Stocks to watch: Sembcorp, Bukit Sembawang, SBS Transit, Boustead

THE following companies saw new developments that may affect trading of their securities on Tuesday (May 27):

Sembcorp: Its subsidiary Sembcorp Utilities entered an agreement with several of its South-east Asian counterparts to explore exporting renewable energy from Vietnam into Malaysia and Singapore, the group said on Monday. Under the agreement, the parties will focus on unlocking Vietnam’s renewable energy resources, particularly offshore wind power, as a source for green electron generation and to supply clean electricity across borders. The counter ended Monday 1.4 per cent or S$0.09 higher at S$6.65, before the news.

Bukit Sembawang: The property developer posted a net profit after tax of S$51.4 million for its second half ended March, a 13 per cent increase from S$45.6 million in the year-ago period. The increase was mainly due to the recognition of higher profits for residential development projects Pollen Collection, Liv@MB and Fraser Residence Orchard, the group said on Monday. Shares of Bukit Sembawang Estates closed Monday 0.3 per cent or S$0.01 lower at S$3.92, before the news.

SBS Transit: Member of Parliament for Tampines Changkat Desmond Choo stepped down from the board of SBS Transit with immediate effect on Monday, following his appointment as Minister of State for Defence last Friday. Choo, who has been a board member of the transport company since April 2021, will also relinquish his membership on the board’s remuneration and nominating committee. He continues to be assistant secretary-general at the National Trades Union Congress. Shares of SBS Transit closed Monday 0.4 per cent or S$0.01 higher at S$2.75, before the news.

Boustead: The engineering and technology group on Monday posted a net profit of S$59.1 million for the six months ended March, representing a 58 per cent increase on the year, although revenue slid 42 per cent to S$231.9 million. The mainboard-listed company said that profits had risen despite lower revenue due to lower income tax expenses and a one-off gain. The counter ended lower by S$0.01 or 1 per cent at S$1.04, before the update.

Trading halt: Printing cylinder supplier Fuji Offset called for a trading halt with immediate effect on Tuesday morning, pending an announcement. Its shares closed Monday 19.7 per cent or S$0.065 higher at S$0.395.