SG Equities Digest (Wednesday, 28 August 2024)
Find updates of the following companies in the news in today's post: Grand Banks Yachts Ltd, Great Eastern Holdings Ltd, ISOTeam Ltd, Keppel Infrastructure Trust, PEC Ltd, Tiong Woon Corporation Holding Ltd, and Zhongxin Fruit and Juice Ltd:
Grand Banks Yachts Ltd (SGX: G50)
28 Aug 2024: Grand Banks Yachts reported a 111.5% year-on-year increase in earnings to S$21.4 million for FY2024, with revenue rising 17.1% to S$133.65 million, largely due to enhanced boat-building activities in Malaysia. The company has proposed a final dividend of 1.0 Singapore cent per share, and despite macroeconomic challenges, it remains optimistic due to a robust order book and upcoming expansions in its Pasir Gudang facility.
Great Eastern Holdings Ltd (SGX: G07)
28 Aug 2024: Great Eastern will appoint Greg Hingston as its new Group CEO on 1st November, succeeding Khor Hock Seng, who retires on 31st October after nine years in the role. Hingston, with over 20 years of experience in Asia and 18 years at HSBC, was chosen following an extensive search, and his expertise in wealth and insurance is expected to support Great Eastern's strategy to grow beyond its core markets.
ISOTeam Ltd (SGX: 5WF)
28 Aug 2024: ISOTeam's FY2024 earnings surged by 363.1% to S$6.5 million, driven by significant improvements in its core segments, with revenue rising 17.9% year-on-year to S$130.2 million. The company, benefiting from a post-pandemic recovery, plans to double its market share in HDB repainting works to 30.0% by 2027, supported by a strong order book of S$193.1 million and a renewed focus on its core business areas.
Keppel Infrastructure Trust (SGX: A7RU)
28 Aug 2024: Keppel Infrastructure Trust (KIT) successfully completed a private placement at S$0.438 per unit, raising approximately S$200 million, with the placement being 2.5 times oversubscribed. The majority of the funds (about 96.6%, or S$193.2 million) will be used to partially repay a term loan for the acquisition of Ventura Motors, with the new units set to be listed on the Singapore Exchange on 5th September.
PEC Ltd (SGX: IX2)
28 Aug 2024: PEC Limited reported a significant increase in earnings for FY2024, with a 136% year-on-year rise to S$16.0 million, driven by a 14% revenue growth to S$491.0 million, primarily from overseas projects and maintenance works. The group's cash and cash equivalents grew by S$20.4 million, allowing them to propose a dividend of 2.0 Singapore cents per share.
Tiong Woon Corporation Holding Ltd (SGX: BQM)
28 Aug 2024: Tiong Woon Corporation Holding reported a 16% increase in FY2024 earnings to S$18.2 million, with revenue up 5% to S$143.1 million, primarily driven by growth in the heavy lift and haulage segment. The company also plans to raise its dividend by 50% to 1.5 Singapore cents per share, reflecting confidence in its strategy and strong financial position.
Zhongxin Fruit and Juice Ltd (SGX: 5EG)
28 Aug 2024: Zhongxin Fruit reported a significant decline in earnings for FY2024, with a 61.5% drop to RMB2.3 million, driven by increased distribution expenses and higher warehousing costs. Despite an 18% rise in revenue due to higher selling prices and demand for fructose, gross profits fell by 16.6%, and gross profit margins decreased to 14.8% due to elevated procurement and production costs.
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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.