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Stocks to watch: Spackman, Nam Lee, TTJ, Ascendas H-Trust, Boustead, China Everbright Water
THE following companies saw new developments which may affect trading of their shares on Thursday:
Spackman Entertainment Group: Catalist-listed Spackman's new film Default has opened at number one in South Korea, grossing US$1.7 million in box office revenue on the first day of its wide release, the group announced before the market opened on Thursday. Spackman shares closed up 0.2 Singapore cent or 6.9 per cent at 3.1 Singapore cents on Wednesday.
Nam Lee Pressed Metal Industries: The fabricated metal producer and supplier has posted a 17.4 per cent gain in full-year net profit to S$12 million for the year ended Sept 30, as revenue rose 10.5 per cent to S$156.8 million, thanks to higher contributions from the group's aluminium segment. On a per share basis, earnings came in at 4.956 Singapore cents, from 4.240 Singapore cents last year. A final cash dividend of two Singapore cents, and a special cash dividend of 0.5 Singapore cent has been declared for the current financial period, versus a final cash dividend of one Singapore cent, and a special cash dividend of one Singapore cent for the preceding year. Shares in Nam Lee closed down 5 per cent, or two Singapore cents to 37.5 Singapore cents apiece on Wednesday.
TTJ Holdings: TTJ Holdings's subsidiary, TTJ Greenfuel, on Wednesday entered into an agreement to acquire an industrial property in Singapore and machinery for S$16.18 million. TTJ, the listed parent company, said after Wednesday’s trading close that this asset acquisition from Biofuel Industries will go towards building a wood pellet manufacturing business. The long-stop date for the deal is Feb 28, 2019. TTJ said that it intends to fund the acquisition by internal resources and bank borrowings. The counter closed at 29 Singapore cents on Wednesday, up 0.5 Singapore cent.
Ascendas Hospitality Trust: Ascendas Hospitality Trust is set to acquire a hotel property in South Korea for 77.5 billion won (S$94.5 million). The manager of the trust said after Wednesday's trading close that it has entered into an agreement with The Korean Teachers’ Credit Union and KT&G Corp to take over Ibis Ambassador Seoul Insadong, following its maiden entry into the South Korean city through the acquisition of The Splaisir Seoul Dongdaemun. The agreed consideration for Ibis Ambassador Seoul Insadong is priced at a 3.1 per cent discount to its latest valuation, and translates to a pro forma net property income yield of 4.6 per cent. Units in the trust closed at 77.5 Singapore cents on Wednesday, up 0.5 Singapore cent.
Boustead Projects: Boustead announced on Wednesday that it is being sued by YCH Holdings, over a development project known as Supply Chain City. Boustead, an industrial real estate solutions provider, said that YCH is suing the company for an alleged breach of its contractual obligations, said to have occurred between 2012 and 2014, relating to Supply Chain City. YCH, a supply chain solutions company, is asking the High Court to assess damages in respect to the alleged breach, or - alternatively - damages in tort in the sum of S$2.335 million. Boustead shares finished down one Singapore cent at S$0.80 on Wednesday.
China Everbright Water: China Everbright Water has secured a project commanding an investment of about 230 million yuan (S$45.59 million) in China’s Jiangsu province. The water treatment firm said after Wednesday's trading close that it will invest in, construct and operate the Jiangyin Binjiang Plant 2 and pipeline project on a build-operate-transfer basis. The counter last traded down 1.5 per cent, or 0.5 Singapore cent to 33.5 Singapore cents apiece on Wednesday.