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Stocks to watch: SPH, Yoma, Eagle Hospitality Trust, Rex, Golden Agri, YZJ, Tuan Sing
THE following companies saw new developments that may affect trading of their shares on Thursday:
Singapore Press Holdings (SPH): SPH is diversifying its purpose-built student accommodation portfolio beyond the UK, with a 15.6 million euro (S$23.4 million) acquisition in Bremen, Germany. SPH’s wholly-owned subsidiary Straits Nine has entered into an asset purchase agreement with Liberty Living (Galileo Residenz) for the proposed acquisition, SPH, which publishes The Business Times, said early on Thursday morning. This is the company’s fifth investment since last year. Shares of SPH closed flat at S$2.33 on Wednesday, before the announcement.
Yoma Strategic Holdings: The Myanmar-focused firm sunk into the red with a net loss of US$44.2 million for its second quarter ended Sept 30, compared with a net profit of US$18.8 million a year ago. Philippines conglomerate Ayala Corporation has also invested US$155 million for a maximum 20 per cent stake in the company. This makes Ayala the second largest shareholder in the group, Yoma said in a separate announcement. Yoma shares closed flat at S$0.325 on Wednesday, before the announcements were made.
Eagle Hospitality Trust (EHT): The real estate investment trust's (Reit) distributable income for the three months ended Sept 30 was US$14.4 million, down 1.2 per cent from the US$14.5 million projected at the point of listing. Distribution per unit (DPU) for the third quarter was 1.649 US cents, 1.3 per cent lower than the 1.67 cents that was forecast. The Reit manager said that the forecast misses were mainly due to lower revenue, which was US$21.5 million or 10.6 per cent lower than the US$24.1 million projected in the Reit's initial public offering (IPO) prospectus. EHT units closed up 0.5 US cent or 1.08 per cent to US$0.47 on Wednesday.
Rex International: Rex is back in the black for the third quarter with a US$582,000 net profit, compared with a US$1.6 million net loss a year ago, following the completion of a US$2 million sale in licences to a third party. For the three months ended Sept 30, earnings per share was 0.05 US cent versus a loss per share of 0.13 US cent. Its revenue, consisting solely of service revenue, was up 45 per cent to US$135,000 from US$93,000 after Rex Technology Management provided technical services to clients. Its shares closed up S$0.004 or 2.1 per cent to S$0.193 on Wednesday.
Golden Agri-Resources (GAR): The palm oil plantation owner on Thursday posted a third-quarter net profit of US$801,000, reversing from a loss of US$53.9 million in the year-ago period, as lower expenses gave a boost to its bottom line. The counter closed at 26.5 Singapore cents on Wednesday, up 1.9 per cent, or 0.5 cent.
Hong Leong Finance: Net profit for its third quarter ended Sept 30 fell 35.7 per cent to S$23.6 million from S$36.7 million a year ago. The profit declines came on the back of a record high performance in the year-ago period, Hong Leong Finance said. The net attributable profits included a net recovery of doubtful debts and other financial assets of S$5.7 million and S$7.4 million respectively. Hong Leong Finance shares closed down one Singapore cent or 0.38 per cent to S$2.64 on Wednesday.
Yangzijiang Shipbuilding: Its third-quarter net profit slid 10 per cent year-on-year to 702.3 million Chinese yuan (S$136.3 million) amid an overall weak market. Global new shipbuilding orders have declined by 44 per cent more in deadweight tonnage terms in the first nine months of 2019 compared to the same period in 2018, hit by trade and economic uncertainty and shipowners taking time to firm up their plans to cope with the IMO 2020 rules on emission. Its shares closed down S$0.025 or 2.6 per cent to S$0.955 on Wednesday.
Tuan Sing Holdings: The property developer's Q3 net profit plunged 95 per cent to about S$206,000 from S$3.8 million a year ago. This came on the back of a 29 per cent drop in revenue to S$67 million from S$94.6 million, on lower revenue from the industrial services and property segments. Finance costs also increased 22 per cent to S$13.1 million, mainly due to higher interest expense for 18 Robinson. Tuan Sing shares closed down 0.5 Singapore cent or 1.47 per cent to S$0.335 on Wednesday.