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Stocks to watch: Singapore Airlines, JSH, JMH, Suntec Reit, AEM

SIA shares dropped to a low of S$6.01 during trading on Thursday before closing at S$6.12, down 41 cents or 6.28 per cent from Wednesday.

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

Singapore Airlines (SIA): On Thursday, OCBC Credit Research lowered the airline’s credit ratings and said it would need to seek external funding, while DBS Group Research downgraded the counter and slashed its target price to S$6.60. SIA shares rose S$0.05, or 0.8 per cent, to trade at S$6.17 as at 9.36am on Friday.

Jardine Strategic Holdings (JSH), Jardine Matheson Holdings (JMH): Bluechip heavyweight JSH fell by 15 per cent on Thursday, while other firms in the Jardine stable took a drubbing to a lesser extent and fell to fresh 52-week lows. Jardine Matheson finished Thursday 7.1 per cent or US$3.56 lower at US$46.66. David Blennerhassett, who publishes on Smartkarma, guesses that sellers of JSH may have got stuck playing the spread between the stock and JMH, which had not worked in their favour. JSH shares rose 8.1 per cent, or US$1.46, to trade at US$19.46 as at 9.52am on Friday. JMH shares also rose 2.4 per cent, or US$1.12, to trade at S$47.8 as at 9.52am on Friday.

Suntec Real Estate Investment Trust (Suntec Reit): The trustee of the Reit’s wholly-owned Australian subsidiary has taken out a A$450 million (S$378.9 million) green loan to refinance existing borrowings, finance or refinance acquisitions and/or investments and/or for general working capital purposes. Units of Suntec Reit rose S$0.12, or 10.6 per cent, to trade at S$1.25 as at 9.29am on Friday.

AEM Holdings: The advanced chip testing solutions firm is "cautiously confident" that its sales for the first half of 2020 will be at an all time high. This is despite shifts in the delivery of its sales orders resulting from the Covid-19 situation, AEM said in a regulatory update on Thursday night. The counter rose S$0.06, or 4.4 per cent, to trade at S$1.43 as at 9.23am on Friday. 

Sunningdale Tech: The precision manufacturer has halted production at its manufacturing facilities in Malaysia due to the country's movement control order. This has affected its Singapore operations, which rely on the Malaysian plants for production capacity. The counter inched down 0.6 per cent, or 0.5 Singapore cents, to trade at 81.5 cents as at 9.42am on Friday.

Mary Chia Holdings: The Catalist-listed beauty and wellness chain closed all outlets in Johor and Kuala Lumpur till March 31 to comply with the Malaysian government's movement control order. The counter was flat at 9.5 Singapore cents as at 9.39am on Friday.

LY Corporation: The company, which makes and exports wooden bedroom furniture, closed its subsidiaries in Malaysia following the movement control order. The group said it is still assessing the financial impact of the closures and Covid-19's effects on the global economy. The counter traded flat at 18 Singapore cents as at 9.39am on Friday.

Koda: The furniture maker closed its Johor factories in line with Malaysia's movement control order. The estimated value of production for its operations during the restriction is around US$600,000, accounting for less than 1 per cent of group revenue for the financial year ended June 30, 2019, it said. Koda shares were flat at S$0.44 as at 9.40am on Friday.

KLW Holdings: A halt in production at the doormaker’s Johor factory - due to Malaysia's movement control order - will affect previously scheduled order shipments to customers. The company said the closure, and any extension, will negatively impact its cash flow and financial position. The counter rose 33.3 per cent, or 0.1 Singapore cents, to trade at 0.4 cents as at 9.40am on Friday.

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