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Mon, 07 Dec 2020-9: 00 AM
THE following companies saw new developments that may affect their securities trading on Monday:
DBS, OCBC, UOB: Singapore banks may take steps to review or even reduce their exposure to Chinese state enterprise (SOE) clients, as a recent wave of high-profile SOE bond defaults becomes a wake-up call for lenders who count with government bailouts The Business Times (BT) reported on Monday.
On the other hand, UOB has an omnichannel approach to contain competition from Singapore’s upcoming digital banks, he told BT.
Meanwhile, DBS told BT that its goal is to have one million insured and invested retail clients in the coming years as it looks to leverage a more consolidated trove of customer data to augment its digital financial advisory tool.
As of Friday’s close, DBS rose S $ 0.08 or 0.3% to S $ 25.66, OCBC rose S $ 0.03 or 0.3% to S $ 10.10, while UOB gained S $ 0 .08 or 0.4% to S $ 23.05.
Singapore Telecommunications (Singtel): The telecommunications company’s alliance with Grab has landed one of Singapore’s two coveted digital banking licenses at stake. The Grab-Singtel consortium is making cybersecurity a top priority for its digital bank and will hire around 200 employees in the city-state by the end of next year. Singtel’s shares rose 0.01 Singapore dollars or 0.4% to end at 2.34 Singapore dollars on Friday, before the results of digital banking applications were announced.
Keppel Corp: His shipbuilding company Keppel FELS has terminated a $ 425 million contract from Awilco Drilling to build a drilling rig in midwater, Keppel Corp said Friday night. The conglomerate also announced on Saturday that its wholly owned unit FELS Offshore signed a lockout agreement for a proposed restructuring of offshore vessel player Floatel. Shares of Keppel Corp advanced 2.1 percent or S $ 0.11 to close at S $ 5.26 on Friday.
Industrial real estate investment trust that complies with the Sabana Sharia (Sabana Reit), ESR-Reit: The proposed merger of the two trusts has failed after an extraordinary general meeting on Friday afternoon. Therefore, activist funds Quarz Capital and Black Crane Capital said that they will accelerate the plan to internalize the management of Sabana Reit to improve value for investors. Both trusts called for trading stops on the Thursday after the market closed, before lifting the stops on Friday night. Sabana Reit units ended Thursday at 35.5 Singapore cents, while ESR-Reit ended at 41 Singapore cents.
iFast Corp: The wealth management platform featured on the motherboard was unsuccessful in its bid for a digital wholesale bank license in Singapore. Nonetheless, iFast said on Saturday that it still plans to continue pursuing a digital banking license both in Singapore and abroad. The Singapore Stock Exchange also asked iFast on Friday afternoon about the trading activity of its shares, to which the company replied that it was unaware of the outcome of the digital banking app at the time. Shares of iFast rose 6.9 percent or 0.25 Singapore dollars to close at 3.90 Singapore dollars on Friday.
Japfa: The agri-food company said Monday it will sell 80 percent of its branded dairy business in Southeast Asia to subsidiaries of investment firms TPG and Northstar Group for $ 236 million. Japfa will retain a 20 percent stake in Greenfields Dairy Singapore. The counter closed on Friday at S $ 0.77, an increase of S $ 0.02 or 2.7%.
CapitaLand: The real estate giant said Monday it formed a $ 300 million joint venture (JV) to scale its portfolio of multi-family assets in the United States. The JV partner is an Austin-based real estate investment, development and management firm. CapitaLand shares closed at S $ 3.17 on Friday, an increase of S $ 0.04 or 1.3%.
Sembcorp Industries: The industrial conglomerate said Monday that it will post impairments of about S $ 89 million for the second half ending December 31, 2020. As a result of these exceptional items, the group expects to incur losses throughout the year. Sembcorp shares fell S $ 0.01 or 0.5 percent to close at S $ 1.85 on Friday.
Singapore Airlines (SIA): The flag carrier has seven Boeing 747-400 freighters waiting in the wings to carry Covid-19 vaccines, while its fleet of passenger jets is also set to be deployed to increase capacity, SIA said on Saturday. Its shares were up S $ 0.03 or 0.7 percent to S $ 4.42 at the close on Friday.
Medtecs International Corp: The Catalist-listed company and its supplier Mytrex Health Technologies will jointly explore opportunities to locate production facilities in Taiwan, the Philippines, the United States and other regions. This is to vertically integrate its personal protective equipment production operations, Medtecs said Monday. Its shares fell two Singapore cents or 2.1 percent to 92.5 cents on Friday.
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