Singapore Stocks to Watch: AEM, ST Engineering, Sats, First Resources, Yangzijiang Financial

The following companies saw new developments that may affect trading of their securities on Thursday (Feb 29):

AEM: The semiconductor equipment maker reported a net loss of S$20.9 million for the six months ended Dec 31, 2023, reversing from a net profit of S$44 million in the corresponding period a year earlier. Revenue for H2 FY2023 dropped 38 per cent to S$206.1 million from S$330 million. On Wednesday, the group said the loss follows the declining trend in the group’s net profit, which plunged 76 per cent year on year to S$19.7 million in the first half of FY2023. Shares of AEM closed at S$2.65, down 2.9 per cent or S$0.08, before the announcement.

ST Engineering: The defence and engineering group’s net profit for the second half ended Dec 31, 2023, rose 19.9 per cent to S$305.9 million from S$255 million in H2 FY2022. On Thursday, it attributed its bottom line increase to strong business growth, higher productivity and cost savings. Its board proposed a final dividend of S$0.04 per share, unchanged from the previous year. Shares of ST Engineering closed Wednesday flat at S$3.98.

Sats: The inflight caterer and ground handler on Thursday posted a 41.9 per cent quarter-on-quarter rise in net profit to S$31.5 million for the three months ended Dec 31, 2023. This came as revenue rose 6.5 per cent to S$1.4 billion on volume improvements, on the back of strong seasonal demand. Shares of Sats closed 1.1 per cent or S$0.03 lower at S$2.60 on Wednesday.

First Resources: The palm oil producer posted a 62.5 per cent drop in net profit to US$73.9 million for the second half year ended December, from US$197.2 million in H2 FY2022. Sales for the period were down 23 per cent to US$531.8 million. This came as profit from operations decreased 57.7 per cent to US$101.7 million from lower average selling prices and a reduction in overall sales volume, the group noted on Thursday. Its counter closed Wednesday down 1.4 per cent or S$0.02 at S$1.42.

Yangzijiang Financial: The investment manager posted a net profit of S$39.3 million for the six months ended Dec 31, 2023, up 53.3 per cent from S$25.6 million in the year-ago period. This was after its dividend income widened to S$6.3 million, from about S$110,000 a year earlier. On Wednesday, the group announced that revenue for H2 FY2023 rose 12.8 per cent year on year to S$142.3 million. The counter closed down 1.5 per cent or S$0.005 at S$0.335, before the announcement.