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Stocks to watch: Wing Tai, Oxley, Heeton, Tiong Seng

THE following companies saw new developments that may affect trading of their shares on Wednesday:

Wing Tai Holdings: Regional property group Wing Tai on Tuesday reported an 86 per cent fall in its fourth-quarter net profit, as revenue slipped 41 per cent year on year. For the three months ended June 30, net profit came in at S$18.1 million, down from S$131.3 million a year ago. This translated to earnings per share of 2.06 Singapore cents for the quarter, down from 16.67 cents previously. Meanwhile, full-year net profit plunged 79 per cent to S$46.8 million, which the group attributed mainly to the absence of a one-off gain from the disposal of a subsidiary, and lower contribution from Wing Tai Properties in Hong Kong. Revenue for the fourth quarter was S$63.4 million, down over 40 per cent from the year before. The group has declared a first and final dividend of three cents per share, and a special dividend of two cents per share for the current period. Last year, it paid out a first and final dividend of three cents per share, and a special dividend of five cents per share. Wing Tai shares closed up one cent to S$2.07 on Tuesday, before its results announcement.


Oxley Holdings: Oxley's net profit dived 81 per cent to S$25.59 million for the fourth quarter ended June 30 from S$137.7 million a year ago, the property developer reported on Tuesday. Q4 revenue fell 57 per cent to S$100.43 million, mainly on lower revenue contribution from a project in the UK. Earnings per share dipped to 0.62 Singapore cent from 3.4 Singapore cents a year ago. Oxley is recommending a final dividend of 0.68 Singapore cent for the financial year. Together with an interim dividend of 0.32 Singapore cent that was paid in May, the full-year dividend for FY2019 is one Singapore cent per share. Last year, it paid out a final dividend of 0.78 Singapore cent. Oxley shares closed flat at S$0.305 on Tuesday, before the results were posted.


Heeton Holdings: Heeton on Tuesday announced that Eric Teng will be stepping down as its chief executive officer and executive director with effect from Oct 1. Mr Teng will remain on the board of directors as a non-executive, non-independent director. The company has appointed Toh Giap Eng Vince, the incumbent executive deputy chairman and executive director of the group, to assume the responsibilities of CEO, while the group searches for a suitable successor. Under Mr Teng's leadership, Heeton grew its portfolio to 12 operating hotels across the UK, Japan and Thailand, as well as an ongoing development in Bhutan. Heeton also continued to strategically participate in residential development projects in Singapore. The counter last traded at 43.5 Singapore cents on Monday, down 1.1 per cent, or 0.5 cent. 

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Tiong Seng Holdings: Mainboard-listed Tiong Seng has secured a S$130.5 million contract from Midtown Development to develop a 20-storey hotel building at Club Street. The development will include shops and restaurants on the ground level, 19 storeys of hotel accommodation and a basement car park. Site possession is expected to take place within this month. The project win brings Tiong Seng's construction order book to about S$753 million, extending to 2023. Tiong Seng shares closed down 0.5 cent or 2.38 per cent to 20.5 Singapore cents on Tuesday before this announcement.


AVIC International Maritime Holdings, Libra Group: AVIC International Maritime Holdings has requested a trading halt pending the release of an announcement, while Libra Group has called for a trading suspension as it is unable to continue as a going concern. Marine and offshore firm AVIC had said on Tuesday evening that China Merchants Industry Investment intends to make a voluntary conditional cash offer for AVIC shares at S$0.15 each. Shares of AVIC closed flat at 10.9 Singapore cents on Tuesday, before the potential offer was announced.

Meanwhile, mechanical and electrical engineering firm Libra Group has suspended its shares after announcing on Tuesday night that it will not be able to continue as a going concern due to various claims filed against two of its subsidiaries, Cyber Builders and Libra Building Construction. Libra Group had earlier requested a trading halt on Aug 23. Its shares last changed hands at 3.5 Singapore cents on Aug 22.