SINGAPORE - Local stocks to look out for on Wednesday morning (Nov 8) trading include ST Engineering, CapitaLand, OKP Holdings, Singapore Airlines and Perennial Real Estate.
ST Engineering: The absence of a one-time charge for its speciality vehicle business in China gave a fillip to results for Singapore Technologies (ST) Engineering for its third quarter. Net profit leapt 67.5 per cent to S$128.4 million from the previous year. ST Engineering president and CEO Vincent Chong said that the firm's order book continues to be strong, and it maintains its outlook of comparable revenue and profit before tax for the year.
CapitaLand: Fair value and portfolio gains from its Singapore and China properties, together with a 60 per cent stake in CapitaLand Vietnam Commercial Fund I helped boost real estate giant CapitaLand's earnings for the third financial quarter by 28 per cent. Net profit came in at S$316.95 million for the three months to Sept 30, 2017, from S$247.5 million a year ago.
OKP Holdings: Infrastructure and civil engineering company OKP Holdings posted a 62.4 per cent drop in its third-quarter net profit to S$742,000, on the back of lower revenue which was partially due to an accident in July at the worksite of its subsidiary Or Kim Peow Contractors. In a report published in July, KGI Research said that the collapse of the uncompleted viaduct on July 14 was "likely to hurt OKP's earnings and dividends". OKP closed unchanged at S$0.375 on Tuesday.
Singapore Airlines: Singapore Airlines' (SIA) Q2 net profit nearly tripled to S$189.9 million, up from S$64.9 million a year ago, bolstered by higher revenue. Revenue rose 5.3 per cent year on year to S$3.85 billion while earnings per share clocked 16.1 Singapore cents, rising from 5.5 cents a year ago. The airline group has declared an interim dividend of 10 Singapore cents per share, up from nine cents a share a year ago. Shares in SIA closed at S$10.32 on Tuesday, down seven cents.
Perennial Real Estate Holdings: Perennial Real Estate Holdings reported on Tuesday a substantial jump in its net profit attributable to shareholders for its fiscal third quarter, thanks mainly to its associate company Yanlord Perennial Investment's newly acquired stake in United Engineers. Perennial's net profit climbed to S$16.9 million, for the quarter ended Sept 30, 2017, from S$425,00 the year before. Its shares closed on Tuesday one Singapore cent up at S$0.885 apiece.