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Stocks to watch: Medtecs, SPH, Frasers Property, Wilmar, Top Glove, iFast
THE following companies saw new developments that may affect trading of their securities on Wednesday:
Medtecs International: The pandemic beneficiary's third-quarter top line and net profit surged on explosive demand for personal protective equipment. The Catalist-listed medical products supplier's revenue for the quarter was 636 per cent higher at US$124.6 million, and its net profit jumped 1,115 times to US$45.7 million. Medtecs shares rose S$0.06 or 4.2 per cent to close at S$1.48, before the results were released.
Singapore Press Holdings (SPH): The media and property group, which publishes The Business Times (BT), on Tuesday evening reported its first net loss, amounting to S$83.7 million for the year ended Aug 31. This came as Covid-19 "severely disrupted" all business segments including property, which has been a key revenue driver for the group. SPH shares ended unchanged at S$1.05, before the results were released.
Frasers Property: Hard hit by the coronavirus outbreak, the real estate developer and manager expects to report a decline of as much as 70 per cent in its attributable profit for FY2020, it said in a profit guidance issued on Tuesday after market close. The mainboard-listed stock lost S$0.01 or 0.8 per cent to end the day at S$1.18.
Wilmar International: The agri-food giant on Wednesday said that some 542.2 million new shares of its Chinese subsidiary Yihai Kerry Arawana Holdings (YKA) have been allotted to investors pursuant to the latter's listing. The YKA shares will start trading on the Shenzhen bourse on Thursday. Wilmar shares finished flat at S$4.65 on Tuesday.
Top Glove: The Malaysian rubber glove maker has hired banks to arrange a Hong Kong listing that could raise at least US$1 billion, Reuters reported, citing two sources. Citigroup, China International Capital Corporation and UBS will manage the listing, said the sources. Top Glove's Singapore-listed shares were up S$0.05 or 1.7 per cent to finish Tuesday at S$2.98.
iFast Corp: In response to BT's queries, the wealth management and brokerage platform has clarified that its recent reply to Singapore Exchange Regulation (SGX RegCo) was not meant to imply anything about its coming results. SGX RegCo had on Oct 9 queried the firm after the counter ended the day 8.46 per cent higher at S$2.82. On Tuesday, iFast gained S$0.06 or 2.1 per cent to close at S$2.88.