SG Morning Highlights | Wilmar's Net Profit Down 52.7% For the Half Year Ended June 2023
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Monday; STI slumps 1.31%
●Singapore open to importing electricity from India, ST Says
●Stocks to watch: Wilmar, Emperador, Golden Agri
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares slumped on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 1.31 per cent to 3,251.03 as at 9.10 am.
Advancers / Decliners is 61 to 121, with 99.08 million securities worth S$86.69 million changing hands.
Breaking News
Singapore is open to importing electricity from regional countries including India, the Straits Times reported Sunday, in a push to improve energy security in the city-state.
The Energy Market Authority welcomes proposals to import as much as four gigawatt of electricity into Singapore, according to the report. It is seeking bids till Dec. 29 and will select and appoint companies to import the electricity.
Stocks to Watch
$Wilmar Intl (F34.SG)$: Wilmar International, the agribusiness group posted on Friday a 52.7 per cent drop in net profit for the half year ended June 2023 to US$551 million, from US$1.2 billion last year. This was attributed to lower contributions from food products and feed, as well as industrial products. Shares of Wilmar fell 0.8 per cent or S$0.03 to S$3.81, before the announcement.
$Emperador Inc (EMI.SG)$: Emperador reported its revenue climbed 11 per cent to 31 billion pesos (S$742 million) in the first half of this year from a year ago, as its global whisky segment continued to perform.
In a bourse filing on Friday (Aug 11), the company that is dual listed on the Philippine Stock Exchange and the Singapore Exchange said the whisky segment showed a “stellar performance”, while its brandy segment also demonstrated some growth – despite facing inflationary headwinds.
$Golden Agri-Res (E5H.SG)$: Golden Agri-Resources posted a 55.4 per cent drop in profit to US$90 million in the second quarter ended June, from US$202 million in the same period last year, amid weakening crude palm oil (CPO) prices.
It came with an 16.2 per cent drop in revenue for the quarter, to US$2.3 billion from US$2.8 billion, the mainboard-listed palm oil company said on Monday (Aug 14).
The weak CPO prices continues as market price for FOB Belawan crude palm oil fell 40 per cent on the year, the group noted.
$Frencken (E28.SG)$: Frencken Group on Monday (Aug 14) posted a 53.8 per cent drop in net profit to S$12.1 million for the first half ended Jun 30, from S$26.1 million in the same period last year.
This came as the semiconductor player booked lower revenue and higher finance costs, while income tax expenses and selling and distribution expenses fell.
The results translate to earnings per share of S$0.0283, down from S$0.0612 in the same period last year.
$Cromwell Reit EUR (CWBU.SG)$: Cromwell European Real Estate Investment Trust (Cromwell E-Reit) will not be providing a capital distribution top-up for the first half ended June.
This resulted in a 10.4 per cent decline in H1 distribution per unit (DPU) to 0.07790 euro from 0.08695 euro the year before, when a 1.1 million euro capital distribution top-up was made.
The Reit manager on Monday (Aug 14) said its board decided to preserve capital gains and not declare the top-up, given weaker macro fundamentals and tighter credit markets.
Latest Share Buy Back Transactions
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