Stocks to watch: HPL, Sim Leisure, OneApex, China Kangda, International Cement

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way.PHOTO: ST FILE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Friday (march 29):

Hotel Properties Ltd (HPL): HPL announced on Thursday that it has entered into a joint-venture (JV) agreement with Japanese real estate firm Tokyo Tatemono Co to acquire a 75 per cent stake in a new hotel, and a 25 per cent co-ownership interest in up to 450 condominium units for about 20.85 billion yen (S$257 million) altogether. Both the hotel and the condominium components will be developed under a proposed 50-storey mixed development project, with a total gross floor area of about 80,000 square metres located on a freehold site in Dojima 2-chome, Osaka City, Japan. Subject to the granting of planning approval for the redevelopment of the Dojima site, the construction of the project is expected to take about four to 4.5 years. The group said that the proposed investments will enable it to expand its hotel and residential property portfolio to a new market in a major international destination in Japan. The counter closed at $3.76 on Thursday, up 0.8 per cent, or three cents.

Sim Leisure Group: Catalist-listed Sim Leisure Group's fiscal 2018 net profit has more than quadrupled to RM6.1 million (S$2 million) from RM1.3 million a year ago. This was due to revenue contribution from the full year of operations of its Escape Waterplay theme park, compared with only one-month contribution in fiscal 2017, the firm said on Friday morning before the market opened. Earnings per share came in at 5.64 sen, up from 1.20 sen the year before. No dividend will be given out for the full year, unchanged from the previous year. The counter closed flat at 22.5 cents on Thursday.

OneApex Ltd: OneApex, formerly known as Chew's Group, has agreed to buy a 51 per cent stake in fund management firm OneWealth Development for $338,000 in cash from executive director Chiu Joon Sun. Following the deal, OneWealth will become a subsidiary of OneApex and change its name to OneApex Capital. Mr Chiu is the sole owner of OneWealth Development. The company said that the proposed acquisition is in line with its strategy to expand into the financial investment services business, which is intended to consist of fund management, wealth management and family office advisory services. It is expected to expedite the business development of the group's financial investment services business. The counter last traded at 22 cents apiece on Feb 8.

China Kangda Food Company: The chicken and rabbit meat supplier posted a net profit of 5.64 million yuan (S$1.13 million) for its financial year ended Dec 31 2018, reversing from a loss of 15.78 million yuan a year ago. This is mainly attributed to the decreased mortality rate of its chickens, as a result of better weather in FY2018. Revenue stood at 1.40 billion yuan for FY18, up 5.1 per cent from 1.34 billion yuan previously. No dividend has been declared for the year, similar to FY17. The group said that it received a lift from the swine fever epidemic as demand shifted from pig meat to chicken meat, resulting in higher selling prices. Lower bank borrowings and interest charges also contributed to the better results, said the group. The counter last traded at 17 cents apiece on Jan 29.

International Cement Group: The cement producer that took over the listing status of Compact Metal Industries has called for a trading halt pending an announcement. The company told reporters that it is looking to set up more plants in Central Asia, Africa and South-east Asia to target regions that will benefit from China's Belt and Road initiatives.