Market Snapshot
Singapore stocks opened higher on Friday. STI rose 0.3%, OCBC rose 1%; SingPost fell 1%; SIA rose 0.3%; DBS fell 0.1%.
Stocks to Watch
OCBC : O39: The lender reported on Friday that its net profit for the first quarter ended Mar 31, 2024, rose 5 per cent on the year to S$1.98 billion. This beat the S$1.85 billion consensus forecast in a Bloomberg survey of three analysts. Total income for the quarter rose 8 per cent to S$3.63 billion, with growth in both net interest income and non-interest income. The counter ended 1.2 per cent, or S$0.16 higher, at S$13.91 on Thursday.
Sri Trang Gloves : STG: The glove manufacturer on Thursday posted a 10.9 per cent increase in net profit to 146.8 million baht (S$5.4 million) for its first quarter ended Mar 31, from 132.3 million baht a year earlier. Revenue increased 32.1 per cent to 6.1 billion baht from 4.6 billion baht, on the back of a 38.5 per cent year on year increase in sales volume across all products. Its counter closed flat at S$0.34, before the financial results.
Wilmar International : F34: The agribusiness company has secured a US$100 million sustainability-linked loan with a tenure of three years from Maybank, said both companies on Thursday. For the loan, Wilmar’s targets include internal key performance indicators, as well as external benchmarking standards. The counter closed S$0.04 or 1.2 per cent lower at S$3.17, before the announcement.
Great Eastern : G07: The insurer’s parent company OCBC has made a voluntary unconditional general offer for the 11.56 per cent stake in Great Eastern that the bank does not currently own. OCBC said on Friday that it intends to delist the insurance arm from the Singapore Exchange. The offer price of S$25.60 represents a 36.9 per cent premium over Great Eastern’s last traded price of S$18.70, valuing the rest stake at S$1.4 billion. Great Eastern closed flat at S$18.70 on Thursday. F&N : F99: The beverage maker recorded a 52.5 per cent increase in net profit to S$83.8 million for its first half year ended March, from S$55 million in the same period a year earlier. Revenue rose 2.5 per cent to S$1.1 billion for the six-month period, driven by the food and beverage segment, which saw revenue grow 4 per cent to S$929.8 million, the group said on Thursday. Shares of F&N closed flat at S$1.02 on Thursday.
Singapore Post : S08 (SingPost): The postal services provider’s net profit for the second half ended March rose 93.4 per cent year on year to S$66.9 million, despite lower revenue. This came as the group registered higher exceptional gains and lower expenses, according to the group’s results filing on Friday. Shares of SingPost ended Thursday up S$0.01 or 2.2 per cent at S$0.46. Riverstone : AP4: The glove maker reported a Q1 net profit of RM72.2 million (S$20.7 million) for the period ended Mar 31, a 54.5 per cent increase from RM46.7 million for corresponding year-ago period. This marked its fifth consecutive quarter of sequential growth, said the company on Thursday. Shares of Riverstone closed 0.6 per cent, or S$0.005 lower at S$0.775, before the financial results.
SG Local News
OCBC Q1 Profit Rises 5% to S$1.98 Billion
OCBC’s net profit for the first quarter ended Mar 31, 2024, rose 5 per cent to S$1.98 billion, buoyed by strong growth in operating profit.
This was compared with earnings of S$1.88 billion from the year-ago period, according to financial statements released on Friday (May 10).
The bank’s Q1 net profit beat the S$1.85 billion consensus forecast in a Bloomberg survey of three analysts. It was the last among its local peers to report its quarterly results this season.
Annualised earning per share stood at S$1.76 for the quarter, up 5 per cent from S$1.68 the year before.
Total income for the quarter rose 8 per cent year on year to S$3.63 billion.
OCBC Makes S$1.4 Billion Offer to Delist Great Eastern
OCBC has made a S$1.4 billion voluntary unconditional general offer for the 11.56 per cent stake in Great Eastern Holdings that it does not currently own, with the aim to delist its insurance arm.
The offer price of S$25.60 represents a 36.9 per cent premium over Great Eastern’s last traded price of S$18.70.
This is a move aimed at strengthening OCBC’s business pillars of banking, wealth management and insurance, as well as optimising its capital to enhance shareholder returns, said the bank on Friday (May 10).
SingPost H2 Profit up 93.4% at S$66.9 Million; Proposes S$0.0056 Per Share Final Dividend
SINGAPORE Post’s (SingPost : S08) net profit for the second half ended March rose 93.4 per cent to S$66.9 million from S$34.6 million a year earlier.
This resulted in an earnings per share (EPS) of S$0.0273 for the second half, up from S$0.013 in H2 FY2023.
Including distribution to perpetual securities holders, EPS for the period stood at S$0.0297, up from S$0.0154 a year prior.
Frasers Property in Talks to Sell Serviced Apartments, Former Zouk Warehouses in Jiak Kim Street, Say Sources
FRASERS Property is understood to be in advanced negotiations for a potential sale of its 72-unit serviced-apartment property and three conserved warehouses along the Singapore River.
An entity linked to Tuan Sing Holdings is tipped as the prospective buyer. The Business Times understands that it has been doing exclusive due diligence for a potential purchase at slightly above S$130 million.
The asset comprises the four-storey block of serviced apartments named Fraser Residence River Promenade and the three warehouses, or godowns, which housed the popular Zouk nightspot for about 25 years until it moved to Clarke Quay in late 2016.
Comments