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Stocks to watch: DBS, ThaiBev, Top Glove, SPH Reit, Dasin Retail Trust
THE following companies saw new developments that may affect trading of their securities on Thursday:
DBS: India's central bank has formally approved a proposed scheme through which DBS will take over the cash-strapped Lakshmi Vilas Bank. The move will pave the way for DBS to scoop up a sizeable branch network in India, according to analysts. DBS shares closed at S$25.68 on Wednesday, up eight cents or 0.3 per cent.
Thai Beverage Public Co (ThaiBev): The company reported a 2 per cent dip in net profit to 22.75 billion baht (S$1 billion) from 23.27 billion baht for the full year ended Sept 30, dragged by the overall contraction in the beverage industry due to Covid-19 prevention measures. Shares of mainboard-listed ThaiBev ended Wednesday at S$0.72, down S$0.01 or 1.4 per cent, before the announcement.
Top Glove Corporation: The mainboard-listed Malaysia glove maker, which has shut some factories after thousands of workers tested positive for Covid-19, expects some supply shortages that could push up prices of medical rubber gloves. Shares of Top Glove sank to a 2.5-month low on Wednesday following news of the phased closure of its factories. The counter closed at S$2.19 on Wednesday, down S$0.06 or 2.7 per cent.
SPH Reit: Its manager said there will be no change in its acquisition approach even with the unprecedented disruption caused by Covid-19. The real estate investment trust's portfolio in the medium term will remain primarily Singapore-based assets. SPH Reit units closed at S$0.83 on Wednesday, up 0.5 cent or 0.6 per cent, before the announcement.
Dasin Retail Trust: Its revenue dropped by 7.5 per cent for the third quarter ended Sept 30. This was based on revenue in yuan that excluded rental income recognised on a straight-line basis over the lease term. The counter closed flat at 75.5 Singapore cents on Wednesday, before the announcement.
Singapore Airlines (SIA): The national carrier's share price has been making steady gains for two days on heavy volumes. The stock jumped 8.2 per cent or S$0.36 on the day to S$4.77 at around 9.15am on Wednesday. That's about 15.7 per cent higher than Monday's close, before the rally began, and 16.6 per cent above Friday's finish. Shares of SIA ended at S$4.58 on Wednesday, up S$0.17 or 3.9 per cent.
OCBC, UOB: The recent run-up in the stocks of OCBC, UOB and DBS may be "unsustainable", said Maybank Kim Eng in a research note. The brokerage downgraded all three banks to "sell". Separately, market watchers said UOB's new negative-yielding bond won't be the last from the Singapore banks. On Wednesday, OCBC shares ended 1.5 per cent or S$0.15 lower at S$10.13 while UOB shares fell 1.5 per cent or S$0.36 to finish at S$23.24.