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Stocks to watch: OCBC, CapitaLand, AA Reit, China Everbright, Koufu, Challenger, POSH

OCBC: The bank's net profit slipped 6 per cent to S$1.17 billion for its third quarter ended Sept 30, from S$1.25 billion a year ago after booking a one-off charge at its Indonesian banking unit.

THE following companies saw new developments that may affect trading of their shares on Tuesday:

OCBC: The bank's net profit slipped 6 per cent to S$1.17 billion for its third quarter ended Sept 30, from S$1.25 billion a year ago after booking a one-off charge at its Indonesian banking unit. The one-time charge of S$91 million came from a refinement in the group’s expected credit loss modelling approach for Bank OCBC NISP. Excluding the one-time charge, the group’s core net profit was S$1.26 billion, slightly higher than $1.25 billion a year earlier, Singapore’s second-largest lender said in a regulatory filing on Tuesday. OCBC shares closed at S$11.07 on Monday, up S$0.05 or 0.5 per cent.

CapitaLand: The Asian real estate behemoth's net profit for its third quarter dropped 7.8 per cent to S$333.9 million from S$362.2 million a year ago mainly due to lower portfolio gains, the group said in a Singapore Exchange filing on Tuesday morning. This was partially mitigated by a higher operating profit after tax and minority interest, which was mainly due to the maiden contribution from Ascendas-Singbridge, better contributions from China development projects and fee income from Vietnam. CapitaLand shares closed up S$0.04 or 1.1 per cent to S$3.69 on Monday.

AIMS Apac Reit (AA Reit): The Reit on Tuesday posted a distribution per unit (DPU) of 2.5 Singapore cents for its second quarter ended Sept 30, unchanged from the year-ago period. Gross revenue was up 4 per cent to S$30.6 million for the quarter, from S$29.4 million last year. This was mainly due to the maiden rental contribution from its recently acquired property, Boardriders Asia Pacific HQ in Gold Coast, Australia, as well as higher rental and recoveries for three Singapore properties. Units in AA Reit closed at S$1.38 on Monday, down 0.7 per cent, or one Singapore cent. 

China Everbright Water: The company on Monday said it has secured Ji'nan Tangye New Area Waste Water Treatment PPP project and Zibo Northern Waste Water Treatment Plant Expansion Project in Shandong province, with a total investment of about 396 million yuan (S$76.3 million). Tangye New Area Project will be built and run by a project company jointly set up by Everbright Water based on a public-private partnership (PPP) model, with a concession period of 30 years, including the construction period. Its shares closed up S$0.025 or 8.2 per cent to S$0.33 on Monday.

Koufu: The food court and coffeeshop operator on Monday posted a 52.3 per cent increase in net earnings to S$7.1 million in its third quarter, on the back of a 6.6 per cent rise in revenue to S$61.4 million. Revenue contribution from the outlet and mall management segment rose 6.2 per cent to S$30.7 million in Q3 2019, thanks to two new food courts at 164 Kallang Way and Millenia Walk that opened in the third quarter, as well as higher overall revenue growth from most of the food courts and coffeeshops. Koufu shares closed one cent higher at S$0.755 on Monday.

Challenger Technologies: The consumer electronics retailer on Monday posted a 5 per cent drop in its third-quarter net profit to S$4.3 million, on the back of flat revenue of S$83.3 million, which rose just 1 per cent from a year ago. It said the slight increase in revenue was mostly driven by improved performance from its IT products and services segment, which saw revenue rise 1.1 per cent to S$81.8 million from higher revenue contribution from trade shows and corporate sales. This was partially offset by lower contribution from retail sales. Its shares last traded up S$0.005 or 1 per cent to S$0.535 on Oct 31. 

Pacc Offshore Services Holdings (POSH): The offshore marine services provider has requested to lift its trading halt on Tuesday morning after the halt was first requested on Oct 31. On Monday night, it said Quetzal Capital has made a voluntary conditional cash offer for it at S$0.215 per share in cash. Quetzal Capital is the bid vehicle formed by certain members of the Kuok group of companies. Separately, POSH also announced its third quarter results on Monday evening, posting wider losses of US$40.4 million compared to net losses of US$5.3 million in the year-ago period. Revenue fell 8 per cent to US$73.3 million, dragged down by lower contributions from offshore accommodation. Its shares last traded on Oct 31, up S$0.018 or 16.5 per cent to S$0.127.

Alpha Energy and Mercurius Capital Investment: Both have requested trading halts ahead of market open on Tuesday morning.

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