Singapore stock preview: DBS Group, Sembcorp, Ascendas India Trust

Here are three SGX-ST mainboard stocks to note for the week of 29 March 2021.

  • SembCorp Marine Ltd (SGX: S51) announced that it has secured a S$1.12 billion contract from RWE Renewables
  • Ascendas India Trust (SGX: CY6U), a subsidiary of CapitaLand Ltd (SGX: C31), has entered into an agreement to acquire two buildings in a Bangalore IT park
  • DBS Group Holdings Ltd (SGX: D05) will hold its Annual General Meeting for FY2020 on Tuesday (30 March 2021)
  • Trade Singapore’s most popular stocks with an IG account

Sembcorp Marine (SGX: S51)

Sembcorp Marine Ltd and GE Renewable Energy’s Grid Solutions have secured a S$1.12 billion contract from RWE Renewables, to supply the high voltage direct current (HVDC) electrical transmission system for the Sofia Offshore Wind Farm.

Located on Dogger Bank, 195 km off the north east coastline of UK in the central North Sea, Sofia spans an area of 593 km2 . With a capacity of 1.4 gigawatt (GW) that will power the equivalent of nearly 1.2 million UK homes with clean and renewable energy, Sofia will be one of the largest wind farms in the world when completed.

Sembcorp Marine and GE Renewable Energy’s Grid Solutions began early design works for the project in July 2020, after being chosen as the preferred supplier of the HVDC electrical transmission system.

The HVDC system represents Sofia’s second largest contract. Sembcorp Marine’s scope of work includes the design, construction, installation and commissioning of the offshore converter platform (OCP).

Sembcorp Marine shares are up 0.62% to S$0.16 each as at 11:59 SGT on Monday (29 March 2021).

Ascendas India Trust (SGX: CY6U)

CapitaLand subsidiary Ascendas India Trust (a-iTrust) has entered into a forward purchase agreement with Gardencity Realty Private Limited to acquire two buildings in an Bangalore IT Park with a total net leasable area of up to 1.65 million square feet.

As part of the arrangement, a-iTrust will also provide funding for the development of the project of approximately INR 8.28 billion (S$154.1 million).

Upon the project obtaining the occupancy certificate and fulfilment of other key conditions, a-iTrust shall purchase 100% of the shares of the two entities developing the project.

The total purchase consideration for the transaction would depend on certain factors, including final rentals achieved, and is currently estimated to be INR 14.41 billion (S$268.2 million).

The project comprises three buildings spread across two land parcels, with an aggregate net leasable area of approximately 2.26 million square feet.

Initially, and during the construction period, a-iTrust’s investment in the construction of the project will be through debt.

As a result of this acquisition, a-iTrust’s portfolio size (including pipeline projects) will increase by 7.2%.

Ascendas India Trust shares rose 0.68% following the announcement.

DBS Group (SGX: D05)

DBS Group will hold its 22nd Annual General Meeting (AGM) electronically on Tuesday (30 March 2021) at 14:00 SGT.

Group Chairman Peter Seah Lim Huat will conduct the proceedings of the AGM.

Due to the current COVID-19 situation in Singapore, shareholders will not be able to attend the AGM in person.

Shareholders will be voting on routine business matters, including the final dividend amount for FY2020 and the Directors’ remuneration for the year.

Special business resolutions include the authority to grant awards and issue shares under the DBSH Share Plan,the authority to grant awards and issue shares under the California Sub-Plan to the DBSH Share Plan, as well as authority to issue shares pursuant to the DBSH Scrip Dividend Scheme.

DBS Group shares are trading at S$28.73 each as of noon break on Monday, up 0.5%.

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