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Stocks to watch: Citic Envirotech, Jardine C&C, SIA, First Reit, Frencken, CH Offshore, Metech
THE following companies saw new developments that may affect trading of their securities on Thursday:
Citic Envirotech: The mainboard-listed water treatment firm’s majority owner plans to take the company private in a deal valuing it at S$1.34 billion, according to a pre-conditional exit offer launched on Wednesday. The offeror is dangling S$0.55 in cash for each share. Citic Envirotech shares last traded at S$0.37 on Nov 1. The trading halt was lifted on Wednesday evening.
Jardine Cycle & Carriage (Jardine C&C): The regional auto dealer saw its third-quarter earnings slip on tough markets in Indonesia and Vietnam, according to results out on Wednesday after market close. Underlying net profit, which excludes non-trading items such as investments, came in at US$206.7 million for the three months to Sept 30, down by 20.7 per cent year on year. Jardine C&C closed up by S$0.28 or 0.85 per cent at S$33.35 before the results were released.
Singapore Airlines (SIA): The national flag carrier appears to be making waves in the non-core airline business. Its travel retail brand KrisShop has morphed into an omnichannel e-commerce player and is expected to see a 30 per cent year-on-year jump in revenue to S$60 million, according to SIA chief executive Goh Choon Phong. SIA shares ended down 25 cents or 2.7 per cent at S$9.18 on Wednesday.
First Real Estate Investment Trust (Reit): The healthcare Reit will pay out a distribution per unit (DPU) of 2.15 Singapore cents for the third quarter, the same as a year ago, its manager said on Wednesday evening. Distributable income was up 1.3 per cent year on year to S$17.2 million for Q3, even as net property income slipped by 2.5 per cent to S$28.2 million on higher property expenses in South Korea and Indonesia. The counter rose S$0.01, or 0.96 per cent, to S$1.05 on Wednesday, before the results were released.
Frencken Group: The mainboard-listed equipment service provider on Wednesday said its net profit surged for the third quarter on the absence of the previous year's one-off costs. Net profit jumped to S$11.4 million, more than double the S$5.26 million for the year-ago period. Frencken shares closed up by S$0.01 or 1.41 per cent to S$0.72 before the results were announced.
CH Offshore: The mainboard-listed vessel chartering company fell further into the red for the third quarter, on the back of a provision for brokers' commission, according to results released on Wednesday after market close. Net loss widened to US$6.29 million, from US$1.38 million in the year before. CH Offshore fell 0.3 Singapore cent or 5.88 per cent to 4.8 Singapore cents at Wednesday's close.
Sunningdale Tech: Its third-quarter earnings slid amid a fall in revenue exacerbated by retrenchment costs, rents and other expenses, the mainboard-listed precision manufacturer said on Wednesday. Net profit fell to S$5.57 million, down 25.9 per cent year on year, after revenue dropped 4.2 per cent to S$183.8 million. Sunningdale Tech shares ended S$0.04 or 3.18 per cent higher at S$1.30 on Wednesday before the results were released.
Metech International: The Catalist-listed metal dealer, which is moving into supply chain management, returned to the black for its first quarter. Metech on Wednesday posted a net profit of S$30,000 for Q1, reversing the S$1.78 million loss the previous year, on the absence of losses from discontinued operations after the group sold its electronic waste management business. Metech shares last closed at 14.2 Singapore cents on Nov 4.