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Stocks to watch: SingHaiyi, Yongnam, Neo Group, Pacific Star Development
THE following companies saw new developments that may affect trading of their shares on Thursday:
SingHaiyi: Real estate group SingHaiyi on Wednesday announced that Q4 FY19 net profit rose 47.6 per cent year on year to S$9.74 million. Revenue declined 67.6 per cent to S$9.84 million, mainly due to the decrease in revenue recognised for the completed executive condominium project - The Vales, and the private condominium - City Suites. Earnings per share came to 0.228 Singapore cent, versus 0.209 cent previously. The board has proposed a final dividend of 0.15 Singapore cent per share, to be approved by shareholders at an upcoming annual general meeting. The counter closed at 9.4 Singapore cents on Wednesday, up 0.1 cent.
Yongnam Holdings: Yongnam has entered into a placement agreement with placement agent CGS-CIMB Securities (Singapore) to raise capital by placing out up to S$15 million worth of redeemable convertible bonds. According to a filing with the Singapore Exchange (SGX) on Wednesday, the targeted group of investors comprises institutional investors, high net worth individuals, family offices, corporates and accredited investors. The maturity date of the non-listed bonds is two years from the issue date, and the bonds will bear interest at a rate of 7 per cent per annum, payable every six months. The conversion price of S$0.179 represents a 6.55 per cent premium to the prevailing market price of the shares prior to the signing of the agreement. Estimated net proceeds from the proposed placement is S$14.5 million, after deducting fees and expenses. The counter closed flat at 16.9 Singapore cents on Wednesday, before this announcement.
Neo Group: Caterer Neo Group on Wednesday reported a net profit of S$3.92 million for the fourth quarter ended March 31, up nearly 43 per cent from the corresponding quarter a year ago, as it reported higher revenue. Q4 revenue increased 7 per cent to S$50.89 million, on the back of better food catering business. For the full year, net profit shot up 48.7 per cent to S$5.4 million, while revenue edged up 1.6 per cent year-on-year to S$181.02 million, owing to stronger revenue contributions from its food catering and food retail businesses, as well as the other businesses segment. Earnings per share came to 3.68 Singapore cents, rising from 2.49 cents previously. The group has proposed a final cash dividend of 0.5 Singapore cent for FY19. The counter closed at 52 Singapore cents on Wednesday, up five cents.
Pacific Star Development (PSD): PSD said on Wednesday night that it is liquidating its aluminium business division, as the group looks to focus on its property development business. The move will see a creditors' voluntary liquidation of its subsidiaries Durabeau Industries and LH Aluminium Industries – which collectively make up its aluminium business division. PSD shares closed at 12.2 Singapore cents on Wednesday, up 1.2 cents or 10.9 per cent.