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Stocks to watch: Moya, Synagie, Aspial, Sasseur Reit, CCT, Del Monte Pacific, Low Keng Huat
THE following companies saw new developments which may affect trading of their shares on Thursday:
Moya Holdings Asia: The Indonesia-based water treatment company's subsidiary PT Aetra Air Jakarta, together with partner PT Medco Gas Indonesia, has been awarded the tender for a water supply system in Semarang in central Java, by the city's municipal water company Perusahaan Daerah Air Minum Tirta Modal. A new project company will be set up with Moya's unit taking 75 per cent interest and its partner, the remaining 25 per cent. The build-operate-transfer project has a 25-year concession period. Construction will start in April 2019 and is expected to be completed within two years.
Synagie Corporation: Catalist-listed homegrown e-commerce player Synagie posted a net loss of S$3.4 million for the half year ended June 30, 2018, widening from a net loss of S$1.2 million in the year ago period. The startup, whose clients operate mostly in the body, beauty and baby (BBB) sector, attributed the loss to increased administrative expenses and one-off expenses related to the acquisition of its insurtech business - 1Care Global - which weighed on its bottom line. Loss per share deepened to 1.31 Singapore cents, from a loss per share of 0.44 Singapore cent in the year-ago period. Revenue more than doubled from S$3 million for the half year ended June 30, 2017, to S$6.9 million for H1 2018.
Aspial Corporation: Aspial is inviting holders of its 5.5 per cent notes due in November 2018 or 5.05 per cent notes due in June 2019 to either sell these to the company or exchange them for new notes by 10am on Sept 18, 2018. Aspial said the invitation is part of its strategy "to improve its debt position and to reduce negative carry", by using part of the cash proceeds from its real estate business to buy the existing notes before their respective maturity dates.
Sasseur Reit: The manager sponsor of Sasseur real estate investment trust (Reit) - which owns four retail outlet malls in China - on Wednesday said that it has signed a partnership with one of its cornerstone investors to boost sales channels. Through a "memorandum of strategic partnership", the Reit sponsor Sasseur Cayman Holding will work with Secoo Holdings to expand the channels to sell luxury goods in China via an "omni-channel network". Such networks refer to multiple channels that include physical and online store presence.
CapitaLand Commercial Trust (CCT): HSBC, the sole tenant of the HSBC Building at 21 Collyer Quay, has signed a one-year lease extension with landlord CCT. The total rent payable by HSBC for the extended term commencing April 30, 2019 will be S$27.7 million, CCT said on Wednesday night. HSBC is one of its top 10 tenants, contributing about 4 per cent to its monthly gross rental income as at June 30, 2018.
Del Monte Pacific: Boosted by a one-off gain, food & beverage company Del Monte Pacific earned a net income of US$3.02 million in Q1 FY2019, compared to US$740,000 a year ago. The one-off gains of US$6.8 million (post-tax) was from the purchase of subsidiary Del Monte Foods Inc’s (DMFI) loans at a discount in the secondary market. Stripping out one-off items, it would have slipped into the red with a loss of US$3.73 million, versus a net profit of US$1.24 million a year ago. For the three months ended July 31, 2018, turnover was 7.7 per cent lower year-on-year at S$437.23 million mainly due to lower sales in the United States and lower exports of processed pineapple products. Loss per share for the quarter was 0.1 US cent, compared to a loss per share of 0.13 US cent a year ago.
Low Keng Huat: Higher profits from its development segment, offset by lower profits at its investment segment, gave a lift to results for Low Keng Huat in its second quarter. The property developer's net profit jumped more than eightfold to S$4.2 million from the previous year, it said on Wednesday. For the three months ended July 31, revenue leapt 472 per cent to S$77.9 million from the previous year.
ESR-Reit: The manager of ESR-Reit on Wednesday said that its chief financial officer Shane Hagan has resigned "to pursue his own interests". Mr Hagan will also step down from his post as chief operating officer. Amy Low, financial controller, has been appointed as acting chief financial officer. Nancy Tan, head of real estate, will take over all operational and investment matters relating to ESR-Reit.