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Wed, May 13, 2020 – 9:13 a.m.
UPDATED Wed, May 13, 2020 – 10:31 a.m.
The following companies saw new developments that may affect their stock trading on Wednesday:
Keppel Corporation: The conglomerate on Wednesday morning said its wholly-owned subsidiary Keppel Offshore & Marine succeeded in its motion to dismiss a cause of action filed pursuant to the Racketeer Corrupt and Influential Organizations Act in the United States.
Separately, telecommunications company M1, partly owned by Keppel Corp, continued to receive complaints from frustrated broadband users on Wednesday, despite the company saying fiber services have been fully restored. Keppel Corp shares closed at S $ 6.06 on Tuesday, down S $ 0.01 or 0.2 percent.
Singapore Airlines (SIA): Societe Generale is extending a one-time one-off payment as a “gesture of goodwill” to investors in the daily 5x Short Singapore Airlines certified leverage, after some of them protested what they saw as lack of timely disclosure and unfair pricing by the investment bank. SIA shares closed at S $ 4.29 on Tuesday, down S $ 0.12 or 2.7 percent ahead of this announcement.
Frasers Property: The property developer posted a 38.1 percent drop in net profit to S $ 74.5 million on Wednesday for its second quarter ended March 31, 2020, from S $ 120.4 million a year ago. Group senior management will also take basic pay and salary cuts as the company seeks to conserve its financial resources. At 10:25 a.m. on Wednesday, the accountant was trading at S $ 1.19, down S $ 0.02 or 1.7 percent.
Sembcorp Marine (SembMarine): Struck by the double whammy of the Covid-19 pandemic and the collapse of oil prices, SembMarine will defer all nonessential capital expenditures to preserve cash flow and manage overall liquidity with prudence and discipline. SembMarine shares fell 1.5 cents from Singapore or 2 percent to reach 72 cents at 9.23am on Wednesday, before the announcement.
Singtel, StarHub: Both Citi and OCBC Investment Research said in separate reports that they anticipate the repair of industry prices. The need for Singtel, StarHub and M1 rivals to access 5G capacity at the wholesale level “could make undervaluing much more difficult” in the market, OCBC analysts wrote. Singtel shares closed at S $ 2.74 on Tuesday, down S $ 0.01 or 0.4 percent, while StarHub shares ended at S $ 1.41, an increase of S $ 0.01 or 0.7 percent based on dividends .
EC World Real Estate Investment Trust (EC World Reit): The Reit on Tuesday reported a unit distribution of 1,158 Singapore cents for the first quarter, a 22.9 percent decrease for the year, largely due to rent reimbursements provided to tenants in March amid the situation of Covid-19. Units at EC World Reit closed at 67.5 cents on Tuesday, two cents or 2.9 percent ahead of this announcement.
UMS Holdings: Listed on the main board, UMS Holdings posted a first-quarter net profit increase of 53 percent to S $ 10.7 million on Tuesday, driven by better performance in its core front-end semiconductor component manufacturing business. high accuracy. Shares of UMS, the dividend trade, closed 1.2 percent or a penny from Singapore at 79.5 cents before the announcement.
Hong Leong Asia: Hong Leong Asia, which owns an 88.16 percent stake in cement maker Tasek through two subsidiaries, is bidding to acquire all of the remaining shares it does not own in the company for approximately RM83.9 million ( S $ 27.4 million). The counter closed unchanged at S $ 0.52 the Tuesday before the announcement.
Tuan Sing Holdings: The property developer listed on the main board has valued its two-year unpaid notes 1 of S $ 65 million at 7.75 percent. The notes are expected to be issued at par on May 19, 2020 and mature on May 19, 2022. Tuan Sing shares closed at 23.5 Singapore cents on Tuesday, down 1.5 cents or 6 percent.
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