Stocks to watch: Prudential, OCBC, Keppel, Seatrium, SingPost, Wing Tai

The following companies saw new developments that may affect trading of their securities on Wednesday (Aug 27):

Prudential: Its new business profit rose to US$1.26 billion for its first half ended Jun 30, from US$1.12 billion in the year-ago period. This marked a 12 per cent increase on a constant exchange rate basis and an actual exchange rate basis. The insurer on Wednesday said the growth came amid a 5 per cent increase in annual premium equivalent sales and margin expansion. The counter ended Tuesday flat at US$9.91.

OCBC: The bank has priced US$1 billion worth of fixed rate subordinated notes under its US$30 billion global medium term note programme. Net proceeds from the issuance will be used for general corporate purposes of OCBC, it said on Wednesday. The lender’s shares closed Tuesday 0.8 per cent or S$0.14 lower at S$16.70.

Keppel, Seatrium: Asset manager Keppel announced on Tuesday it will start arbitration proceedings against Seatrium for a S$68.4 million claim related to Brazil’s corruption crackdown, Operation Car Wash. Keppel said the sum was due from Seatrium under the terms of an indemnity, as Seatrium in 2022 made provisions of S$82.4 million to indemnify Keppel against claims related to the operation. Keppel shares ended Tuesday at S$8.35, down 0.6 per cent or S$0.05. Seatrium closed at S$2.33, down 0.4 per cent or S$0.01.

Singapore Post (SingPost): SingPost introduced a new corporate service for US-bound parcels after suspending standard postal services on Monday for commercial items sent there. This comes ahead of Friday’s end to the so-called de minimis exemption that avoided duties for packages valued under US$100. The new SingPost service operates on a “delivery duty paid” model, where duties and taxes are calculated at the destination and billed back to the sender. SingPost said retail customers may continue to use Speedpost Express, with shipments of letter mail unaffected. Shares of SingPost ended Tuesday lower by 1 per cent or S$0.005 at S$0.48.

Wing Tai: The property developer’s net loss narrowed to S$71.1 million for its second half ended June, down from S$99.2 million in the year-ago period. Revenue jumped 64.4 per cent to S$117.5 million from S$71.5 million, amid higher contributions from development properties, the group said on Tuesday. Shares of Wing Tai closed Tuesday at S$1.40, down 2.1 per cent or S$0.03.

Trading halt: Singapore Paincare called for a trading halt on Wednesday, pending the release of an announcement. The counter ended Tuesday flat at S$0.158.

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