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Stocks to watch: DBS, Yanlord, UE, Manulife US Reit, Frasers Prop, SIIC, Tiong Seng
THE following companies saw new developments that may affect trading of their securities on Monday:
DBS Group: DBS has become the first bank in Singapore and South-east Asia to adopt the Equator Principles (EPs). These principles are a globally recognised framework for financial institutions to determine, assess and manage environmental and social risk in development projects, and also outline environmental and social standards for large-scale developments. They are based on the International Finance Corporation Performance Standards published by the World Bank Group. The counter closed at S$26.62 on Friday, up six Singapore cents or 0.2 per cent.
Yanlord Land, United Engineers (UE): The takeover offer of Chinese real estate player Yanlord for all UE ordinary shares has turned unconditional, with the offeror's stake in UE crossing the 50 per cent threshold. Yanlord also announced that UE is now an indirect subsidiary of the company. With that offer turning unconditional, Yanlord on Saturday also announced a mandatory unconditional cash offer for all WBL Corp shares other than the 99.04 per cent held by YIS and UEW at S$2.5947 per share. Shares of Yanlord were up two cents to S$1.21 as at 9.20am on Monday, while shares of UE were trading down one cent at S$2.69 as at 9.19am.
Manulife US Real Estate Investment Trust (Reit): Manulife US Reit's manager on Monday said it has appointed Robert Wong Teck Ling as its chief financial officer. The executive appointment will see Mr Wong working with the chief executive officer and other members of the management team to formulate the Reit’s strategic plans. He was most recently director, finance and operations at ARA Trust Management (Cache) Limited, the manager of Cache Logistics Trust. Manulife US Reit units closed on Friday at US$0.935, down 0.5 US cent or 0.5 per cent.
Frasers Property: The group on Friday evening said fiscal 2019 net profit fell sharply, down 25.3 per cent to S$560.3 million due to lumpiness in development earnings. The decrease was mainly due to lower contributions from development projects in Singapore and Australia, as well as a lower fair value gains. Revenue for the year ended Sept 30 was S$3.8 billion, down 12.2 per cent. Shares of Frasers Property were down nine cents or 4.9 per cent at S$1.73 as at 9.21am on Monday.
SIIC Environment: The subsidiaries of the water treatment firm have signed three upgrading supplementary agreements for wastewater treatment plant projects in China. The three projects are expected to contribute positively to the mainboard-listed group’s performance, it said on Monday. SIIC’s wholly-owned subsidiary, Shenzhen City Nanfang Water signed two agreements with the Bureau of Water Resources of the Shenzhen municipality. Shares of SIIC Environment closed S$0.02 or 8 per cent higher at S$0.27 on Friday.
Raffles Education: The mainboard-listed group has appointed Liu Ying Chun, the chief executive of its subsidiary Oriental University City Holdings HK (OUCHK), as a non-executive, non-independent director. Mr Liu, who resides in China, was recommended by the nominating committee for his strong background in the country's education sector, Raffles Education said in the filing. Mr Liu will also serve as a member of the risk management committee. Shares of Raffles Education closed down 0.1 cent to S$0.084 on Friday.
Tiong Seng Holdings: The mainboard-listed group on Monday said it has secured S$125 million worth of green loan and environmental performance-linked facilities from OCBC Bank and DBS Bank respectively. A S$70 million green loan with OCBC will be exclusively used on green projects. Meanwhile, S$55 million in environmental performance-linked facilities signed with DBS Bank will be used to refinance some existing loans, and for general corporate purposes. The counter last traded on Nov 6 at S$0.205, up 0.5 Singapore cent or 2.5 per cent.
Nam Cheong: The Malaysian offshore support vessel provider plans to redevelop existing facilities in Kiansam, Labuan in Malaysia into modern integrated marine engineering and construction facilities. The mainboard-listed offshore marine player on Monday said it has signed a memorandum of understanding to enter into a lease agreement with Labuan Corporation to redevelop the facilities, which will support the growth of oil and gas industries in Labuan, Sabah, Sarawak and Brunei. Shares of Nam Cheong fell 0.1 Singapore cent or 12.5 per cent to close at 0.7 cent on Friday.
Tritech: The water and environmental group inked two memoranda of understanding (MOUs) with Chinese firms Ooway Technology and China Business Credit Guarantee (CBC) that could result in an entry into fintech, as well as the emergence of a new controlling shareholder. Tritech said that the first MOU involves the Catalist-listed company possibly assisting CBC in providing services for the cross-border financing platform and a credit product developed by Ooway Technology. Tritech shares closed at S$0.032 on Friday, up 0.3 cent.
Kitchen Culture: The audited net loss of Kitchen Culture for FY2019 was 11.6 per cent higher than that in its unaudited results, partly due to write-offs in inventories and bad debt, according to a bourse filing by the Catalist-listed company on Sunday. In its unaudited results for FY2019 ended June, Kitchen Culture had announced a net loss of S$3.7 million, on the back of revenue of S$10.5 million. But in its audited results, the net loss was steeper at S$4.12 million, even as revenue was slightly higher at S$11 million. Shares of Kitchen Culture closed flat at S$0.081 on Friday.