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Stocks to watch: DBS, IndoAgri, Innopac, Manulife US Reit, Raffles Medical Group
THE following companies saw new developments which may affect trading of their shares on Monday:
DBS Group Holdings: DBS saw first-quarter net profit beat expectations with a 26 per cent rise to S$1.52 billion from the previous year, as total income increased 16 per cent to S$3.36 billion. This increase in earnings came from broad-based loan and non-interest income growth, as well as a higher net interest margin, the bank said on Monday.
IndoAgri: Agribusiness IndoAgri on Monday posted a 71 per cent fall in net profit to 49.8 billion rupiah (S$4.75 million) for the first quarter ended March 31, 2018, down from 170.6 billion rupiah a year ago, on lower palm product output and commodity prices. This came on the back of a 27 per cent drop in revenue from 4.38 billion rupiah in the previous year to 3.19 billion rupiah this year.
Innopac Holdings: Innopac plans to raise up to S$5 million through a stock placement that could more than double its issued share capital, the investment holding company announced on Sunday. The company will offer the shares at a minimum average price of 0.1 Singapore cent apiece, matching the stock's last traded price on April 27. KGI Securities is the placement agent for the deal.
Manulife US Real Estate Investment Trust (Reit): Manulife US Reit has posted a restated DPU (distribution per unit) of 1.51 US cents for its first quarter, down 0.7 per cent from 1.65 US cents a year ago. This was due to lower income from two of its properties - Figueroa and Michelson - which saw lower occupancies, as well as higher income taxes, but offset by strong earnings from its newly-acquired Plaza and Exchange properties, the Reit said on Monday.
Raffles Medical Group: Raffles Medical's net profit grew by 1.7 per cent to S$15.81 million for the first quarter of 2018, helped by an increase in local patient load as well as a new border screening contract. It clocked a 4.6 per cent rise in revenue to S$120.19 million, the group announced on Monday.