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Stocks to watch: UOB, Keppel, Singtel, Eagle Hospitality Trust, Yanlord, ST Engg
THE following companies saw new developments that may affect trading of their securities on Thursday:
United Overseas Bank (UOB): The bank has projected for credit costs to reach 90 to 100 basis points (bps) as its worst-case scenario, as it braces for further downside amid the coronavirus fallout. UOB’s latest credit cost guidance is up from its original estimate of 25 to 30 bps in February, said Citi analyst Robert Kong. UOB shares lost S$0.19 or 1 per cent to end trading at S$19.20 on Wednesday, before Citi’s note was released.
Keppel Corporation: The conglomerate on Thursday said it will provide about S$3.5 million in utility rebates to Singapore residents living in one and two-room HDB flats, and pay all its small and medium-sized enterprise suppliers within one week of invoices being approved. Keppel shares fell S$0.09 or 1.7 per cent to close at S$5.10 on Wednesday.
Singtel: Fitch Ratings on Wednesday night said Singtel's weaker-than-expected growth prospects and potential for higher capital expenditure for the 5G standalone network in Singapore are likely to reduce visibility on the group's free cash flow. The counter closed at S$2.47 on Wednesday, down S$0.02 or 0.8 per cent.
Eagle Hospitality Trust (EHT): Its managers on Thursday said they are preparing to identify selected asset sales as part of a portfolio reconstitution plan, while initiating a strategic review of EHT’s business. The counter fell 2.5 US cents or 10.4 per cent to end at 21.5 US cents on Wednesday.
Yanlord Land Group: The real estate developer has sold all 62 apartments at its latest launch of a development in Hangzhou, China. Total pre-sales from this launch amounted to about 792 million yuan (S$161.8 million). Shares of Yanlord fell 3.5 Singapore cents or 3.5 per cent to finish at 97.5 cents on Wednesday, before the announcement.
Singapore Technologies Engineering (ST Engineering): Its subsidiaries have established a S$5 billion multicurrency medium-term note programme. Net proceeds will be used to fund new capital expenditures, acquisitions, general corporate purposes and/or refinancing of existing borrowings. ST Engineering shares fell S$0.03 or 0.9 per cent to close at S$3.30 on Wednesday, before the announcement.
Golden Energy and Resources: The mainboard-listed firm’s subsidiary, Golden Investments, purchased a 2.93 per cent stake in Australia-listed Stanmore Coal for A$6 million (S$5.1 million). This raises its shareholding in Stanmore Coal to 31.4 per cent. Golden Energy shares rose 1.3 Singapore cents or 13 per cent to finish trading at 11.3 cents on Wednesday.
Prudential: The insurance group on Thursday said its Thai subsidiary, Prudential Life Assurance (Thailand), has entered into a strategic bancassurance partnership with TMB Bank. With an initial term of 15 years, the tie-up will see TMB offering Prudential Thailand’s health and wealth solutions to the bank’s nine million customers. Shares of Prudential plc on the Singapore bourse last traded at US$18.70 on March 3.
PropNex: The mainboard-listed real estate agency’s executive director Lim Tow Huat has quit. His resignation comes as part of a board restructuring. PropNex shares gained 0.5 Singapore cent or 1.1 per cent to 48 cents on Wednesday, before the announcement.
Union Steel: Its subsidiary has exercised an option to purchase an industrial premise in Jurong for S$1.8 million, Union Steel said after trading hours on Wednesday. The proposed acquisition is in line with the group's business plan to have additional space for the operation of its scaffolding business as well as dormitory dwelling for its workers. The counter was flat at S$0.33 at Wednesday’s close.
Trading halt: Catalist-listed Pacific Star Development on Thursday morning requested a trading halt, pending the release of an announcement. Its shares gained 0.1 Singapore cent or 2.4 per cent to close at 4.3 cents on Wednesday.