Stocks to Watch on Wednesday | Lianhe Zaobao

The ceasefire deadline between the U.S. and Iran was originally set to expire on Tuesday evening (April 21) Eastern Time. However, the lack of confirmation signals from both sides raised concerns among investors, leading to a collective decline in the three major U.S. stock indices. The Dow Jones Industrial Average fell by 0.59%; the S&P 500 index dropped by 0.63%; and the Nasdaq index, which reflects the performance of technology stocks, decreased by 0.59%. After the market closed, U.S. President Trump announced an extension of the ceasefire deadline to allow more time for negotiations between both parties. He stated that this move was made at the request of the mediator, Pakistan, to give the Iranian leadership time to formulate a plan. The market expects that the U.S. and Iran are still likely to reach an agreement, which led to a general rise in Asia-Pacific stock markets on Tuesday. The Singapore FTSE Straits Times Index rose by 10.89 points or 0.22%, closing at 5014.96 points. Here are some stocks to watch on Wednesday (22nd): Bumitama Agri disclosed before the market opened that the war in Iran is unlikely to negatively impact palm oil producers due to rising energy prices, and it may even boost the company's business. However, rising fuel and fertilizer prices are putting cost pressure on the company. In response to shareholder inquiries, the company stated in writing that fuel and fertilizer costs have historically accounted for about 10% of total production costs, but remain within controllable limits. Although rising energy prices bring cost pressure, the correlation between the energy market and palm oil demand helps mitigate the overall impact. Bumitama Agri's stock price rose by 2.12% to SGD 1.93 on Tuesday. Dezign Format Group disclosed before the market opened that it has signed a memorandum of understanding with the education and entertainment company Hustle & Bustle Group and its subsidiary IMBA Global, which is developing in Singapore, to convert part of the design and construction service fees owed to the group by IMBA into equity in H&B. Additionally, the group may also make a cash investment in H&B. The group stated that the equity investment is a strategic move aimed at acquiring long-term value. By transitioning from a supplier to an equity holder, the company will upgrade its project partnership to direct participation as a shareholder in H&B's future growth. As H&B actively expands the program content of the IMBA theater and promotes the development of more immersive entertainment projects, the group is expected to achieve considerable long-term returns. Dezign Format's stock price rose by 0.51% to SGD 0.196 on Tuesday. Hong Leong Asia is acquiring the building materials supplier Yong Tai Loong for approximately SGD 90.7 million in cash Fong Loong Asia acquired Yang Tai Long's equity from five individuals, each holding 20% of the company's shares. Extended Reading Oil price drop drives up Asia-Pacific stock markets, Hang Seng Index rises 0.22% Founded in 1972, Yang Tai Long has provided building materials for public and private housing for many years and is one of the five suppliers approved by the Housing and Development Board to supply household air raid shelters. Fong Loong Asia stated that acquiring Yang Tai Long and incorporating it into the group's building materials product business will expand the variety of product offerings to enhance the group's business in Singapore. In addition, Yang Tai Long's order backlog continues to grow, which will support the company's profit growth in the coming years. The group will retain all key management teams and experienced employees of Yang Tai Long to ensure the business continues to operate and integrate smoothly. Fong Loong Asia's stock price rose 1.28% on Tuesday, closing at SGD 3.17. AEM Holdings received in-principle approval from the Singapore Exchange to issue 3.35 million new ordinary shares and approximately 28.11 million warrants. The company must comply with the listing requirements of the Singapore Exchange, including submitting a written commitment to adhere to regulations regarding the use of proceeds from the share issuance. Additionally, the placement of new shares must be completed within seven trading days after the date of the in-principle approval notification. AEM Holdings' stock price closed at SGD 5.04 on Tuesday, up 2.02%. Nam Cheong sold two offshore support vessels for USD 36.7 million (approximately SGD 48.54 million), including a 120-ton anchor handling supply vessel, marking the company's first sale of new vessels in over a decade. The two vessels were delivered in the second quarter of this year to a shipping operator in Indonesia and a government-affiliated shipping operator in Egypt, respectively. The net proceeds from the sale will be used to support the group's shipbuilding activities, including external sales or fleet expansion Nanchang's stock price remained flat at 1.54 yuan on Tuesday. OUE REIT (Hua Lian Real Estate Investment Trust) reported a year-on-year increase of 8.4% in net property income for the first quarter, reaching 57.6 million yuan. The trust's revenue for the first quarter increased by 6.7% year-on-year to 70.5 million yuan. The rise in net property income and revenue is attributed to strong double-digit growth in the hotel sector and good performance in commercial real estate. As of the end of March, the committed occupancy rate of the trust's office buildings in Singapore remained at 95.2%, with a 6% rental uplift achieved upon renewal. Current rents have slightly increased by 0.2% to 11 yuan per square foot per month. OUE REIT's unit price closed at 0.37 yuan on Tuesday, up 1.37%. For more information on the Singapore stock market, please click here