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Stocks to watch: EHT, SPH Reit, LMIRT, Genting, MoneyMax, MindChamps
THE following companies saw new developments that may affect trading of their securities on Friday:
Eagle Hospitality Trust (EHT): More clarity over the condition of EHT’s Queen Mary floating hotel is expected as soon as this month, when a peer review of the critical repair and maintenance issues is expected to be completed. Separately, the City of Long Beach in California also noted that Urban Commons, the ship’s operator and EHT’s sponsor, had given the City a draft copy of its 2018 financial report. Stapled securities of EHT closed flat at 46 US cents on Thursday.
SPH Reit: The retail real estate investment trust is expanding its footprint in Australia, with a deal for a half-stake in a freehold mall. The transaction with Lendlease Real Estate Investments carries a price tag of A$670 million (S$627.9 million), to be funded by a recent perp issue, plus debt and/or equity fund-raising. SPH Reit units lost S$0.01 or 0.87 per cent to S$1.14 on Thursday before the announcement.
Lippo Malls Indonesia Retail Trust (LMIRT): Its third-quarter distribution per unit (DPU) rose to 0.56 Singapore cent, from 0.49 cent a year ago. Distributable income increased by 29.5 per cent year on year to S$18 million, as net property income grew 11.8 per cent to S$44.1 million. Units of LMIRT gained 0.5 Singapore cent or 2.13 per cent to S$0.24 on Thursday, before the results were released.
Genting Singapore: Net profit tumbled 24.5 per cent to S$158.9 million in the third quarter, weighed down by “headwinds”, the Resorts World Sentosa operator said on Thursday after market close. Business expenses deepened the woe from a revenue decline of 6.7 per cent, on a double-digit drop in gaming takings from the Singapore integrated resort business. Genting shares ended 0.5 Singapore cent or 0.52 per cent higher at S$0.96 before the results.
MoneyMax Financial Services: Its profit for the third quarter more than tripled to S$3 million from S$990,000 a year ago, on stronger performance from certain segments. This was partially offset by the increase in material costs and various expenses, the Catalist-listed pawnbroker said late Thursday night. MoneyMax shares last traded at S$0.158 on Oct 17.
MindChamps PreSchool: The mainboard-listed early childhood education player saw its third-quarter earnings plummet on higher expenses, despite an increase in turnover from new pre-schools. Net profit tumbled 73.1 per cent year on year to S$300,000, MindChamps said on Thursday night. Its shares closed flat at S$0.55, before the results were released.
Koh Brothers Group: The mainboard-listed construction firm saw its third-quarter net profit plunge 38.6 per cent on lower sales, as the construction and building materials division recognised less revenue. The fall in the bottom line also came amid lower rental and other income, Koh Brothers said on Thursday night. Its shares last changed hands on Wednesday at 20.5 Singapore cents.
HRnetGroup: Its third-quarter net profit declined 4.9 per cent to S$12 million, the mainboard-listed recruitment firm said in a bourse filing on Friday morning. Excluding the effect from revaluation of marketable securities, net profit rose 3.1 per cent to S$12.7 million versus S$12.3 million in the year ago period. HRnetGroup shares closed up S$0.005 or 0.8 per cent to S$0.60 on Thursday.
EC World Reit: EC World Reit, which focuses on China’s logistics property market, cut its third-quarter DPU to 1.489 Singapore cents from 1.57 Singapore cents a year ago, according to results released on Thursday after market close. The manager blamed the lower DPU on a weakening yuan, as well as “technical timing difference between the loan drawdown and completion of acquisition of Fuzhou E-Commerce”. Its units closed unchanged at S$0.74.
Vibrant Group: The mainboard-listed logistics player plans to consolidate its stake in chemical logistics subsidiary LTH Logistics (Singapore), in a deal disclosed on Thursday evening. Vibrant will buy out the vendor’s 49 per cent interest for S$13.5 million in cash, funded by the group’s internal resources. Vibrant shares closed up by 0.2 Singapore cent or 1.56 per cent to S$0.13 before the announcement.
Citic Envirotech: Its shares jumped as high as 45.9 per cent after resuming trade on Thursday, on news that the company’s majority owner is planning to take it private. The counter peaked at S$0.54, before closing on Thursday at S$0.535, 44.6 per cent or 16.5 Singapore cents higher. The offer of S$0.55 in cash for each share was made by Citic Group Corp's Citic Environment Investment Group.
Dyna-Mac Holdings: Shares of the mainboard-listed offshore oil and gas contractor surged amid active trading on Thursday, days after Dyna-Mac announced that its chief executive officer and largest shareholder Desmond Lim Tze Jong had died. The counter gained 1.5 Singapore cents or 12.9 per cent to an 18-month high of 13.1 cents at market close on Thursday.
Jardine Matheson Holdings (JMH): Simon Keswick, former chairman and managing director of JMH, is retiring from the board after almost six decades with the family conglomerate. He will step down on Jan 1, 2020, and will also leave the boards of related firms Jardine Strategic Holdings, Dairy Farm International, Hongkong Land Holdings, and Mandarin Oriental International, according to bourse filings on Thursday. JMH closed up US$0.77 or 1.34 per cent to US$58.42.
Capital World: The Catalist-listed property developer on Thursday night said a subsidiary has scrapped plans to buy a Malaysian company which held joint development rights for some land in Johor. The subsidiary revoked the agreement after a condition precedent was not met. Capital World fell 0.2 Singapore cent or 16.67 per cent to S$0.01, before the announcement.