Stocks to watch: SingPost, FLCT, CDL, Wing Tai, BRC Asia, Neo Group

THE following companies saw new developments that may affect trading of their securities on Thursday.

Singapore Post (SingPost): The group reported S$351 million in revenue for the third quarter ended December 2020, down 1 per cent from S$356 million for the corresponding period last year. Its profit on operating activities fell 38 per cent year on year to S$26 million from S$41 million due to the impact of Covid-19 disruptions and related costs, said the group in its business update on Thursday morning. SingPost shares closed half a Singapore cent or 0.7 per cent higher at 70.5 cents on Wednesday.

Frasers Logistics & Commercial Trust (FLCT): In a bourse filing late on Wednesday, its manager said the Covid-19 pandemic has not had a material impact on the trust's portfolio to-date. The commercial portfolio remains largely stable although a near to mid-term impact on the retail components of its Singapore and Australian portfolio is expected, said the manager. Units of FLCT fell S$0.01 or 0.69 per cent to close at S$1.45 prior to the update.

City Developments Limited (CDL): The developer has signed the World Green Building Council's (WorldGBC) Net Zero Carbon Buildings Commitment as part of its efforts to achieve net zero carbon emissions by 2030. Under its commitment, CDL intends to maximise energy performance for buildings under its direct control using smart technologies and advocate for all buildings to be net zero carbon in operation by 2050. Shares in CDL rose S$0.02 or 0.3 per cent to close at S$7.32 on Wednesday, before the announcement.

Wing Tai Holdings: First-half 2020 net profit for the property and retail player grew 73.1 per cent on-year to S$56.8 million on the back of higher contribution from its development properties. In its results filing after the market closed on Wednesday, Wing Tai said it will continue to exercise prudence in liquidity and capital management to ride through the uncertainties in the market. The counter ended the day up S$0.02 or 1.06 per cent at S$1.90.

BRC Asia: The steel-reinforcement solutions provider has reported a 24 per cent decline in net profit for its fiscal first quarter on the back of lower revenue, and provisions. In a business update on Wednesday, its chief executive Seah Kiin Peng said the group has been focused on mitigating the negative impact on business arising from Covid-19 for the past year. BRC shares rose 1.9 per cent or S$0.03 on Wednesday to close at S$1.61, before the announcement.

Neo Group: It is acquiring a 51 per cent stake in local snack manufacturer Royale International Food Industries (RIFI) for about S$1 million in cash, said the Catalist-listed food caterer in an exchange filing on Wednesday. RIFI is principally engaged in the manufacture of snacks under its flagship brand, Crusty's, with a selection of ready-to-eat products such as potato chips, fish skin and soya-based snacks. Shares of Neo Group fell 1 per cent or 0.5 Singapore cent to close at 52.5 cents, before the announcement.

mm2 Asia: The mainboard-listed entertainment group has proposed a renounceable underwritten rights issue of one rights share for every one existing share held, at 4.7 Singapore cents for each rights share. This comes as a prudent measure to strengthen the financial position and capital base of the group, it said in an exchange filing on Wednesday evening. Shares of mm2 Asia last closed at 12 Singapore cents on Monday before a trading halt was called on Tuesday morning. The halt has yet to be lifted.