Stocks to watch: Sheng Siong, DBS, UOB, OCBC, SIA, Ascendas Reit, Dairy Farm

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

Sheng Siong Group: The supermarket operator on Tuesday posted a net profit of S$29 million for its first quarter ended March 31, up 49.9 per cent from a year earlier. Sheng Siong also announced that its staff, excluding directors, will be rewarded with an additional month's salary for working hard during the period of elevated demand. Its shares rose S$0.01 or 0.7 per cent to close at S$1.46 on Tuesday, before its results were released.

DBS, UOB, OCBC: The three local banks are likely to see higher provisions on the back of their oil and gas exposure and as businesses take a harder hit with the deepening recession, said analysts. DBS shares closed at S$19.07 on Tuesday, up S$0.07 or 0.4 per cent; UOB ended at S$19.85, up S$0.07 or 0.4 per cent, while OCBC finished at S$8.84, up S$0.08 or 0.9 per cent.

Singapore Airlines (SIA): While anyone holding SIA shares can appreciate that Covid-19 has dealt an unprecedented blow to the entire air travel industry, it may be time to question if the airline's unique policy of hedging its jet fuel costs five years into the future has exposed shareholders to more hedging losses than necessary. The counter closed at S$6.01 on Tuesday, down S$0.08 or 1.3 per cent.

Ascendas Real Estate Investment Trust (Ascendas Reit): Its manager said it delivered a "healthy" operational performance for its first quarter ended March 31. Overall portfolio occupancy rate improved to 91.7 per cent quarter on quarter, mainly attributable to a higher occupancy rate in the Singapore portfolio. Units in Ascendas Reit rose S$0.04 or 1.4 per cent to S$2.86 on Tuesday before the update.

Dairy Farm International Holdings: The pan-Asian supermarket and convenience-store operator on Tuesday evening said its overall performance in the first quarter was "seriously affected" by the Covid-19 pandemic and deteriorating consumer sentiment. Dairy Farm shares closed at US$4.75 on Tuesday, up US$0.04 or 0.9 per cent.

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Olam International: Olam has obtained US$176 million in term loans to procure agri-commodities from smallholder farmers, and expand its Indonesia cocoa processing facility, the agri-food giant said on Wednesday. The counter closed at S$1.45 on Tuesday, up S$0.01 or 0.7 per cent.

Frasers Logistics & Commercial Trust: Frasers Logistics & Industrial Trust (FLT) has been renamed Frasers Logistics & Commercial Trust, following the S$1.58 billion merger between Frasers' logistics and commercial Reits, its manager announced on Wednesday morning. With effect from 9am on May 4, its trading name on the Singapore bourse will be Frasers L&C Tr, although the stock code remains unchanged as BUOU. FLT units ended trading unchanged at 98.5 Singapore cents on Tuesday.

SPH Real Estate Investment Trust (SPH Reit): Its manager announced after trading hours on Tuesday that it has elected to receive the base fee component of the management fee for the period from Dec 1, 2019 to Feb 29, 2020 in the form of units in SPH Reit. The counter closed at 78.5 Singapore cents on Tuesday, up 0.5 cent or 0.6 per cent.

Parkway Life Real Estate Investment Trust (Parkway Life Reit): The Reit manager announced late on Tuesday that Palmary Inn Shin Kobe, one of its nursing home properties in Kobe City, Japan, has three confirmed cases of Covid-19. Parkway Life Reit units closed at S$3.35 on Tuesday, up three Singapore cents or 0.9 per cent.

Starhill Global Real Estate Investment Trust (Starhill Global Reit): Starhill Global Reit's revenue for the third quarter ended March 31 fell 8.9 per cent to S$46.7 million, while its net property income fell 11.1 per cent. Its units closed at 47.5 Singapore cents on Tuesday, up 0.5 cent or 1.1 per cent, before its results were released.

Prime US Real Estate Investment Trust (Prime US Reit): In a business update, Prime US Reit said that its first-quarter net property income stood at US$23.5 million, exceeding IPO projections by 6.7 per cent. The counter closed at US$0.71 on Tuesday, up US$0.03 or 4.4 per cent, before this announcement.

AEM Holdings: AEM posted a net profit of S$36.1 million for its first quarter ended March 31, up from S$6.6 million a year ago, on the back of increased orders. Its shares closed at S$2.18 on Tuesday, up S$0.02 or 0.9 per cent, before its results announcement.