Ping An Insurance Group Co, China's largest insurer by market value, is gearing up for an initial public offering of its OneConnect unit that could value the financial management portal at about US$8 billion, according to people familiar with the matter.

Procurri Corporation, an enterprise hardware supplier, reversed into the black for its fourth quarter net profit on stronger gross profit margins, it said on Monday. Net profit for the three months ended Dec 31, 2018 stood at S$1.67 million, reversing from a net loss of S$1.26 million posted the same period a year ago. Revenue rose 7 per cent from a year ago to S$52.07 million

PropNex reported a near 58 per cent year-on-year drop in Q4 FY2018 net profit to S$1.83 million as sales were hurt by the cooling measures implemented in July last year. Revenue was around 16 per cent lower at S$83 million as revenue recognition for the number of units transacted in Q3 FY2018 - which slumped on the back of the cooling measures - took place in Q4 FY2018. Earnings per share for the quarter under review worked out to 0.49 Singapore cent per share, down from 1.41 Singapore cents a year ago.

Sheng Siong Group posted on Monday a 4.2 per cent increase in its fourth-quarter net profit on stronger gross profit. Net profit for the three months ended Dec 31, 2018 stood at S$17.53 million, compared with a net profit of S$16.82 million posted the same period a year ago. The results translate to earnings per share of 1.17 Singapore cents, against earnings per share of 1.12 Singapore cents. Revenue was up 10.7 per cent to S$221.8 million, while gross profit rose 9.2 per cent to S$60.19 million.

ST Engineering on Monday said that its aerospace unit has signed a US$600 million contract to provide aircraft heavy maintenance services to a major North American operator. ST Engineering will support the operator, an existing customer, on a fleet of over 160 wide-body and narrow-body aircraft starting in 2020 for a period of 10 years.

Source: Phillip Capital Research - 26 Feb 2019