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Stocks to watch: OCBC, CapitaLand, StarHub, Dapai
FINANCIAL results dominated overnight headlines before Wednesday's market opening.
OCBC Bank: OCBC Bank's fourth-quarter net profit jumped 21 per cent to S$960 million as net interest income rose 5 per cent to S$1.34 billion. The bank's directors have recommended a final dividend of 18 Singapore cents per share.
OCBC stock last traded at S$7.77 on Tuesday.
CapitaLand: Property developer CapitaLand's fourth-quarter net profit fell 39.5 per cent to S$247.7 million as cost of sales outpaced revenue growth. The company also suffered from the absence of a year-ago S$212.5 million fair-value gain from the completion of the CapitaGreen project.
CapitaLand is nevertheless maintaining its dividend of nine Singapore cents per share. The stock closed at S$2.90 on Tuesday.
StarHub: Singapore telco StarHub said net profit dropped 14.3 per cent in the fourth quarter to S$80.8 million as revenue declined by 2.1 per cent to S$633.8 million.
The company stuck to a final dividend of five Singapore cents per share payout for the quarter. StarHub shares headed out at S$3.80 on Tuesday.
Dapai: Beyond the earnings announcements, backpack maker Dapai International Holdings Co unveiled a stock-placement plan to move to the Catalist board and a potential acquisition.
Dapai plans to place S$1.6 million of new shares at 0.8 Singapore cent apiece to help fund a move to the Catalist board from Singapore Exchange's Mainboard.
The company is also planning a share swap to acquire a Thai smart card business. The exact consideration rate has not been set yet.