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Stocks to watch: SIA, Genting, Singtel, StarHub, Bumitama Agri, Boustead Projects

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

Singapore Airlines (SIA): In a move aimed at succession planning, the flag carrier announced a management shuffle on Monday evening, which included promoting two airline veterans seen as potential frontrunners for the top job in the future. Shares in SIA closed at S$8.66 on Monday, gaining four cents.

Genting Singapore: The gaming giant has unexpectedly backed out from bidding for an integrated resort (IR) licence in Osaka, Japan. This comes less than two weeks after shareholders gave it the green light to submit one or more bids involving an investment of up to US$10 billion to develop and operate an IR in Japan. Genting Singapore shares closed unchanged at 88.5 Singapore cents.

Singtel, StarHub: The bidding for Singapore’s 5G network licences closed on Monday with three submissions received, the Infocomm Media Development Authority said in a statement. At the close of the call for proposal, one bid each was received from Singtel and TPG Telecom, and a joint submission from StarHub and M1. On Tuesday, Singtel shares were trading at S$3.18 as at 9.06am, down S$0.03 or 0.9 per cent, while StarHub fell S$0.01 or 0.7 per cent to S$1.48 as at 9.07am.

Bumitama Agri: Higher palm oil prices gave a boost to the Indonesian palm oil producer’s fourth-quarter earnings. The mainboard-listed company on Tuesday posted a 26.1 per cent increase in net profit to 261.46 billion rupiah (S$26.6 million) for the quarter ended Dec 31. Shares of Bumitama Agri closed flat at 68.5 Singapore cents on Monday.

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Boustead Projects: The mainboard-listed real estate player on Tuesday morning said it had stopped construction activities on Feb 9 after being informed of its first confirmed Covid-19 case at Seletar Aerospace Heights. Boustead Projects said the five confirmed cases of the novel coronavirus related to that cluster belonged to its subcontractor. The counter was trading at 74 Singapore cents as at 9.01am on Tuesday, up 0.5 cent or 0.7 per cent.

Eagle Hospitality Trust (EHT): It posted a distribution per stapled security of 1.179 US cents for the fourth quarter, 24.4 per cent lower than its initial public offering forecast. Revenue was down 13.1 per cent for the quarter, from the US$23.6 million forecast. EHT stapled securities were trading at 51.5 US cents as at 9.11am on Tuesday, down 1.5 cent or 2.8 per cent, after the results were released.

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