Thai Beverage (SGX: Y92)

Thai Beverage is Thailand's largest beverage producer and distributor, with four main business segments - spirits, beer, non-alcoholic beverages (NAB), and food. The group operates 19 distilleries, 3 breweries, and 20 NAB production facilities, with a distribution network of over 500,000 sales points. The stock price of Thai Beverage has declined by about 11% year-to-date, closing at SGD 0.48 per share.

The performance for the fiscal year 2023 ending on September 30, 2023, showed mixed results. Revenue increased by 2% year-on-year to THB 279.1 billion, while gross profit grew by 3% to THB 82.8 billion. Operating profit decreased by 6% to THB 32.9 billion, net profit declined by 9% to THB 27.4 billion, and free cash flow dropped by nearly 35% to THB 27 billion.

In the first quarter of its fiscal year 2024, Thai Beverage released another set of mixed results in its business update. Sales revenue decreased by 6% year-on-year to THB 76.1 billion, but earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 1.9% to THB 13.8 billion.

Genting Singapore (SGX: G13)

Genting Singapore is the owner and operator of Resorts World Sentosa (RWS), an integrated resort in Singapore. The stock price of Genting Singapore has fallen by nearly 12% year-to-date, to SGD 0.89.

With the return of visitors to RWS, Genting Singapore reported impressive performance in 2023, leading to significant growth in revenue and profit. In 2023, revenue increased by 40% year-on-year to SGD 2.4 billion, gross profit grew by 47% to SGD 882.8 million, net profit surged by 80% to SGD 611.6 million, and free cash flow decreased by 8.3% to SGD 568.3 million, with a final dividend of SGD 0.02 per share, consistent with the previous year. Including a mid-term dividend of SGD 0.015 per share, the total dividend for 2023 amounted to SGD 0.035 per share.

In mid-March, the Chinese Embassy in Singapore cautioned its citizens against participating in gambling activities, which could lead to a decline in gaming volume for Genting Singapore.

CapitaLand Investment Limited (SGX: 9CI)

Keppel Corporation Limited (CLI) is a global real estate management company. As of December 31, 2023, its assets under management reached SGD 1.34 trillion, with fund management assets close to SGD 1 trillion. Since the beginning of this year, CLI's stock price has dropped by nearly 13%, closing most recently at SGD 2.72 per share.

In 2023, the company's performance was slightly below expectations. Revenue decreased by 3.2% year-on-year to SGD 2.8 billion, core net profit declined by 6.7% year-on-year to SGD 568 million, with a final dividend of SGD 0.12 per share.

Over the next five years, CLI plans to increase its fund management assets to SGD 2 trillion, with several positive business developments recently reported. Firstly, CLI secured the European Central Bank as the main tenant in its Gallileo office building in Frankfurt, Germany. CLI also successfully issued its first sustainable development bond, raising CNY 1 billion from investors, with a three-year term and a fixed interest rate of 3.5% per annum.

City Developments Limited (SGX: C09)

City Developments Limited (CDL) is a global real estate company operating in 29 countries and territories with 163 locations, having developed over 50,000 residential units and owning approximately 23 million square feet of residential, commercial, and hotel properties worldwide. CDL's stock price has dropped by 10.6% year-to-date, closing at SGD 5.91 per share.

For 2023, the real estate giant reported robust performance as its revenue reached a historic high. Revenue increased by 50% year-on-year to SGD 4.9 billion, while net profit decreased by 75% to SGD 317.3 million due to a one-off gain recognized in 2022. Excluding this item and impairment losses, CDL's core net profit increased from SGD 47 million to SGD 188.6 million year-on-year.

The group currently has approximately 1,800 units in its residential launch pipeline in Singapore and completed acquisitions and investments worth SGD 2.4 billion last year. Recently, CDL, along with four other developers, submitted a bid for a mixed-use site in Jurong Lake District. Additionally, the group is undergoing asset enhancement initiatives at City Square Mall and redevelopment projects at joint venture projects United Square and New Marina Square.