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Stocks to watch: OUE, LHN, Addvalue, A-Sonic
THE following companies made material announcements after the market closed on Friday.
OUE: It has reported an 85 per cent surge in net profit for the first quarter ended March 31 to S$15.4 million on the back of stronger revenue, reversal of impairment losses on OUE Twin Peaks and lower finance expenses.
Its revenue of S$196.3 million, a 60 per cent jump from a year ago, was bolstered by strong contributions from both the property development and property investment divisions.
LHN said on Friday it is seeking a dual primary listing of its shares on the Hong Kong mainboard and has appointed Fortune Financial Capital as the sponsor in Hong Kong for the proposed listing.
It has also appointed other professional advisers, including Singapore and Hong Kong legal counsels, for the purpose of advising on this undertaking.
"The Board believes that having a primary listing status in both Singapore and Hong Kong is beneficial to the company as this provides the company with ready access to these different equity markets in the Asia Pacific region as and when opportunities arise," LHN said.
It also hopes to widen its investor base, increase trading liquidity and enhance its profile as it seeks to further expand regionally.
Addvalue Technologies: The company said on Sunday it has clinched an initial trial order of about US$1 million to supply the group's latest generation of maritime communications system, Wideye iFleetONE terminal, from various customers globally. Under discussions now are orders for about US$3.5 million from potential new customers, of which some are currently testing the product on their vessels.
A-Sonic Aerospace: The group warned on Friday that the consolidated results of the company and its subsidiaries are expected to register a net loss for the first three months ended March 31.