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Stocks to watch: Great Eastern, ARA H-Trust, HPL, Wing Tai, China Sunsine, UOB Kay Hian
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Great Eastern Holdings: Great Eastern on Wednesday posted a net profit of S$287 million for the fourth quarter ended Dec 31, 2019, more than double the S$136.9 million a year ago. Shares of Great Eastern closed at S$21.82 on Tuesday, down S$0.04 or 0.2 per cent.
ARA US Hospitality Trust (ARA H-Trust): ARA H-Trust posted a distribution per stapled security (DPS) of 1.08 US cents for the fourth quarter ended Dec 31, 12.9 per cent lower than its initial public offering forecast of 1.24 US cents. Stapled securities of the mainboard-listed stapled group closed one US cent or 1.2 per cent higher at 0.865 US cent on Tuesday.
Hotel Properties Limited (HPL): HPL plans to add another Italian hotel to its portfolio, this time from Italy's Dolomites region. The acquisition will be funded by way of internal funds and bank borrowings. HPL shares rose S$0.19 or 5.34 per cent to S$3.75 on Tuesday, before this announcement.
Wing Tai: The developer's latest project, The M at Bugis, opened for public viewing over the weekend and attracted more than 2,000 visitors. Wing Tai's deputy chairman and deputy managing director Edmund Cheng believes that in Singapore, "any drop in transactions may be temporary". Overall, he is of the view that Singapore's property market is in a good position to withstand the Covid-19 spread. Separately, UOB Kay Hian analysts Loke Peihao and Nicola Ho on Feb 13 initiated coverage on Wing Tai with a "buy" call, describing it as a late-cycle economy play.
China Sunsine Chemical Holdings: Speciality rubber chemicals producer China Sunsine said on Tuesday that it expects to report a material decrease in consolidated net profit for the fourth quarter ended Dec 31, 2019 compared to the fourth quarter of 2018. China Sunsine shares rose half a Singapore cent or 1.09 per cent to S$0.465 on Tuesday.
UOB Kay Hian: Chairman and managing director of UOB Kay Hian, Wee Ee Chao, has been nibbling on the mainboard-listed brokerage shares in recent years, and his gradually built-up shareholding is inching near the 30 per cent trigger point for a mandatory general offer. The counter closed flat at S$1.20 on Tuesday.
QAF: Bread manufacturer QAF said on Tuesday that it expects to report a significant improvement in both pre-tax profit and net profit for FY2019 compared to FY2018, due mainly to the performance of its primary production business. QAF shares rose half a Singapore cent or 0.64 per cent to S$0.785 on Tuesday, before this annoucement.
Pan-United: Singapore's biggest producer of ready-mix concrete, Pan-United, on Tuesday posted a fourth-quarter net profit of S$5.4 million, up 167 per cent from S$2 million for the same period a year earlier. Pan-United shares rose half a Singapore cent or 1.35 per cent to S$0.375 on Tuesday.
Sing Holdings: Mainboard-listed property development and investment group Sing Holdings made a net profit of S$45.4 million last year, up 305 per cent from S$11.2 million for 2018. The counter rose 1.5 Singapore cents or 3.75 per cent to S$0.415 on Tuesday, before the results were announced.
Interra Resources: Petroleum exploration and production firm Interra Resources said on Tuesday that its joint-venture entity, Goldpetrol Joint Operating Company, has completed a development well in the Chauk oil field in Myanmar. Shares in watch-listed Interra Resources fell 0.3 Singapore cent or 3.95 per cent to S$0.073 on Tuesday.
IPC Corp: Property investment firm IPC Corp said on Tuesday that the Covid-19 outbreak has negatively impacted the business of Nest Hotel Japan Corporation (NHJC), in which IPC owns preference shares. IPC shares last changed hands at S$0.25 on Feb 12.