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Stocks to watch: SIA, SATS, China Everbright Water, Wing Tai, FLT, Banyan Tree
THE following companies saw new developments that may affect trading of their shares on Friday:
Singapore Airlines: SIA capped fiscal 2019 with a 28 per cent fall in fourth-quarter bottom line earnings to S$202.6 million from S$281 million a year ago, on the back of lower operating profit and higher non-operating costs related to SilkAir's refleeting and restructuring. For the full year, the national carrier's net profit fell 47.5 per cent to S$683 million despite a record revenue of S$16.3 billion, from S$15.8 billion a year ago. Operating profit and dividends were also down. SIA stock fell four Singapore cents or 0.4 per cent to finish at S$9.40 on Thursday.
SATS: Fourth-quarter net profit for the ground handler and in-flight catering services provider tumbled 23.7 per cent to S$49.9 million, from S$65.4 million a year ago, mainly due to the absence of one-off gains, the company announced on Friday before the market opened. This translates to an earnings per share (EPS) of 4.5 Singapore cents for the quarter, compared to an EPS of 5.9 Singapore cents last year. SATS shares closed 0.19 per cent, or one Singapore cent up at S$5.22 on Thursday.
China Everbright Water: The mandatory unconditional cash offer by its unit, State Alpha, for Ying Li International Real Estate has closed. The resultant shareholding of the offeror and parties acting in concert is 72.04 per cent. State Alpha had on April 18 said that it was making an offer for the Chongqing-based property developer at S$0.14 per share. The offer was triggered after the offeror bought about 767.1 million shares, representing about 30 per cent of the shares in the company, from Newest Luck Holdings. This resulted in its stake, combined with parties acting in concert, becoming 58.91 per cent. China Everbright shares closed down 6.33 per cent, or S$0.025 at S$0.37 on Thursday.
Wing Tai Holdings: The mainboard-listed property and retail player will be issuing S$150 million NC5 4.48 per cent perpetual securities. NC5 or non-core 5 refers to securities not redeemed or called before year five. The securities are expected to be issued on or around May 24, subject to customary closing conditions, the group said on Thursday in a regulatory filing. Wing Tai shares closed down 0.5 per cent, or S$0.01 at S$2.00 on Thursday.
Frasers Logistics & Industrial Trust (FLT): It will sell a warehouse and open-air parking area for A$15 million (S$14.2 million) to a local roofing business, the trust's manager said on Thursday. It is also weighing its options for the rest of the freehold property - a car park and vacant office space - in Clayton South, in the state of Victoria. The Reit's (real estate investment trust) units closed down 1.71 per cent, or S$0.02 at S$1.15 on Thursday.
Banyan Tree Holdings: The resort operator posted a 74 per cent drop in net profit to S$5.2 million for the first quarter ended March 31, from S$20.2 million a year ago, due to lower revenue across all segments. Earnings per share fell to 0.62 Singapore cent, from 2.4 cents a year ago. The group's revenue fell 17 per cent year on year to S$81.2 million from S$98.2 million. Banyan Tree shares closed unchanged at S$0.54 on Thursday.