Stocks to watch: Mapletree NAC Trust, SPH, CapitaLand, Medtecs, Raffles Education, Stocks

Thu, Oct 15, 2020 – 9:00 AM

THE following companies saw new developments that may affect trading of their securities on Thursday:

Mapletree North Asia Commercial Trust (MNACT): It has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to its Festival Walk mall in Hong Kong. The mall had suffered extensive damage from civil unrest in the city last year, causing the MNACT’s largest asset to be closed for months. MNACT units fell S$0.01 or 1.1 per cent to close at S$0.92, before the announcement.

Singapore Press Holdings (SPH): The media and property group’s shares sank on Wednesday as the board slashed dividends after SPH fell into the red for the first time. The counter dipped below S$1 to 99.5 Singapore cents minutes after the opening bell, although it regained some momentum later and ended the day at S$1, shedding S$0.05 or 4.8 per cent from Tuesday’s close.

CapitaLand: Its wholly-owned lodging business unit, The Ascott Limited, has secured 12 more properties in China in the last three months. Revenue from its operating properties in the country have also almost fully recovered to pre-Covid-19 levels, said Ascott in a press statement on Thursday. Shares of CapitaLand closed flat at S$2.81 on Wednesday.

Medtecs International: The medical products supplier’s shares had an upbeat morning on Wednesday thanks to its stellar third-quarter earnings, but the stock’s gains were rapidly lost in the late afternoon. Amid heavy volumes traded, the Catalist-listed counter finished the day at S$1.36, down S$0.12 or 8.1 per cent.

Raffles Education Corp (REC): Tycoon Oei Hong Leong, a substantial shareholder of mainboard-listed REC, has discontinued his latest legal action against the company in relation to its plan to raise its stake in a Chinese property firm. REC shares were unchanged at 13.8 Singapore cents at Wednesday’s close, before the announcement.

Singapore Technologies Engineering (ST Engineering): In response to the coronavirus pandemic, ST Engineering deployed some 200 units of its improved screening systems at airports, hospitals, hotels and commercial buildings. It also deployed robots at makeshift isolation facilities. Andrew Chow, president of Singapore business at ST Engineering’s electronics sector, said it’s not about bringing the most high-tech products to the market, but providing solutions to problems in the quickest manner. ST Engineering shares finished Wednesday at S$3.63, down S$0.02 or 0.5 per cent.

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