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Stocks to watch: UOB, CapitaLand, Chuan Hup, Hatten Land, ASL Marine, Sakae
THE following companies saw new developments that may affect trading of their shares on Friday:
United Overseas Bank: The bank is issuing US$500 million of three-year covered bonds due 2022 at a fixed coupon of 1.625 per cent. The bonds were sold at 99.694 per cent of the principal amount and are expected to be issued on Sept 5, 2019 as the seventh series under the US$8 billion Global Cover Bond programme. UOB shares closed at S$24.78 on Thursday, up 0.37 Singapore cent or 1.5 per cent.
CapitaLand: A unit of the property developer has divested its 100 per cent interest in China-incorporatede Citadines Ming Zhu (Chongqing) Property (CMCQ) to an unrelated party for 99.2 million yuan (S$19.6 million). Mingzhu Investments (Hong Kong), the CapitaLand unit, sold CMCQ to Zhongshen Tianjin Commercial Management. Following the divestment, CMCQ, which is part of CapitaLand's capital recycling strategy, is no longer a wholly owned subsidiary of the property developer. CapitaLand shares closed at S$3.460 on Thursday before the announcement, up seven Singapore cents or 2.07 per cent.
Silverlake Axis: The fintech player said on Thursday it secured a contract to work on the digital transformation of a consumer credit provider in Malaysia. It will be replacing the client's legacy systems with a new platform to streamline its consumer financing process and expects to complete implementing the new payments and lending digital platforms by next year. The counter closed at S$0.455 on Thursday, up 0.5 Singapore cent or 1.11 per cent, before the announcement.
Chuan Hup Holdings: The mainboard-listed investment company on Thursday posted a net loss of US$26.4 million for the financial year ended June 30, widening from US$913,000 a year ago. This excludes a profit of US$73 million from the disposal of its manufacturing business; if included, Chuan Hup would have posted a net profit of US$46.6 million for the year. The loss was mainly due to share of losses from an associate, which amounted to US$19.9 million. Revenue also dived 67.7 per cent to US$18.3 million from US$56.6 million for FY2018, due to a decrease in revenue from property sales. The closed at S$0.27 on Thursday, down 0.5 Singapore cent or 1.82 per cent.
Hatten Land: The Catalist-listed property developer on Wednesday posted a net profit of RM9.3 million (S$3.07 million) for the fourth quarter ended June 30, reversing a restated net loss of RM5.3 million for the year-ago period. Revenue rose to RM95.5 million from RM44.7 million a year ago, mainly on higher revenue from the Harbour City project, partly offset by lower revenue from the Hatten City Phase 2 project. The counter closed up 0.1 Singapore cent or 1 per cent to S$0.104 on Thursday.
Koda: The furniture maker on Thursday posted a net profit of US$5.3 million for the financial year ended June 30, down 1.9 per cent from US$5.4 million a year ago. Revenue grew 10.5 per cent to US$57.9 million on higher sales from key export markets, while cost of sales rose due to increased costs of material and labour, as well as a change in sales mix and research and development costs. Koda shares closed at S$0.640 on Thursday, down two Singapore cents or 3.03 per cent.
ASL Marine: Impairment losses on financial assets and other operating expenses took a toll on the offshore and marine group results for its fiscal fourth-quarter. For the three months ended June 30, net loss deepened to S$116.6 million, from a net loss of S$52.2 million for the year-ago period. This translated to a loss per share (LPS) of 18.53 Singapore cents for the quarter, versus an LPS of 8.3 Singapore cents in the preceding year. The counter closed at 5.1 Singapore cents on Thursday, up 2 per cent or 0.1 cent before its results announcement on Friday.
Sakae Holdings: The sushi restaurant operator on Thursday posted a net loss of S$13.4 million for the financial year ended June 30, after recognising a goodwill impairment of S$3.2 million connected to its purchase of a 51 per cent equity interest in Cocosa Export. It also recorded an impairment loss of S$2.8 million under other receivables. Revenue plunged 52.8 per cent to S$44.4 million for the year, compared to S$94.2 million for the 18 months ended June 30, 2018, on the back of streamlining operations, which resulted in reduction of revenue and cost of sales and labour costs. Sakae shares closed unchanged at S$0.085 on Thursday.