Market Snapshot
Singapore stocks opened higher on Wednesday. STI rose 0.4%, Keppel Pacific Oak fell 0.5%, Aztech Global rose 2%, Pan-United rose 2%, Aims rose 0.8%, Seatrium rose 0.6%.
Stocks to Watch
Great Eastern: The insurer on Wednesday posted a 45 per cent year-on-year increase in net profit to S$280.4 million for the second quarter ended Jun 30, from S$193.2 million. On a half-yearly basis, net profit increased 34 per cent to S$587.1 million, from S$437.2 million. Trading in Great Eastern shares has been suspended at S$25.80 since Jul 15.
CapitaLand Ascendas Reit(Clar): The industrial property player’s distribution per unit (DPU) fell 2.5 per cent for the half-year ended June to S$0.07524. This comes amid an enlarged unit base and higher finance costs. The lower DPU was despite H1 revenue rising 7.2 per cent year on year to S$770.1 million, while net property income rose 3.9 per cent to S$528.4 million. Clar units closed on Tuesday at S$2.68, up 0.4 per cent or S$0.01.
Mapletree Pan Asia Commercial Trust(MPACT): The real estate investment trust (Reit) posted a DPU of S$0.0209 for the first quarter ended Jun 30, down 4.1 per cent from the same period a year earlier. The decrease comes amid increased financial costs in the current high interest rate environment. Units of the Reit closed flat at S$1.29 on Tuesday before the announcement.
ESR-Logos Reit : It posted an 18.6 per cent decline in DPU to S$0.01122 for the first half ended June, from S$0.01378 in the previous corresponding period. On Wednesday, its manager attributed this to the divestment of non-core assets, lower distribution capital gains, and an enlarged unit base due to the equity fundraising done last year. The counter closed flat at S$0.275 on Tuesday.
Aims Apac Reit : The manager of the Reit on Wednesday posted a 1.7 per cent lower DPU of S$0.0227 for the first quarter of FY2025, from S$0.0231 in the corresponding period a year earlier. First-quarter gross revenue rose 9.7 per cent to S$47.3 million. Units of the Reit ended flat at S$1.30 on Tuesday.
Aztech Global : The Internet of Things devices and data communications product manufacturer posted an 8.7 per cent increase in net profit to S$46.7 million for its first half ended Jun 30, 2024, from S$42.9 million in the previous year. Revenue for H1 fell 4 per cent to S$373.2 million from S$388.6 million. Shares of Aztech Global closed S$0.01 or 1 per cent higher at S$1.02 on Tuesday, before the announcement.
Pan-United: The company posted a net profit of S$18.6 million for the first half of the year, 34 per cent more than the S$13.9 million in the corresponding year-ago period. Revenue for H1 rose 7 per cent to S$384.7 million, from S$360.2 million. Pan-United shares closed 2.8 per cent or S$0.015 lower at S$0.515, before the announcement.
Keppel Pacific Oak US Reit(Kore): The Reit on Wednesday reported a distributable income of US$11.9 million for the second quarter ended Jun 30, sliding 8.8 per cent on the year from US$13.1 million. No distribution was declared. Units of Kore was up 3.6 per cent or US$0.007 at US$0.20 at Tuesday’s close.
SG Local News
Singapore Nickel Scandal Liquidators Seek to Recoup S$855m: ST
The liquidators of alleged nickel fraudster Ng Yu Zhi’s three companies are seeking a court order to recover about S$855 million ($637 million) from Ng and three others, the Straits Times reported.
Ng, together with ex-directors Lee Si Ye and Ju Xiao and ex-employee Cheong Ming Feng, were sued in November 2021 by the liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings in a bid to recover millions of investors’ monies, according to the newspaper.
Seatrium bags a 3-year $1.1b syndicated facility
Seatrium has secured a three-year $1.1b Committed Global Syndicated Bank Guarantee (BG) Facility through Seatrium Financial Services (SFS).
The facility will support project needs and future business growth.
Supported by eight financial institutions, the facility is the first of its kind in Singapore's offshore and marine industry.
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