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Stocks to watch: ST Engineering, OCBC, Golden Agri, UOL, SBS Transit, Rex
THE following companies saw new developments that may affect trading of their securities on Friday:
Singapore Technologies Engineering (ST Engineering): Its half-year net profit edged down 4.4 per cent to S$257.4 million, after the Covid-19 pandemic took an especially heavy toll on the aerospace and electronics sectors, ST Engineering said on Friday. The counter ended flat at S$3.27 on Thursday.
OCBC Bank: Xihe Holdings, owned by Hin Leong founder OK Lim and his son, has been placed under interim judicial managers, after more creditors threw their support behind OCBC's application, The Business Times reported on Friday. However, Xihe has accused the bank of an "abuse of process". OCBC shares closed S$0.11 or 1.2 per cent higher at S$8.97 on Thursday.
Golden Agri-Resources: The palm oil plantation owner plunged deeper into the red with a net loss of US$156.9 million for the first half of this year, compared to a net loss of US$46.4 million in the year-ago period, it said in results released on Friday. The counter gained 0.1 Singapore cent or 0.6 per cent to 15.7 cents at Thursday's close.
UOL: The property company fell into a net loss of S$82.1 million for its first half ended June 30, compared to a profit of S$267.7 million in the year-ago period. This was mainly due to fair-value losses on its investment properties, including malls and serviced suites which were "severely affected" by Covid-19, UOL said on Thursday night. Its shares were up S$0.05 or 0.8 per cent to close at S$6.64 on Thursday.
SBS Transit: The transport operator saw its net profit fall 27.4 per cent to S$32.6 million for the half year ended June 30, as the use of public transport declined during the novel coronavirus pandemic. Revenue fell 14.9 per cent amid lower rail ridership. Before the results were released, SBS Transit shares moved up S$0.03 or 1.1 per cent to close at S$2.82 on Thursday.
Rex International: It fell into the red for the first half of this year, with a US$21 million net loss versus a profit of US$22.6 million a year ago, Rex said on Thursday night. The group had in February achieved its first oil production from the Yumna Field in Oman, leading to revenue of US$14.6 million from the sale of crude oil. Rex shares dipped 0.1 Singapore cent or 0.6 per cent to end at 18.1 cents on Thursday.
UMS Holdings: A boost in semiconductor sales lifted the precision engineering firm's second-quarter net profit by 43 per cent to S$11.6 million. UMS reported a 41 per cent increase in revenue from the semiconductor segment, which was driven by higher integrated system sales. UMS shares gained S$0.10 or 9.3 per cent to end at S$1.18 on Thursday, before the results were released.
Ho Bee Land: The mainboard-listed real estate developer's H1 2020 net profit more than doubled to S$90.6 million, from S$42.1 million a year ago, on the back of increased profits from associates and jointly-controlled entities. Ho Bee Land shares advanced S$0.02 or 1 per cent to S$2.02 at Thursday's close, before the results announcement.
City Developments Limited (CDL): Despite seeing its first-half bottom line whittled to just S$3.1 million,CDL is looking to rejuvenate its portfolio by redeveloping some assets. It is also looking to list a real estate investment trust on the Singapore Exchange holding UK commercial properties. CDL shares rose S$0.12 or 1.4 per cent to close at S$8.46 on Thursday.