SG Equities Digest (Friday, 18 October - Sunday, 20 October 2024)
Find updates of the following companies in the news in today’s post: Boldtek Holdings Ltd, Comba Telecom Systems Ltd, DBS Group Holdings Ltd, Keppel DC REIT, mm2 Asia Ltd, Sabana Industrial REIT, and SingPost Ltd:
Boldtek Holdings Ltd (SGX: 5VI)
18 Oct 2024: Boldtek Holdings has sold its entire stake in its subsidiary, Boldtek Projects, for S$230,000 to an investor involved in various industries including property development and plantations. Boldtek Projects reported a net loss of S$2.1 million for FY2024 and faces continued cashflow challenges, with potential further capital injections needed from shareholders. Trading in the company’s shares has been halted since 12 Jan 2023.
Comba Telecom Systems Ltd (SGX: STC)
20 Oct 2024: Comba Telecom Systems has announced the termination of the proposed spin-off and A-share listing of Comba Network due to significant changes in the IPO environment and macroeconomic conditions. The company will buy back incentive shares for RMB142 million (S$26.2 million), increasing its stake in Comba Network to 89.3%, with the aim of maintaining morale among key personnel.
DBS Group Holdings Ltd (SGX: D05)
18 Oct 2024: DBS introduced DBS Token Services, integrating blockchain capabilities with its transaction banking services, offering instant, real-time settlement and programmability for institutional clients. The bank highlighted that tokenisation and smart contracts can optimise liquidity management and streamline operations, marking a significant advancement in transaction banking.
Keppel DC REIT (SGX: AJBU)
18 Oct 2024: Keppel DC REIT reported a 4.2% q-o-q (quarter-on-quarter) and 8.9% y-o-y (year-on-year) increase in gross revenue to S$76.9 million for 3Q FY2024, with a net property income of S$64.5 million reflecting a 4.6% q-o-q rise but a 0.2% y-o-y decline due to higher property expenses. The REIT also saw a DPU increase of 6.1% q-o-q and 0.4% y-o-y at 2.501 Singapore cents, while aggregate leverage rose to 39.7%, and average cost of debt falling by 20bps to 3.3%.
mm2 Asia Ltd (SGX: 1B0)
18 Oct 2024: mm2 Asia announced the acquisition of WE Cinemas at 321 Clementi, taking over operations on 1 Nov 2024, and renaming it Cathay Cineplexes Clementi 321. The company highlighted that the cinema business recovery post-COVID-19 has been slow but remains optimistic about its resurgence, following recent global investments and acquisitions in the sector.
Sabana Industrial REIT (SGX: M1GU)
18 Oct 2024: 6 candidates proposed by requisitionists were voted in as board directors of the newly internalised manager of Sabana REIT at an extraordinary general meeting on 18 October, receiving over 60% of the votes. Their appointment remains subject to the approval of the Monetary Authority of Singapore.
18 Oct 2024: Sabana Industrial REIT has incurred S$10.19 million in internalisation costs year-to-date, more than double the expected S$5 million, with unitholders previously led to believe the process would bring significant savings. As of 30 September 2024, portfolio occupancy has dropped to 84.9%, while aggregate leverage has risen to 37.0%, with the REIT manager addressing concentration risks by shifting from master to anchor tenancy arrangements.
Singapore Post Ltd (SGX: S08)
18 Oct 2024: Singapore Post has launched the Queen Bee Enabled Sustainability Transition (Quest) programme to help its SME suppliers transition to sustainable business models through workshops and expert guidance on ESG indicators and decarbonisation strategies. The programme, supported by Enterprise Singapore, will begin with 25 SME suppliers and aims to expand to other large enterprises, aligning with Singapore’s goal for mandatory climate disclosures from January 2025.
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Disclaimer: The information provided in this post is based on my interpretation of various news reports and is intended solely for informational purposes. It does not constitute any buy or sell recommendations for the mentioned companies. Please conduct your own thorough research before making any investment decisions.