Singapore Stocks to Watch: OCBC, Keppel, CapitaLand Ascott Trust, Frasers Property and More

Tiger Newspress2023-10-13

The following companies saw new developments that may affect trading of their securities on Friday (Oct 13):

Keppel Education Asset Fund, a private fund owned by Keppel Corporation, is acquiring two properties in Australia, which it intends to lease out to educational institutions. The properties were acquired for A$198 million (S$175 million) and are expected to bring Keppel’s portfolio of assets in Australia to A$4.8 billion upon completion.

Frasers Property expects to report a significant drop in attributable profit for FY2023 following fair-value losses on some of its investment properties. The group said that it is in the process of finalising valuations but based on preliminary results, it is expecting fair-value losses primarily on its commercial properties in the United Kingdom and industrial and logistics properties in Europe.

OCBC’s private bank plans to add headcount to its China business, joining HSBC Holdings Plc and DBS Group Holdings Ltd. in staying bullish on the world’s second-largest economy despite a marked slowdown.

Citi Research has initiated coverage on CapitaLand Ascott Trust(CLAS), calling it a “lodging giant in the making”, with tailwinds such as continued improvement in revenue per available unit (RevPAU), distribution-accretive acquisitions and an expected pivot in US Fed interest rates.

CGS-CIMB Research analyst William Tng has maintained his “add” call on Venture Corp Ltd, albeit at a lowered target price of $16.61 from $16.80 previously, ahead of the company’s 3QFY2023 business update which is likely to see further earnings decline.

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