SG Morning Highlights | Singapore Exploring New Tools To Manage Significant Investments In Critical Entities

Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.29 per cent to 3,223.11 as at 9.06 am.

$Sembcorp Ind(U96.SG)$: Sembcorp Industries has received a letter of intent from the Energy Market Authority (EMA) to explore the development of offshore wind farms in Vietnam to export electricity to Singapore. The project will span approximately 200,000 hectares of sea area across two sites off the shores of South Vietnam. In a bourse filing on Monday (Aug 28), the company said that its wholly-owned subsidiary, Sembcorp Utilities, will work with Vietnam Oil and Gas Group member Petrovietnam Technical Services Corporation (PTSC) to explore the development of such wind farms.

$Oxley(5UX.SG)$: Mainboard-listed property developer Oxley Holdings sank further into the red in the second half of the financial year ended Jun 30, 2023, with losses deepening 311 per cent to S$83.4 million from S$20.3 million in the same period the year before. Revenue for the half-year fell by 52 per cent to S$202 million, from S$419.5 million a year ago. This was mainly due to lower revenue being recognised for development projects in Singapore, the group said in a bourse filing on Monday (Aug 28). This came as “substantial revenue was recognised prior to FY2023, partially offset by higher revenue recognition from Oxley Towers KLCC in Malaysia and hotel operations”, it added.

$CapLand Ascott T(HMN.SG)$: CapitaLand Ascott Trust (Clas) has received valid acceptances of 36.6 per cent for the 100.5 million new stapled securities to be issued under the preferential offering announced on Aug 3. In a bourse filing on Monday (Aug 28), the manager of the stapled group said that a further 28.1 per cent of the new stapled securities were subscribed for under the preferential offering.

$Civmec(P9D.SG)$: Construction and engineering services provider Civmec reported on Monday (Aug 28) a 4.4 per cent rise in net profit to A$29.4 million (S$25.6 million) for the half-year ended Jun 30, 2023, up from the A$28.2 million it posted for the corresponding period the year before. This was despite a 1.9 per cent fall in revenue to A$412 million for the period, from A$419.9 million in the year-ago period. The group attributed the rise in net profit to increased gross margins in the period, which rose to 13.9 per cent year on year, from 11.6 per cent for the half-year before.

$OKP(5CF.SG)$: A unit of OKP Holdings has been awarded a S$188.3 million contract from the Land Transport Authority (LTA) to construct a new cycling path network in Singapore. The new network is under the next phase of LTA’s Islandwide Cycling Network programme, and will pass through seven towns: Geylang, Hougang, Kaki Bukit, Marine Parade, Potong Pasir, Sengkang and Serangoon.

$Micro-Mechanics(5DD.SG)$: Micro-Mechanics posted a 66 per cent drop in net profit to S$2 million for its fourth quarter ended June, from S$5.9 million in the previous corresponding period. Revenue for the quarter fell 30.8 per cent to S$15.2 million from S$22.0 million in the previous year, according to the financials released on Monday (Aug 28). The drop in profit translates into lower earnings per share (EPS), of S$0.0143 for the quarter, compared to EPS of S$0.0422 in the fourth quarter of the previous financial year.

$Thomson Medical(A50.SG)$: Healthcare provider Thomson Medical Group (TMG) reported a 66.7 per cent drop in net profit to S$13.8 million for its second half ended Jun 30, 2023, from S$41.3 million in the same period a year ago. Revenue for the half-year fell 8.8 per cent to S$171.8 million, from S$188.3 million. This was mainly due to lower income received from project-related services as a result of the closure of vaccination centres, the group said in a filing on Monday (Aug 28).