Stocks to watch: Singtel, Wilmar, CapitaLand Investment, City Developments, Yangzijiang Financial, Haw Par Corp

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Aug 13):

Singtel: The group’s Q1 net profit soared 317.4 per cent to S$2.9 billion from S$690 million in the year-ago period, Singtel said in its business update on Wednesday. The bottom-line growth came on the back of exceptional gains of around S$2.2 billion, primarily from the sale of a partial stake in Airtel and the Intouch-Gulf Energy merger. Shares of Singtel closed Tuesday 0.3 per cent or S$0.01 lower at S$3.92.

Wilmar International: The agribusiness group on Tuesday posted a net profit of US$594.9 million for H1, up 2.6 per cent from US$579.6 million in the year-ago period. This was attributed to stronger performances in its plantation and sugar milling, which rose on the back of higher palm oil prices and fresh fruit bunch production. Shares of Wilmar closed flat at S$2.97 on Tuesday, before the announcement.

CapitaLand Investment (CLI): It will invest more than 192 billion rupees (S$2.8 billion) in Maharashtra by 2030 to deepen its presence in the key Indian markets of Mumbai and Pune, CLI said on Tuesday at the launch of its first India data centre in Navi Mumbai. The planned investments are an “integral part” of CLI’s wider growth strategy for India, where it aims to expand its funds under management from more than S$8 billion currently to around S$15 billion by 2028. CLI shares closed 0.7 per cent or S$0.02 lower at S$2.75 on Tuesday.

City Developments Ltd (CDL): It posted a 3.9 per cent year-on-year rise in its first-half net profit to S$91.2 million on Wednesday, up from S$87.8 million in the previous corresponding period. This translates to a basic earnings per share (EPS) of S$0.097, compared with S$0.092 in the year-ago period. The board proposed a final dividend of S$0.03 per share, a slight increase from S$0.02 a year prior. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump. The counter closed flat at S$6.35 on Tuesday before the announcement.

Yangzijiang Financial: The investment management company on Tuesday posted a 28 per cent rise in net profit to S$137.7 million for its H1, from S$107.4 million in the year-ago period. This was largely driven by the reversal of credit loss allowances, higher contributions from maritime joint ventures and net foreign exchange gains. The group said that the subsidiary which it is proposing to spin-off, YZJ Maritime Development, intends to raise up to S$250 million through the placement of new shares to accredited investors and institutional investors. The counter ended S$0.015, or 1.5 per cent, higher at S$0.99 on Tuesday.

Haw Par Corporation: The Tiger Balm ointment maker posted an 18.2 per cent rise in net profit to S$144.1 million for its first half ended June, from S$122 million in the previous corresponding period. H1 revenue rose 7 per cent to S$126.3 million, from S$118.1 million a year earlier, as demand for healthcare products remained resilient. Shares of Haw Par closed S$0.19 or 1.3 per cent lower at S$14.13 on Tuesday, before the results were released.

Hong Leong Asia: The group posted a 13.1 per cent rise in net profit to S$56 million for the first half ended June, from S$49.5 million in the year-ago period. This was mainly due to the strong performance of its subsidiary Yuchai, as well as higher precast concrete volumes, the company said on Tuesday. Shares of Hong Leong Asia closed 1.1 per cent or S$0.02 higher at S$1.86 on Tuesday, before the release of the results.

ValueMax Group: The group on Tuesday posted a net profit of S$48 million for H1, up 35.5 per cent from S$35.4 million in the year-ago period. This was attributed to “robust performance” across all its core business segments – pawnbroking, moneylending, gold and jewellery retail and trading. Revenue rose 16.8 per cent to S$268.3 million, from S$229.8 million previously. Shares of ValueMax closed S$0.05 or 6.6 per cent higher at S$0.805 before the announcement on Tuesday.

Trading halt: Ascent Bridge called for a trading halt at 12.05 pm on Tuesday, pending the release of an announcement. Its shares ended the day 1.4 per cent or S$0.01 lower at S$0.68.