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Stocks to watch: UOB, CapitaLand, Great Eastern, Parkway Life Reit, SIA Engineering
THE following companies saw new developments that may affect trading of their securities on Wednesday:
UOB: The bank posted a 40 per cent drop in net profit for its third quarter due to pre-emptive build-up of credit allowances, it said on Wednesday. Net profit for the three months ended Sept 30 stood at S$668 million, compared with S$1.12 billion for the year-ago period. UOB shares closed at S$19.45 on Tuesday, up S$0.42 or 2.2 per cent.
CapitaLand: The property giant expects its financial performance for FY2020 to be materially adversely impacted, despite seeing "encouraging signs of recovery" in its operating metrics for the third quarter this year. CapitaLand shares closed at S$2.57 on Tuesday, up S$0.06 or 2.4 per cent, before this announcement.
Great Eastern Holdings: The insurance arm of OCBC on Wednesday posted a 40 per cent rise in net profit to S$287.9 million for the third quarter ended Sept 30, from S$205.1 million a year ago. This was mainly due to the higher valuation of investments, on the back of improved financial market conditions during the quarter, the company said. Great Eastern shares closed flat at S$17.78 on Tuesday.
Parkway Life Real Estate Investment Trust: Its distribution per unit rose 7.4 per cent to 3.54 Singapore cents for its third quarter ended Sept 30, from 3.3 cents a year ago. The counter closed at S$4.10 on Tuesday, up S$0.07 or 1.7 per cent.
SIA Engineering Company (SIAEC): Government grants helped to cut net loss for the maintenance arm of Singapore Airlines to S$19 million from S$114.6 million in the first half of its financial year. Nonetheless, this is a reversal from the S$87.6 million net profit it recorded in the April-to-September period in 2019. SIAEC shares closed at S$1.67 on Tuesday, up S$0.04 or 2.5 per cent, before its results release.
Kimly: The Catalist-listed coffeeshop operator is joining hands with Tenderfresh Fried & BBQ Chicken to open a halal-themed eatery in Clementi. Kimly's shares closed flat at 27 Singapore cents on Tuesday.