Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.3%; Seatrium rose 0.6%; Boustead Singapore rose 2.5%; Yangzijiang Shipbuilding rose 2%; Ley Choon fell 1.7%.
Stocks to Watch
Seatrium : 5E2: The offshore and marine group has achieved a current net order book of S$25.8 billion, which comprises 31 projects with deliveries until 2030, excluding repair and upgrade projects. For the year-to-date period, Seatrium obtained more than S$11.4 billion in order wins, it said in a business update on Tuesday. Shares of Seatrium jumped 11.7 per cent or S$0.18 to close at S$1.72 on Monday.
Yangzijiang Shipbuilding : BS6 (YZJ Shipbuilding): The maritime vessel maker’s order book stood at a record value of US$16.1 billion as at May 24, it said on Monday. It has 193 vessels in its backlog to be delivered by 2028, with a total compensated gross tonnage of 7.45 million. Shares of the company climbed 1.6 per cent or S$0.03 to close at S$1.93, before the update.
Boustead Singapore : F9D: The mainboard-listed engineering and technology group posted a 64 per cent increase in its second-half net profit to S$37.3 million, from S$22.7 million in the previous corresponding period. On Monday, the counter ended 2.1 per cent or S$0.02 higher at S$0.995, before the announcement.
OUE Real Estate Investment Trust : TS0U (OUE Reit): It completed an interest rate swap with a set of voluntary carbon credits, its manager said on Monday. The S$75 million structured derivatives transaction, completed through a transaction with OCBC, will help the Reit hedge against interest rate risk. Units of OUE Reit closed 3.8 per cent or S$0.01 higher at S$0.275, before the announcement.
ARA US Hospitality Trust : XZL (ARA H-Trust): An entity wholly owned by property tycoon Gordon Tang and his wife Celine will fully acquire the stapled group’s managers. The entity, Acrophyte Asset Management, will acquire all 1.5 million shares in the capital of the manager and all 50,000 shares in the trustee-manager. When the deal is completed, Acrophyte Asset Management will become ARA H-Trust’s new sponsor. Stapled securities of ARA H-Trust closed 1.8 per cent or US$0.005 lower at US$0.28 on Monday, before the announcement.
Ley Choon : Q0X: The road works construction company posted a net profit from continuing operations of S$5.5 million for the second half ended Mar 31, 2024, it said on Monday. This represents an 18.4 per cent year-on-year increase from S$4.7 million. Shares of Catalist-listed Ley Choon rose 1.7 per cent or S$0.001 to S$0.06, before the announcement.
SG Local News
Boustead Singapore H2 Profit up 64% to S$37.3 Million on Improved Revenue
Boustead Singapore posted a 64% rise in profit attributable to equity holders in the fiscal second half mainly due to higher gross profit and interest income, and increased average shareholding in Boustead Projects, according to a Monday filing with the Singapore Exchange.
The engineering services company's attributable profit rose to SG$37.3 million, or SG$0.0782 per share, from SG$22.7 million, or SG$0.0475 per share, a year earlier.
Revenue for the six months ended March 31 climbed 27% year over year to SG$399.6 million from SG$314.8 million, thanks to higher revenue contributions from the geospatial, real estate solutions, and energy engineering segments, the filing said.
Yangzijiang Shipbuilding’s Order Book Swells to Record US$16.1 Billion
MARITIME vessel maker Yangzijiang Shipbuilding : BS6’s order book now stands at a record value of US$16.1 billion as at May 24.
The mainboard-listed shipbuilder said in a quarterly business update on Monday (May 27) that it now has 193 vessels in its backlog to be delivered by 2028, with a total compensated gross tonnage of 7.45 million.
Container ships made up the largest number (66 vessels with a value of US$9.3 billion) followed by oil tankers (58 vessels, US$2.8 billion), then bulk carriers (47 vessels, US$1.9 billion) and finally gas and ethane carriers (22 vessels, US$2.1 billion).
Ley Choon Group H2 Profit Rises to S$5.5 Million, Declares First Dividend Since 2014
ROAD works construction company Ley Choon Group : Q0X on Monday (May 27) reported a net profit from continuing operations of S$5.5 million for the second half ended Mar 31, up 18.4 per cent from S$4.7 million year on year.
This translates to an earnings per share (EPS) from continuing operations of S$0.00367, compared to S$0.0031 in H2 FY2023.
Including discontinued operations, net profit for the half-year was 21 per cent higher at S$5.5 million, from S$4.6 million.