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Thu, November 05, 2020 – 8:38 am
THE following companies saw new developments that may affect their securities trading on Thursday:
DBS, OCBC, UOB: Singapore banks posted lower profits for the third quarter of this year, as the trio continued to build provisions to cushion bad loans as a result of the Covid-19 crisis. On Thursday, DBS reported a 20 percent drop in its results and said it will pay a dividend per share of S $ 0.18, while OCBC posted a 12 percent drop in net earnings. UOB said Wednesday that it is confident its provisions are strong enough to withstand further accumulation of bad loans.
As of Wednesday’s close, DBS shares were up S $ 0.12 or 0.6% to S $ 21.55, OCBC gained S $ 0.06 or 0.7% to S $ 8.63, and UOB was up. S $ 0.35 or 1.8% to S $ 19.80.
Yangzijiang Shipbuilding: The Chinese shipbuilder’s net profit slumped 17 percent year-on-year to 585.2 million yuan (119.4 million Singapore dollars) for the July-September period. Yangzijiang shares closed at S $ 0.94 on Wednesday, up S $ 0.01 or 1.1 percent, before the results were released.
Manulife US Real Estate Investment Trust (Manulife US Reit): Its portfolio occupancy decreased slightly to 94.3 percent during the three months ended September 30, from 96.2 percent in the previous quarter. This was largely due to known maturities unrelated to the Covid-19 pandemic and a slowdown in new leases, the manager said Thursday. Manulife’s US Reit units ended up trading at $ 0.74, up 4.2 percent or $ 0.03.
Trek 2000 International: It sank into the red during the third quarter with a net loss of $ 700,000, compared to a net profit of $ 4,000 for the prior year period. The motherboard-listed company attributed this to a decline in the market price of products in the face of increased competition during the coronavirus pandemic. The shares fell 0.8 Singapore cents or 10.3 percent to end at seven cents on Wednesday, before the results were released.
CapitaLand, Sembcorp Industries: Property giant CapitaLand has partnered with SP Group and Sembcorp to jointly study the use of integrated power solutions to power data centers, the three companies said Thursday. Shares of CapitaLand closed at S $ 2.56 on Wednesday, a decline of S $ 0.01 or 0.4%, while Sembcorp’s shares closed at S $ 1.64, a drop of S $ 0.02. or 1.2%.
ISDN holdings: The motion control systems specialist’s net profit more than doubled to S $ 15.1 million during the first nine months of 2020, up from S $ 7.3 million in the same period last year. Shares of the motherboard-listed company ended Wednesday at S $ 0.38, an increase of S $ 0.02, or 5.6 percent, ahead of the announcement.
Kingsmen Creatives: The Malaysia-based subsidiary of the communications design and production group has agreed to sell a freehold in Selangor for RM10 million (S $ 3.3 million). Kingsmen shares traded on the Mainboard last traded at S $ 0.23 on Monday.
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