Singapore Stocks to Watch: Sembcorp, Sri Trang Agro-Industry, Kimly, China Kangda Food

The following companies saw new developments that may affect trading of their securities on Tuesday (Nov 28):

Sembcorp Industries on Monday (Nov 27) said it has inked two separate agreements to acquire wind assets in China and India for a total consideration of S$200 million.

The assets collectively amount to 428 megawatts (MW), the group said in an announcement on the Singapore bourse.

Sembcorp’s wholly-owned unit Sembcorp Energy (Shanghai) Holding signed an agreement with Envision Energy Co to acquire the full share capital of Qinzhou Yuanneng Wind Power Co for an equity consideration of about S$130 million. Qinzhou Yuanneng owns 200 MW of operational wind assets in Guangxi, China, the company said.

Rubber group Sri Trang Agro-Industry on Monday (Nov 27) reported a net loss of 410.2 million baht (S$15.6 million) for the third fiscal quarter ended September.

This is a reversal from earnings of 1.5 billion baht in the corresponding year-ago period.

In a business update, the group said revenue for the quarter under review was down 42.5 per cent to 16.9 billion baht. This was due mainly to a 37.9 per cent decline in the sales volume of natural rubber, as well as a 20.6 per cent fall in the average selling price of natural rubber to US$1,428 per tonne from US$1,799 per tonne.

Coffeeshop operator Kimly reported a 7.2 per cent rise in net profit to S$36.5 million for the full year ended Sep 30, 2023, from S$34 million previously.

The increase was due primarily to a S$2.5 million gain from the disposal of its confectionery business.

Excluding the gain on disposal, net profit for FY2023 fell 0.2 per cent to S$34 million, when compared with the year-ago period, Catalist-listed Kimly said in a bourse filing on Monday (Nov 27).

Chinese food processing company China Kangda Food Company on Monday (Nov 27) announced that it is unable to contact its chairman and chief executive Fang Yu.

The company’s board of directors said it is not aware of any information which indicates that Fang’s unavailability is or might be related to the business or operations of the group which is “continuing normally”. 

The company did not specify when it lost contact with Fang, who is also an executive director.