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Stocks to watch: Singtel, ST Engineering, CDL, Sembcorp Industries, Memtech
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Singtel: The telecommunications company on Wednesday posted a 0.4 per cent rise in net profit to S$773 million, from S$769.6 million a year ago. Earnings per share for the quarter was at 4.74 Singapore cents, from 4.72 cents a year ago. For the full year, net profit fell 43.5 per cent to S$3.09 billion, from S$5.47 billion a year ago, from an "exceptional gain" the previous year from its NetLink Trust divestment. Shares of the telecommunications company closed S$3.15 on Tuesday, up 0.32 per cent or 1 Singapore cent.
Singapore Technologies Engineering: The defence and engineering group's first-quarter net profit increased 11 per cent to S$131.1 million from S$117.7 million in the year ago period, on improved US shipbuilding performance in its marine sector and increased profits in aerospace and electronics. Earnings per share was 4.20 Singapore cents compared to 3.78 cents in the prior year. The counter closed down 0.5 per cent or S$0.02 at S$4.02 on Tuesday.
City Developments Limited: The property company's net profit more than doubled to S$199.6 million for its first quarter, from S$85.3 million for the year-ago period, boosted by strong profit margins for development projects and realisation of a S$144.3 million pre-tax gain from the divestment of Manulife Centre. It also invested 5.5 billion Chinese yuan (S$1.1 billion) into Chinese real estate developer Sincere Property Group. The counter closed at S$8.68 on Tuesday, up 0.7 per cent or six Singapore cents.
Sembcorp Industries: The group on Wednesday posted a 21 per cent rise in net profit for its fiscal first quarter, on the back of improved performance from its energy business. For the three months ended March 31, 2019, net profit came in at S$93 million, up from S$77 million last year. The results translate to an earnings per share of 4.68 Singapore cents, versus an earnings per share of 3.64 Singapore cents in the year-ago quarter. Shares of the company closed at S$2.53 on Tuesday, up 0.4 per cent or one Singapore cent.
Memtech International: The Chuang family that owns the electronics components manufacturer has made a voluntary conditional offer in a bid to delist it. The Chuangs, led by Memtech executive chairman Chuang Wen Fu, are offering S$1.35 in cash for each share, in a deal that values the company at S$189 million. The offer price of S$1.35 represents a premium of 23.9 per cent over the company's last transacted price of S$1.09 a share last Friday. The company has requested to lift its trading halt that is called for on May 13.
Yanlord Land: The China-based property developer on Tuesday posted a net profit of 323 million yuan (S$64.3 million) in the first quarter, down 59 per cent from the same period a year earlier. Revenue in the three months ended March 31 fell 50 per cent to 3.6 billion yuan, due to the decrease in gross floor area delivered, in line with the group's delivery schedule for the first quarter. The counter rose three Singapore cents or 2.13 per cent to close at S$1.44 on Tuesday before the results were released.
Straits Trading Company: The investment company on Tuesday posted a net profit of S$17.3 million in the first quarter, up 78.1 per cent from the same period a year earlier as earnings across all its business segments rose. The biggest boost came from the real estate business, where net profit rose to S$12.4 million in the three months ended March 31, up from S$8.8 million in the same period a year earlier. The counter fell three Singapore cents or 1.37 per cent to S$2.16 on Tuesday before the results were released.
Isetan Singapore: The retailer on Tuesday posted a net profit of S$1.5 million in the first quarter, up 29.65 per cent from the same period a year earlier on the back of an accounting policy change. Earnings per share was 3.72 Singapore cents, up from 2.87 cents in the first quarter last year. The counter fell five Singapore cents or 1.43 per cent to S$3.45 on Tuesday before the results were released.