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Singapore stock preview: Genting Singapore, Lendlease, Boustead

Here are three SGX-ST mainboard stocks to watch for the week of 18 July 2022.

Source: Bloomberg

Genting Singapore (SGX: G13)

Genting Singapore, together with its subsidiaries, has responded to the queries raised by Singapore Exchange Securities Trading Limited in relation to the unusual price movements in the company’s shares on Friday (15 July 2022).

The stock jumped up over 9% last Friday, after it was reported that US casino operator and hospitality chain MGM Resorts International and other groups have expressed interests to acquire the company.

Genting said it ‘is not aware of nor has it been party to any ongoing discussions concerning any potential transaction’.

‘Further to enquiries made by the company of its directors and senior management pursuant to the queries from the SGX-ST, Tan Sri Lim Kok Thay, the Executive Chairman and indirect controlling shareholder of the company, has informed the company that he is aware, by virtue of his position as Executive Chairman and Chief Executive of Genting Berhad, that Genting Berhad had received an unsolicited approach for its shareholding in the company, which has not been pursued,’ the company added in a bourse filing.

Genting Singapore added that it is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies, which might explain the trading on 15 July 2022.

Lendlease (SGX: JYEU)

Lendlease Global Commercial Trust Management Pte. Ltd., the manager of Lendlease Global Commercial REIT (LREIT), has announced the opening of PUMA’s biggest and first-ever flagship store in Southeast Asia at 313@somerset.

‘PUMA’s flagship outpost exemplifies the refreshed tenant mix at 313@somerset to create a bolstered portfolio of local and international F&B, fashion and lifestyle brands along with novel shopping options,’ LREIT said in a press release.

‘Its immersive concept also supports the Singapore Tourism Board’s wider plan to rejuvenate Orchard Road into a vibrant lifestyle and leisure destination.’

LREIT added that the deployment of 480 square feet of space also underscored its strategy in optimising the additional gross floor area from the Urban Redevelopment Authority’s scheme to ‘create new value’ for unitholders.

Boustead (SGX: F9D)

Boustead Singapore Limited announced that its separately listed 54%-owned subsidiary, Boustead Projects Limited’s wholly-owned engineering and construction business unit has been awarded a record contract valued at approximately S$300 million by a Fortune 500 corporation to design and build an integrated manufacturing, logistics and office facility in Singapore.

The latest contract has raised the Boustead Group’s order backlog to approximately S$563 million (unrecognised project revenue remaining at the end of FY2022 plus the total value of new orders secured since then).

The above contract is expected to have a positive material impact on the Boustead Group’s profitability and earnings per share, collectively in the financial yearss ending 31 March 2023 (FY2023) and 31 March 2024 (FY2024). However, it is not expected to have a material impact on the net tangible asset value per share for FY2023 and FY2024.

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