Earnings wrap: City Dev soars 11%, STE gains modestly, Sembcorp tumbles 3.3%
▶City Dev: soars as much as 11% to $8.74 this morning after announcing a 1H26 net profit that tripled to $301.6 million from the same period last year
The profit jump was driven by strong condo sales in various projects, with 352 residential units sold for $892.2 million in 1H26
The company doubled their interim dividend to 6 cents
Bloomberg Intelligence believes that an upcoming near-term catalyst for City Dev shares would be the company's strategic review outcome in end-Sep that will outline capital allocation priorities and set out a roadmap for narrowing the company's discount to Revalued Net Asset Value (RNAV)
🔝Macquarie's City Dev call warrants ( $CityDev MBeCW261229(GQXW.SI)$ and TPWW) are amongst this morning's top warrant gainers with gains between 76% to 200% given City Dev's 7.8% gain as of 913AM
▶ST Engineering (STE): gapped up 1.6% this morning to $10.41 before surrendering gains to trade 0.4% lower to $10.25 as of 913AM after its headline profit of $513 million came in line with consensus estimates
While all segments saw better margins, its Satellite & Communications division is still in a loss. STE targets for this segment to reach positive earnings by 4Q26 and FY27
✳Macquarie's trending STE call warrant $STEng MBeCW261229(PXTW.SI)$ (https://warrants.com.sg/tools/livematrix/PXTW) which moves approximately 6 times more than STE shares is down 2.9% to $0.034 as of 920AM
▶Wilmar: tumbled as much as 4.3% to $3.75 at the open after announcing after market a net profit of USD 608.9 million which rose 2.3% year-on-year (yoy)
According to Bloomberg AskB, the commodity giant disappointed on profit quality while its CEO flagged that its 2026 results are expected to be "satisfactory", as operating conditions are expected to stay uncertain amid geopolitical developments, suggesting a guarded outlook
✳Trending Wilmar warrant $Wilmar MB eCW261130(NWVW.SI)$ (https://warrants.com.sg/tools/livematrix/NWVW) is amongst this morning's top warrant losers with a 25% fall to $0.012 following Wilmar's 4.1% fall
▶Sembcorp Industries (SCI): like Wilmar, SCI have taken a hit after announcing 1H26 results that fell below expectations, trading 3.2% lower to $5.54 as of 934AM
However, while its 1H26 results came in at $369 million, below expectations for a $408 million profit due to weak performance in its Renewables division, its management guided for a higher 2H26 net profit
Nevertheless, SCI shares are weighed down by MSCI's announcement this morning to delete the stock from its MSCI Singapore Standard Index and add the stock into the Small Cap Index
✳Trending SCI call warrant $SembInd MBeCW270225(KYRW.SI)$ (https://warrants.com.sg/tools/livematrix/KYRW) is 15% lower to $0.034 on SCI's 3.5% share price fall
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