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Stocks to watch: DBS, SembMarine, CapitaLand, Great Eastern, Mapletree Industrial Trust
THE following companies saw new developments that may affect trading of their shares on Wednesday:
DBS Bank: DBS is revamping its retail stock-brokerage operations and exploring alternative models to its broking arm DBS Vickers - with a view to providing customers with more holistic services. BT understands that a town hall meeting has been scheduled amid rumours that the bank plans to move good performers into wealth management, and drop non-performing remisiers. The counter last traded at S$25.10 apiece on Tuesday.
Sembcorp Marine: The offshore engineering group saw net profit for the fourth quarter tumble 94.9 per cent to S$5.9 million from S$117.3 million a year ago on “continued low overall business volume”, impairment of an asset and accelerated depreciation costs. Earnings per share dropped to 0.28 Singapore cent, down 95 per cent from 5.61 cents previously. The drop was partially offset by increased margin recognition from newly secured floater projects and the writeback of provisions for completed projects, SembMarine said ahead of market open on Wednesday. Shares for SembMarine closed at S$1.58 on Tuesday.
CapitaLand: Better operating performance, as well as higher gains from asset recycling and revaluation of investment properties boosted CapitaLand's results for the fourth quarter. For the three months ended Dec 31, net profit rose 71.2 per cent to S$475.7 million, from S$277.8 million last year. The higher earnings were also underpinned by greater contributions from residential projects in China, as well as newly acquired and operational properties, CapitaLand said. Shares of CapitaLand closed at S$3.39 apiece on Tuesday, up 1.5 per cent, or five Singapore cents.
Great Eastern: Great Eastern reported on Wednesday a 68 per cent fall in net profit for the fourth quarter, roiled by volatile market conditions. Net profit for the three months ended Dec 31, 2018 stood at S$136.9 million, down from S$426.8 million for the same period a year ago. The quarter registered "unfavourable financial market conditions" in particular, and in contrast, the year-ago fourth quarter registered exceptionally high gains from higher valuation and sale of investments, the insurer said in a media statement. Shares of Great Eastern closed on Tuesday at S$26.66, down 17 Singapore cents.
BreadTalk: BreadTalk Group on Tuesday posted a net profit of S$8.88 million for the fourth quarter ended Dec 31, up 82.5 per cent from a restated net profit of S$4.87 million a year ago. Revenue ticked up 3.1 per cent to S$154.77 million for Q4. Earnings per share stood at 1.58 Singapore cents, up from a restated 0.86 cent previously. Shares for BreadTalk closed flat at S$0.88 on Tuesday. It said in a filing on Wednesday that it has bought out its partner in a joint venture in Thailand, acquiring the remaining 50 per cent interest in the company that it does not own from The Minor Food Group for 160 million baht (S$6.96 million).
iFAST Corporation: iFAST's fourth-quarter profit gained 46 per cent to S$2.6 million for the three months ended Dec 31 even as revenue fell, thanks to its operations in Singapore, Hong Kong and Malaysia. Earnings per share for the mainboard-listed wealth management fintech platform stood at 0.98 Singapore cent for the quarter, up from 0.68 Singapore cent last year. iFast shares closed at S$1.16 apiece on Tuesday, up 0.87 per cent, or one Singapore cent.
SHS: Construction firm SHS Holdings is hunting down financing to back a delayed solar power project in Bangladesh, a failure in which could trigger a default and a termination of key agreements behind the project, it said on Wednesday. Its unit HDFC SinPower is building a 50-megawatt solar plant under agreements with the Bangladesh Power Development Board and the Ministry of Power, Energy and Mineral Resources. But SHS said construction deadline has been pulled by more than a year - that is, from the initially scheduled April 2018, to October 2019 - and is now facing further delays due to a lack of financing. Shares of SHS last traded at S$0.187 on Tuesday.
Kingsmen Creative: Communication design and production group Kingsmen Creatives posted a net profit of S$8.15 million for the full year ended Dec 31, down 16.3 per cent from a year ago due to higher expense and a dip in share of profits of associates. Earnings per share stood at 4.09 Singapore cents for the full year, down from 4.90 cents a year ago. Shares of Kingsmen Creative closed at S$0.525 on Tuesday.
Courts Asia: The offeror for shares of Singapore-listed Courts Asia, Nojima Asia-Pacific, on Tuesday said that it does not intend to revise its offer price of S$0.205 in cash per share for the furniture retailer. This was despite independent financial adviser KPMG Corporate Finance last week saying that its offer price is "not fair but reasonable". Nojima said that it will not be allowed to amend the terms of the offer, including the offer price, in any way, in accordance with Rule 20.2 of the Takeover Code. Courts Asia shares ended flat at S$0.20 on Tuesday.
BBR: Construction and engineering group BBR Holdings expects to report a net loss for 2018, the company said on Tuesday after the market closed. BBR did not give a reason for the loss, but said that details will be provided when the company announced its 2018 results. BBR stock closed at 17.4 Singapore cents on Tuesday before the profit warning was issued, down by 0.6 per cent or 0.1 Singapore cent.
Mapletree Industrial Trust: Mapletree Industrial Trust's (MIT) manager announced on Tuesday that the issue price of new units under its distribution reinvestment plan is S$1.9434 per unit. It had earlier made an application of a distribution reinvestment plan for the advanced distribution of 1.71 Singapore cents per unit in the trust, for the period from Jan 1 to Feb 19, 2019. Shares for MIT closed flat at S$1.99 on Tuesday.
TalkMed: TalkMed Group on Tuesday posted a net profit of S$9.59 million for the fourth quarter ended Dec 31, up 16.4 per cent from a year ago, on the back of higher revenue and a decrease in the share of loss of associate Hong Kong Integrated Oncology Centre Holdings Limited. Earnings per share for Q4 stood at 0.73 Singapore cent, compared to 0.63 cent a year ago. Shares for TalkMed closed at S$0.57 on Tuesday.
Singapore Medical Group: Singapore Medical Group on Tuesday posted a net profit of S$2.94 million for the fourth quarter ended Dec 31, up 17.2 per cent from a year ago. This came on the back of higher revenue, which rose 18.1 per cent to S$22.19 million. Earnings per share for Q4 stood at 0.61 Singapore cent, up from 0.55 cent a year ago. The counter last traded at S$0.45 on Tuesday.