Stocks to watch: Keppel, FCOT, GuocoLand, CCT, GL, Creative

Stocks to watch: Keppel, FCOT, GuocoLand, CCT, GL, Creative

PC Lee
20/10/17, 08:55 am

SINGAPORE (Oct 20): Here are some stocks that could move the market this Friday morning:

Keppel Corporation announced earnings of $291.8 million for the 3Q17 ended Sept, up 30% from $224.5 million in 3Q16. This came on the back of higher profits from the group’s China and Vietnam property trading, power & gas and asset management businesses, as well as the sale of investments. Revenue for the quarter grew 11% to $1.6 billion. Shares in Keppel Corp closed 11 cents lower at $7.02 on Thursday. 

See: Keppel posts 30% rise in 3Q earnings to $292 mil; announces new urban solutions unit

Frasers Commercial Trust’s manager has announced a DPU of 2.41 cents, down 1.6% from 2.45 cents a year ago. Gross revenue fell 2.6% to $38.3 million while net property income fell 8.7% to $26.7 million. Units of FCOT closed at $1.40 on Thursday.

See: Frasers Commercial Trust’s 4Q DPU falls 1.6% to 2.41 cents

GuocoLand saw its earnings surge more than sixfold to $165.6 million for the 1Q ended September, from $25.6 million a year ago. This was mainly due to a higher share of profit of associates and joint ventures. Revenue in 1Q grew 79% to $362.0 million, from $202.8 million a year ago. Shares in GuocoLand closed 2 cents lower at $2.41 on Thursday.

See: GuocoLand 1Q earnings surge sixfold to $165.6 mil on higher share of profit of joint venture

CapitaLand Commercial Trust (CCT) has declared a distribution per unit (DPU) of 2.36 cents for 3Q17, up 2.6% from 2.30 cents a year ago on lower operating expenses, stronger performance from CapitaGreen as well as a one-off gain. Gross revenue fell by 0.4% to $74.1 million. Units in CCT closed flat at $1.66 on Thursday.

See: CapitaLand Commercial Trust posts 2.6% rise in 3Q DPU to 2.36 cents

GL Limited reported a 58% increase in earnings to US$17.4 million ($23.6 million) for the 1Q ended Sept, from US$11.0 million a year ago. This was due the absence of other operating expenses for a one-off provision for a legal claim against a subsidiary in the UK in 1Q17. Revenue in 1Q18 was stable at US98.0 million. Shares in GL closed 1 cent lower at 86 cents on Thursday.

See: GL Limited 1Q earnings up 58% to $23.6 mil on absence of one-off provision

Creative Technology posted 1Q18 ended Sept earnings of US$22.8 million ($30.9 million), compared to a loss of US$6.21 million in 1Q17. Other gains saw a US$31.6 million increase to US$32.0 million, compared to US$459,000 last year. This was mainly due to US$31.2 million received from settlement of patent lawsuits. Revenue dropped 7% to US$16.1 million. Shares in Creative closed at $1.18 on Thursday.

See: Creative Technology swings back to profitability in 1Q on settlement from lawsuits

The Dow and S&P 500 eked out record closing highs on Thursday, turning higher at the last minute after a Politico report that Federal Reserve Governor Jerome Powell is the leading candidate for the nominee for Fed chair. The Dow Jones Industrial Average rose 5.44 points, or 0.02%, to end at 23,163.04, the S&P 500 gained 0.84 point, or 0.03%, to 2,562.1 and the Nasdaq Composite dropped 19.15 points, or 0.29%, to 6,605.07.

The benchmark Straits Times Index (STI) added 5.88 points or 0.18% to finish the session at 3,334.91, supported by some banking and property stocks. Turnover for the day came in at 3.2 billion units valued at $1.6 billion. Excluding warrants, the advance-decline score was 180 to 285.

SGX slaps trading suspension on YuuZoo

SINGAPORE (Mar 19): Singapore Exchange Regulation (SGX RegCo) has suspended trading in the shares of e-commerce company YuuZoo Corporation with immediate effect. This comes after the statutory auditors of YuuZoo today informed the company and SGX that they are "unable to obtain sufficient appropriate audit evidence" to provide an opinion as required in a notice of compliance (NOC) issued on Mar 5. In the NOC, SGX had ordered YuuZoo to make specified disclosures by Mar 19 of the opinion of its statutory auditors on the veracity and reasonableness of two items in its consolidated financial....

Noble Group braces for first bond default as pressure mounts

SINGAPORE (Mar 19): Noble Group is racing against time to garner enough votes for a debt restructuring plan after its decision not to pay a US$379 million ($500 million) bond due Tuesday sets it on course for its first note default. The failure to make payment will prompt an “event of default” under the terms of its bond documents. The company has opted for non-payment to preserve assets “for the benefit of all stakeholders during the implementation of the proposed restructuring,” it said in a filing Friday. The move will likely trigger payouts on credit default swap contracts tied ....

StanChart entities fined $6.4 mil for anti-money laundering and counter terrorism financing breaches

SINGAPORE (Mar 19): The Monetary Authority of Singapore (MAS) has imposed penalties totalling $6.4 million on two Standard Chartered entities in Singapore for the breach of the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. Specifically, Standard Chartered Bank, Singapore Branch (SCBS) was fined $5.2 million for 21 breaches whiile Standard Chartered Trust (Singapore) (SCTS) was fined $1.2 million for 12 breaches.    In a Monday statement, MAS says the breaches occurred when the trust accounts of SCBS’s customers were t....