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Stocks to watch: UOB, Sembcorp, Perennial, A-HTrust, OUE C-Reit, Vard
THE following companies saw new developments that may affect trading of their shares on Friday:
United Overseas Bank (UOB): UOB on Friday reported a 28 per cent rise in net profit for the second quarter, lifted by stronger overall operating income. Net profit for the three months ended June 30, 2018 stood at S$1.08 billion, up from S$845 million. This beats estimates provided by S&P Capital IQ of S$967 million. The net profit translates to annualised earnings per share (EPS) of S$2.51, up from S$2 a year ago. The bank has declared an interim dividend of 50 Singapore cents per share, up from 35 Singapore cents per share.
Sembcorp Industries: Sembcorp on Friday posted a second-quarter net profit of S$81.9 million, up 46.8 per cent from S$55.8 million last year, thanks to higher contributions from its utilities and urban development segments. EPS stood at 3.94 Singapore cents, up from 2.57 Singapore cents last year. An interim dividend of two Singapore cents per ordinary share has been declared, which will be paid on Aug 31. Turnover also rose 46.6 per cent to S$3.34 billion for the quarter.
Perennial Real Estate Holdings: Perennial's second-quarter net profit halved to S$8.6 million from S$17.1 million a year ago, as it fully consolidated debt and costs of Capitol Singapore and recognised lower fair value gains in China. On a per-share basis, profit for the three months ended June 30, fell to 0.52 Singapore cent from 1.03 Singapore cents a year earlier. No dividends were declared.
Ascendas Hospitality Trust (A-HTRUST): A-HTRUST's distribution per stapled security for the first-quarter ended June 30 rose 3.1 per cent to 1.35 Singapore cents. However, gross revenue and net property income (NPI) both slid lower on the back of lower contributions from its portfolio in Australia, foreign exchange translations, and partial loss of income due to a divestment of two hotels in Beijing. Gross revenue was down 9.8 per cent to S$48.2 million, while NPI declined 9.3 per cent to S$20.2 million. Income available for distribution (less income retained for working capital) was 3.8 per cent higher at S$15.3 million, lifted by divestment of the two hotels, and lower net finance costs.
OUE Commercial Reit (OUE C-Reit): Distribution per unit for OUE C-Reit in its second-quarter dipped to 1.06 Singapore cents from 1.15 Singapore cents in the previous year. That came as Q2 income available for distribution fell 7.5 per cent to S$16.5 million from a year earlier. For the three months ended June 30, gross revenue shrank 2.6 per cent to S$43.1 million. Net property income also fell 2.4 per cent to S$33.9 million from the year-ago period.
Vard Holdings: Trading in Vard Holdings shares is expected to be suspended on Aug 10, after the close of Fincantieri Oil & Gas's exit offer on Aug 8, the shipbuilder announced late on Thursday night. The company's delisting is estimated to take place about two to three weeks after the offer closes. (see amendment note)
An earlier version of this story incorrectly said that Vard Holdings is expected to delist on Aug 10. Instead, suspension in trading of its shares is expected on Aug 10, with the delisting estimated to take place two to three weeks after the exit offer closes. The article above has been revised to reflect this.