transaction costs arising from Millennium & Copthorne Hotels' delisting last month. Stripping out the impairment and privatisation costs, profit after tax and minority interests would have declined by 11.4 per cent, it said. CDL shares closed at S$10.67 on Tuesday, up three cents.
UOL Group: The property group on Tuesday posted a 7 per cent drop in net profit to S$80 million for the third quarter ended Sept 30 from S$85.7 million in Q3 FY2018, due mainly to lower profit from property development. Group revenue fell 10 per cent to S$476.6 million with lower progressive recognition of revenue from three development projects – Principal Garden, The Clement Canopy and Botanique at Bartley. UOL shares closed three Singapore cents higher at S$7.91 on Tuesday before the results announcement.
SATS: The airport and food services provider on Tuesday posted a 7.6 per cent drop in net profit for the second quarter ended Sept 30, on lower cargo volumes and investments in growth initiatives. Net profit was S$60.7 million compared with S$65.7 million a year ago, while revenue improved 9.8 per cent to S$497.4 million. Earnings per share was 5.4 Singapore cents, down from 5.9 cents in the second quarter of the previous financial year. Shares of SATS closed flat at S$5.09 before the results were announced.
Sembcorp Marine: The rig builder saw its net loss widen to S$52.6 million for its third quarter ended Sept 30, from a net loss of S$29.8 million a year ago. This was mainly due to additional costs for rigs and floaters projects, as well as continued low overall business volume which impacted the absorption of overhead costs, offset by margin recognition from newly secured production floater projects and rig delivery. SembMarine shares closed at S$1.34 on Tuesday, up one cent or 0.8 per cent, before the results were announced.
Thomson Medical Group: The mainboard-listed group on Tuesday posted a net loss of about S$751,000 for the third quarter ended Sept 30, compared to a net profit of S$5.07 million a year ago. This was attributed to higher operating expenses and costs associated with the opening of its multi-speciality medical centre in Paragon Medical Centre, as well as higher financing costs linked to healthcare asset acquisitions and lower investment tax allowance claimed. Thomson Medical shares closed up 0.1 Singapore cent or 1.7 per cent to S$0.06 before the results were announced.
Oxley Holdings: The property developer on Tuesday posted a net profit of S$12.2 million for the first quarter ended Sept 30, compared to a restated net loss of about S$655,000 a year ago. This came on the back of higher gross profit from hotels and development projects in Singapore and gains on revaluation of a property in Cambodia and mark-to-market of the derivative financial instruments. Oxley shares closed down 0.5 Singapore cent or 1.45 per cent at S$0.34 before the results were announced.
Cromwell European Reit: The Reit on Tuesday reported that its distribution per unit for the third quarter ended Sept 30 rose 1 per cent to 1.01 euro cents from one cent a year ago. This was 1.9 per cent lower than an adjusted forecast of 1.03 cents. Revenue rose 39.2 per cent to 43.8 million euros (S$65.7 million), or 35.9 per cent higher than the 32.2 million euros forecast. Units of Cromwell E-Reit closed flat at 0.505 euro on Tuesday before the results were announced.
Dasin Retail Trust: The trust, which holds five malls in China, on Wednesday posted a 5.5 per cent drop in distribution per unit (DPU) to 1.71 Singapore cents for its third quarter, down from 1.81 cents a year ago. In a separate bourse filing, the trust also announced that it is proposing to buy two malls in China’s Guangdong province from its sponsor Zhongshan Dasin Real Estate and its trustee-manager’s chairman. Units of Dasin Retail Trust closed flat at S$0.835 on Tuesday.
Cosco Shipping International (Singapore): The group on Tuesday posted worse performance as net profit fell for another quarter and its board chairman stepped down. Third-quarter net profit for Cosco - which deals in logistics and ship repairs, among other businesses - declined 46 per cent to S$1.2 million, largely on higher operating costs. Turnover for the quarter ended Sept 30 was S$42.1 million, largely unchanged from S$42.2 million for the same period a year ago. Cosco shares closed at S$0.30 on Tuesday, up 1.70 per cent or S$0.005.
BreadTalk Group: The mainboard-listed food and beverage player is moving further away from its target of hitting a net profit margin of 8 per cent by 2022, going by its third-quarter financial results released on Tuesday. The group has posted an 81 per cent year-on-year decline in its net profit to S$513,000 for the quarter ended Sept 30, from S$2.7 million for the corresponding period a year ago. The counter closed at S$0.55, up one cent or 1.85 per cent, on Tuesday before the financial results were released.
Centurion Corporation: The student and worker dormitory operator on Tuesday said its net profit rose 21 per cent to S$8.8 million in the third quarter ended Sept 30. Revenue rose 17 per cent to S$33.1 million on the back of new properties added to its operating portfolio as well as additional beds from an asset enhancement programme in RMIT Village Melbourne Australia and higher occupancy rates in its Singapore workers accommodation. Centurion shares closed flat at S$0.425 on Tuesday before the announcements were made.
Valuetronics Holdings: The electronics manufacturer on Wednesday reported a 26.3 per cent rise in net profit for its second quarter ended Sept 30 to HK$56 million (S$9.7 million) from HK$44.3 million a year ago. Profits rose mainly due to the absence of a HK$13.6 million one-off provision related to the flash flooding at the company's Danshui plant incurred in Q2 FY2019. Net profit also rose after selling and distribution expenses decreased by 33.9 per cent to HK$6.2 million from HK$9.3 million mainly due to a HK$2.7 million writeback of provision for sales returns. Valuetronics shares closed up S$0.005 or 0.7 per cent to S$0.68 on Tuesday.
PropNex: The real estate agency on Wednesday posted a 15.2 per cent drop in its third-quarter net profit to S$6.1 million from S$7.2 million in the year-ago period, as it took in lower commission income while bearing higher staff costs and depreciation expenses. For the three months to Sept 30, earnings per share stood at 1.65 Singapore cents, versus 1.95 cents in the year-ago period. PropNex shares closed at S$0.54 on Tuesday, up 2.9 per cent or 1.5 cents.
Hatten Land: The real estate agency on Wednesday posted a first-quarter net profit of RM2.6 million (S$0.85 million) for the three months ended Sept 30, more than six times its net profit of RM424,000 in the year-ago period. Earnings per share for the quarter came in at 0.19 sen, from 0.03 sen last year. The counter closed at 9.2 Singapore cents on Tuesday, down 3.2 per cent, or 0.3 cent.