Market Snapshot
Singapore stocks opened higher on Friday. STI rose 0.1%; Nio rose 8%; Azeus rose 3%; Unusual fell 8%; Seatrium fell 2%.
Stocks to Watch
Mapletree Pan Asia Commercial Trust : N2IU (MPACT): The real estate investment trust is divesting Mapletree Anson, a 19-storey office building in Tanjong Pagar, for S$775 million. This represents a gain of S$10 million or 1.3 per cent over the building’s book value and valuation. Units of MPACT closed flat at S$1.22 on Thursday, before the announcement.
GP Industries : G20: The mainboard-listed battery maker reported a net loss of S$67.6 million for its second half ended Mar 31, compared with a net profit of S$2.2 million in the previous corresponding period. Revenue slipped 1.9 per cent to S$543.9 million from S$554.5 million. Shares of GP Industries closed flat at S$0.525 on Thursday, before the results were announced.
Azeus Systems : BBW: The IT solutions and products provider posted a 91 per cent rise in net profit to HK$57.6 million (S$10 million) for its second half ended March 2024, from HK$30.3 million the year before. Revenue for the half year rose 44 per cent to HK$196.1 million from HK$136.5 million, driven by robust growth in its products segments. Shares of the company closed 3.6 per cent or S$0.30 higher at S$8.70 on Thursday, before the announcement.
Unusual : 1D1: The concert promoter sank into the red with a net loss of S$6.4 million for its second half ended Mar 31, compared with a net profit of S$752,285 in the same period a year earlier. This follows a 64.8 per cent decline in revenue to S$8.1 million from S$22.9 million. Shares of the Catalist-listed company closed 0.6 per cent or S$0.001 lower at S$0.17 on Thursday, before the announcement.
Old Chang Kee : 5ML: The home-grown food chain said on Thursday that it posted a 50 per cent year-on-year rise in net profit to S$5.3 million for its second half ended March 2024. Higher retail, delivery, catering and non-retail sales drove its top line for the half year up 10 per cent to S$50.7 million. Shares of the Catalist-listed company closed flat at S$0.725, before the results were announced.
SG Local News
Singapore to Free Up More Power for Data Center Expansions
Singapore aims to increase the amount of power it allocates for data centers by as much as 35%, according to Janil Puthucheary, senior minister of state at the Ministry of Communications and Information.
The city-state will free up about 300 megawatts of capacity in the short term via resource allocation and efficiency enhancements, with possibly another 200 megawatts to come through partnerships with clean energy providers, Puthucheary said in an interview with Bloomberg TV. Data centers currently require about 1,400 megawatts of power capacity, according to government data.
MPACT to Divest Office Building Mapletree Anson for S$775 Million
MAPLETREE Pan Asia Commercial Trust (MPACT) is divesting Mapletree Anson, a 19-storey office building in Tanjong Pagar, for S$775 million.
The Reit’s trustee, DBS Trustee, has entered into a put and call option agreement with an unrelated third-party buyer for the proposed divestment of the property at 60 Anson Road. Completed in July 2009, Mapletree Anson offers over 320,000 square feet of lettable area.
As at Mar 31, 2024, the property was valued at S$765 million by independent valuer CBRE based on the income capitalisation method and discounted cash flow analysis method.
GP Industries Sinks into Red with S$67.6 Million H2 Net Loss on Lower Revenue
GP INDUSTRIES : G20 sunk into the red with a net loss of S$67.6 million for its second half ended Mar 30, compared with a net profit of S$2.2 million in the previous corresponding period.
Revenue slipped 1.9 per cent to S$543.9 million, from S$554.5 million a year earlier.
In FY24, the company reported a fall in revenue for its batteries business compared to FY23, with sales declines largely in Europe and Asia, it said in a bourse filing on Thursday (May 30).
Azeus H2 Net Profit up 91% at HK$57.6 Million on Higher Revenue
IT SOLUTIONS and products provider Azeus Systems Holdings : BBW on Thursday (May 30) posted a 91 per cent rise in net profit to HK$57.6 million (S$10 million) for its second half ended March 2024, from HK$30.3 million the year before.
Revenue for the half year rose 44 per cent to HK$196.1 million from HK$136.5 million the year before, the company said in a bourse filing. This was driven by robust growth from its Azeus products segment.
For the full year ended March 2024, net profit was up 68 per cent to HK$85 million, while revenue was up 30 per cent to HK$328.9 million.