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Stocks to watch: Keppel, JSH, Singtel, Hongkong Land, Dairy Farm
THE following companies saw new developments that may affect trading of their shares on Friday:
Keppel Corporation: Keppel Land China, a wholly-owned subsidiary of Keppel Corp's property arm, will jointly develop a residential site in Jiangsu province with Chinese developer CIFI Holdings. Shares of Keppel Corp traded S$0.08 or 1.25 per cent down to S$6.31 on Thursday, before the announcement was made.
Jardine Strategic Holdings (JSH): The holding company - which has principal interests in Jardine Matheson, Dairy Farm, Hongkong Land and Jardine Cycle & Carriage - saw its 2019 underlying profit fall 3 per cent to US$1.68 billion. JSH shares dropped US$0.20 to close at US$27.19 on Thursday.
Singtel: S&P Global Ratings has lowered Singtel's long-term issuer credit ratings to A from A+, while affirming the A-1 short term issuer credit ratings. Singtel shares rose S$0.02 to S$2.99 at Thursday's close.
Hongkong Land Holdings: The real estate developer posted a record underlying net profit of US$1.08 billion last year, up 4 per cent from 2018. Meanwhile, its net profit - which is typically volatile - slumped 92 per cent to US$198 million, due to losses from revaluation of the group's investment properties compared to gains a year earlier. Hongkong Land shares rose US$0.06, or 1.2 per cent, to US$5.05 on Thursday, before the results were released.
Dairy Farm: Pan-Asian supermarket and convenience store operator Dairy Farm's underlying net profit fell 10 per cent to US$321 million for 2019 as social unrest in Hong Kong disrupted operations in its home market during the second half of the year. Dairy Farm shares fell US$0.07 or 1.45 per cent to close at US$4.75 on Thursday before the results were released.
Mandarin Oriental: Dual-listed hotelier Mandarin Oriental's underlying net profit - which excludes non-trading items - fell by 37 per cent to US$41.2 million for fiscal 2019, from US$64.9 million a year ago, according to results filed on Thursday night. On the Singapore bourse, the counter gained US$0.03 or 1.8 per cent to finish at US$1.71 on Thursday.
Tee International: Its former chief executive officer Phua Chian Kin was interviewed by the Commercial Affairs Department (CAD), Tee International disclosed late on Thursday night. Earlier this week, the company said it has been asked to furnish documents to CAD and assist with investigations into an offence. Tee shares fell 0.4 Singapore cent or 10 per cent to 3.6 cents on Thursday.