Market Snapshot

Singapore stocks opened higher on Thursday. STI up 0.1%; Nio up 5.4%; CapitaLand Investment, Sembcorp up 3%.

Stocks to Watch

ST Engineering: The defence and engineering group on Thursday reported a net profit of S$365.7 million for the second half ended Dec 31, up 19.6 per cent from S$305.9 million in the previous corresponding period. Revenue rose 9.9 per cent to S$5.8 billion from S$5.2 billion, driven mainly by the defence and public security, as well as commercial aerospace segments. The board proposed a final dividend of S$0.05 per share, up from S$0.04 per share in the previous year. Shares of ST Engineering closed flat at S$5.06 on Wednesday.

CapitaLandInvest: The group on Thursday posted a net profit of S$148 million for the second half ended December, from a loss of S$170 million in the year-ago period. The improvement in the bottom line was mainly due to reduced losses from the revaluation of investment properties, said the real estate group. Shares of CLI ended Wednesday 0.8 per cent or S$0.02 lower at S$2.50.

YZJ Shipbldg SGD: The group reported a net profit of 3.6 billion yuan (S$659.3 million) for the second half ended Dec 31, which is 50.5 per cent higher than the corresponding year-ago period. Revenue stood 5.5 per cent higher at 13.5 billion yuan, and the group recorded an earnings per share of 90.50 fen in the recent H2. Shares of Yangzijiang Shipbuilding closed 0.7 per cent or S$0.02 lower at S$2.68 on Wednesday, before the news.

SEMBCORP INDUSTRIES LTD: The energy and urban solutions provider on Thursday reported a 14 per cent rise in net profit to S$471 million for the second half ended Dec 31, from S$412 million in the year-ago period. That is on resilient profit from its gas and related services, as well as integrated urban solutions segments. It posted revenue of about S$3.2 billion, down from around S$3.4 billion. Shares of Sembcorp traded flat to close at S$5.88 on Wednesday.

Golden Agri-Res: The palm oil producer posted a net profit of US$262.1 million for its second half ended Dec 31, up 1,617.1 per cent from US$15.3 million in H2 FY2023. Revenue for the half year rose 18.2 per cent on the year to US$5.8 billion from US$4.9 billion. This came on the back of higher international crude palm oil prices, and increased sales volume for the full year, the group said on Thursday. Shares of Golden Agri-Resources closed unchanged on Wednesday at S$0.24.

UOB Kay Hian: The group’s net profit rose 9.2 per cent year on year to S$110.3 million for the H2 ended December. Revenue increased 16.3 per cent to S$353.2 million. The board has proposed a first and final dividend of S$0.119 per share for FY2024. Payment will be made on Jun 26 if shareholders approve it at the annual general meeting to be held on Apr 25. Shares of UOB Kay Hian ended Wednesday up 2.1 per cent or S$0.04 at S$1.98, before the news.

Bumitama Agri: The Indonesian palm oil producer on Thursday posted a net profit of 1.43 trillion rupiah (S$116.9 million) for the second half, up 13.5 per cent from the previous corresponding period. The group noted that revenue increased during the period due to higher average selling price, as well as the appreciation of the Indonesian rupiah against the US dollar. Shares of Bumitama Agri ended Wednesday 1.2 per cent or S$0.01 higher at S$0.83.

Cromwell Reit SGD: The trust’s distribution per unit for the second half ended Dec 31 fell 10.7 per cent to 7.056 euro cents, from 7.903 euro cents in the corresponding year-ago period. H2 revenue declined 1.4 per cent to 106.6 million euros (S$149.6 million). The counter closed 0.6 per cent or 0.01 euro higher at 1.59 euros on Wednesday, before the news.

SG Local News

Father-Son Feud Plunges Singapore’s Richest Clan Into Crisis

An alleged boardroom coup attempt, a lawsuit between a family patriarch and his son, and accusations of corporate governance lapses — even by the standards of Asian succession drama, the family feud raging at Singapore’s Kwek dynasty stands out.

City Developments Ltd., the financial hub’s biggest listed developer, plunged into crisis Wednesday when its billionaire Chairman Kwek Leng Beng, 84, accused his son, the firm’s chief executive officer, of orchestrating a boardroom coup. He and CDL filed a lawsuit against the younger Kwek.

At stake is control of a major slice of an $18 billion family empire spanning property development to hospitality and finance. It’s also raised eyebrows in a region all too familiar with succession battles that often erupt into public view and occasionally wind up in court. Former casino baron Stanley Ho, property tycoon Lo Ying Shek, and the removal of New World Development Co.’s scion CEO in Hong Kong are just a few examples.