Stocks to watch: IHH Healthcare, Keppel, Jardine Matheson, Cordlife

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (May 30).
IHH Healthcare : The integrated healthcare operator on Thursday posted a 33 per cent fall in net profit to RM514 million (S$156.3 million) for its first quarter ended Mar 31, from RM768 million the year before. The drop came mainly from a lower net monetary gain from the application of MFRS 129, and the recognition of a deferred tax credit in 2024 arising from the revaluation of certain assets in Turkey, the mainboard-listed group said. Shares of IHH Healthcare closed flat at S$2.09 on Thursday, before the results were announced.
Keppel : The company has appointed former DBS chief executive Piyush Gupta as deputy chairman and non-executive independent director of its board, effective Jul 1. Gupta will also be appointed a member of the nominating committee, remuneration committee and the board sustainability and safety committee in July. Shares of Keppel closed at S$6.85, up S$0.06 or 0.9 per cent on Thursday, before the announcement.
Jardine Matheson Holdings : The Hong Kong-based conglomerate on Thursday announced the appointment of Lincoln Pan as chief executive officer designate as group managing director John Witt retires from the company as at end-November. Pan, a partner and co-head of private equity at investment business PAG, will join to helm the group as CEO with effect from Dec 1. The counter ended on Thursday 2.2 per cent or S$1 higher at S$45.60.
Cordlife : The company has appointed Novus Corporate Finance as the independent financial adviser for a voluntary conditional cash partial offer it has received from a Thai company, said the private cord-blood bank on Thursday. Medeze Treasury, a wholly owned subsidiary of Thai-listed stem cell company Medeze Group, had offered to buy a 10 per cent stake in Cordlife, or about 25.6 million shares, at S$0.25 apiece. Shares of Cordlife closed flat at S$0.27 on Thursday.

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CNA

30 minutes ago

• CNA

Retro flip clocks, mahjong tiles, neon signs: Meet the last masters behind Hong Kong's dying trades

Hidden from the modern dynamism of the international financial hub, Hong Kong's older generation of skilled craftspeople continue to go about their daily lives – from hand-carving mahjong tiles to moulding and twisting neon lights. During the post-war boom and the rise of the manufacturing industries, textiles, garments, plastics and electronics, and traditional crafts requiring specialised labour and skills drove the economy. In recent years, China's mass production has taken over. With the advent of technology and dwindling number of apprentices interested in doing it the old school way, many traditional handmade crafts are in danger of dying out. To preserve and celebrate Hong Kong's heritage and cultural identity, Lindsay Varty documented the traditional tradesmen and women and their stories in a coffee table book: Sunset Survivors, Meet The People Keeping Hong Kong's Traditional Industries Alive. Here are five industries you can support and buy souvenirs from on your next trip to Hong Kong: 1. HAND-CARVED MAHJONG TILES In 2014, mahjong tile making was added to Hong Kong's Intangible Cultural Heritage list of crafts, practises, and customs that the city should safeguard before it disappears. There are only about five master carvers of mahjong tiles left in Hong Kong, who apply traditional pigment powders and mix them for more vibrant colours than those done by machines. Every tile is dusted off and inspected by the master after carving and then hand-painted. Madame Ho Sau Mei at Kam Fat Mahjong in Hung Hom is Hong Kong's last female mahjong tile carver. She learned the trade from her dad when she was 13 and eventually took over the business as neither her brothers nor her children were interested in carrying on the legacy. Ho, in her 60s, carves each tile freehand without a draft; she leaves the tiles on a 100-watt lightbox so that the heat softens the surface, making it easier to begin carving. Machine-made tiles cost 10 times less than the hand-carved sets (S$600). View this post on Instagram A post shared by Humid with a Chance of Fishballs Tours 🍡 | Hong Kong Food Tours (@ilikefishballs) On Jordan Road, Cheung Shun-king (Uncle King) of Biu Kee Mahjong has been carving mahjong tiles for over 50 years. Like Ho, he had taken over his father's shop and began learning the trade as a teenager, "at that time, it was the master carvers that did the carving, and I started by preparing the paint, painting and delivering orders." View this post on Instagram A post shared by Biu Kee Mahjong (@biukee_mahjong) Both King and Ho are less productive than in their younger days and hope to continue carving sets of mahjong tiles for as long as they can. 2. TWEMCO CLOCKS These award-winning made-in-Hong Kong retro flip clocks have featured in many Wong Kar-wai films and maintain their cinematic retro design charm. And they seem to be making a comeback with the new generation. Lau Cho Hung founded Twemco in 1960; his company manufactured electric fans and diversified into clocks in 1968. They've since sold over a million. Both his sons studied electrical and mechanical engineering; they developed and patented the mechanism for the automatic flip calendar in 1969. As Wong Kar-wai's films frequently deal with themes of time and distance, cinematography often featuring Twemco clocks. View this post on Instagram A post shared by Sam is Home | Hong Kong (@samishome) The retro clocks are reminiscent of the 1970s, often found in banks and government buildings; the switching display panels continue to function the same as before and make a snapping sound when they "flip." Prices range from S$120 for the smallest ones to S$960 for the large ones. Although Chinese superstitions forbid one to gift clocks – the homonym "zhong" symbolises sending someone on their final journey (death), you can still pick up a souvenir or two for your home. Where: Cheung Fat Industrial Building. Tai Kok Tsui, 64-76 Larch St, 2/F Unit 2-5 Cheung Fat Industrial Building. 3. NEON SIGNS Part of Hong Kong's urban fabric since the 1950s, neon signs are quickly disappearing due to building regulations and the government's safety crackdown on old neon signs. In 2023, Anastasia Tsang's award-winning film A Light That Never Goes Out was a love letter to capture the vanishing neon signs in Hong Kong. There are about a dozen neon sign masters left in Hong Kong who are still honing their craft. In the 1980s, 17-year-old Wu Chi Kai started as an apprentice with his father, a neon sign installation master. Throughout his career, he created iconic neon signs, including the triangular neon sign for the Bank of China Tower, a recognisable part of city skyline. View this post on Instagram A post shared by Tom Williams (@ Neon signs have also been immortalised in classic Hong Kong films like The World Of Suzie Wong and Chungking Express, but today, cheaper and longer lasting LED lights have taken over. Neon lights last about a decade and lose their luminosity over time. In the 1980s boom, all businesses needed signages, from shops and restaurants to banks. There used to be about 40 masters making neon signs in the 1980s, but Master Wu reckons there are only about eight left. View this post on Instagram A post shared by wu chi kai (@c_kai_wu) Master Wu now has more creative freedom. He works on interiors and home decoration, collaborating with young artists and designers. The meticulous craft requires high heat to torch and bend glass tubings into desired shapes and designs, and then neon or argon gas is pumped in to give it its bright hues. His workshop isn't open to the public but he continues to give talks. All is not lost, as the younger generation is working to preserve this visual culture. Hong Kong native Jive Lau, a multimedia designer who trained with a Taiwanese neon master for several years, offers workshops at @kowloneon. 'Demand (for neon) has dropped and we are trying to keep the craft and its techniques alive by taking commissions, collaborating with organisations and brands. LED cannot replicate the effects of neon.' From Jun 29 to Jul 7, PMQ courtyard is showcasing Neon Heroes: Illuminated Dreams by artist Jerry Loo, who's collaborated with his grandfather, Wong Kin-wah. The latter is one of Hong Kong's remaining senior neon craftsmen, who has contributed to thousands of neon signs across Hong Kong. 'It truly warms my heart to see young people bringing such fresh creativity to neon," said Master Wong, 83. "I've personally started collaborating with various young artists, and while mastering the traditional craftsmanship – especially the precise bending for Chinese characters – takes dedication, I wholeheartedly embrace their new vision." View this post on Instagram A post shared by Tom Williams (@ Hong Kong NGO Tetra Neon Exchange works tirelessly to preserve Hong Kong's visual culture, and M+ museum launched a digital initiative on neon signs in 2021, preserving those that have appeared on Hollywood cyberpunk movie sets like Bladerunner and Ghost In The Shell. Veteran Master Wu's workshop isn't open to the public, but he continues to give workshops and talks while restoring old signs and creating new ones. 4. PORCELAIN Established in 1928, Yuet Tung China Works is the oldest hand-painted porcelain factory in Hong Kong and the first large-scale hand-painted porcelain factory in Hong Kong. Third-generation proprietor Joseph Tso carries on his grandfather's legacy; it is the only porcelain factory that maintains its production, which is fired in its kiln. There are only a handful of master craftsmen who hand-paint patterns on white porcelain for tableware; Tso and his team continue the traditional method of painting Canton porcelain or "guangcai'. The Intangible Cultural Heritage Office describes this as "an overglaze decoration technique where patterns are drawn then painted on white porcelain before firing at a low temperature." The process is labour-intensive and requires meticulous skills. Canton porcelain blends traditional Chinese methods with Western motifs and styles. When Hong Kong was a British colony, there were many custom orders for Western family crests, company logos and such on tableware. View this post on Instagram A post shared by 粵東磁廠 Yuet Tung China Works (@yuettungchinaworks_official) Yuet Tung China's works became known for its Canton rose porcelain – a paint pigment called "xihong" or Western red. Since the 1970s, patterns have been carefully transferred and stamped onto plain white porcelain by hand instead of hand sketching each design. The porcelain is fired in the kiln, and the designs are hand-painted with a thin brush. The porcelain returns to the kiln for the colours to set with the finishing touches. 5. SOYA SAUCE Soya sauce is a staple in Hong Kong households' cooking, and only a handful of masters still make it the traditional way. Most traditional sauce makers are family-owned, and closure seems inevitable when the younger generation has no interest in taking over. View this post on Instagram A post shared by Cha Guo 茶粿 (@chaguofilm) Yuet Wo soya sauce factory in Kwu Tung village, Sheung Shui, New Territories, has been here since the 1960s and faces the threat of urban development. Currently run by its third-generation Jack Pong, he explains that the traditional way of making soya sauce takes three to six months, requiring time to sun-dry the soya beans and the natural fermentation process. Yuet Wo also makes Chinese rice wine on-site and is one of the only two rice wine makers remaining. Pong has diversified the business by making vinegar from rice wines and introducing fruit wines like lemon and plum. He is determined to keep soy sauce production on home soil and is one of the few remaining brands of soya sauce made in Hong Kong. The Kowloon Soy Company in Central Graham Street is where I always stop by for souvenirs for friends. Since the 1960s, third-generation owner Kenneth Wong says that their shop remains the only one on the street – a throwback to the old days when traditional pickle and soya sauce shops were all over Hong Kong. Wong's factory is in Tin Shui Wai, in the New Territories, where soya beans are fermented in large earthenware jars under the sun for three and a half months. The factory founded in 1917 by Wong's grandfather still bears the original name "Mee Chun Canning Co Ltd", which had to change during the Japanese occupation. View this post on Instagram A post shared by まゆ (@mayuyudayo) The other arm of the business is canning, which has been hugely profitable for exports. To sustain the business's profitability, Wong has had to outsource part of the labour process to Dongguan for both canning and kickstarting the soya bean fermentation process in a temperature-controlled room, which they are unable to do in Hong Kong as they rely on natural airflow and ideal temperatures.

Straits Times

12 hours ago

• Straits Times

Japanese restaurants, food companies switching to noodles from rice

Rice prices have doubled from 2024 and remain around a spike initially triggered by a poor harvest. PHOTO: AFP As cost-sensitive consumers are steering clear of rice after a price surge to record highs, restaurant chains and food companies are turning to noodles. Antworks Co, operator of Densetsu no Sutadonya eateries offering pork rice bowls, opened its first ramen noodle restaurant in Tokyo in May and plans another three by next February to diversify its operations. 'We have touted our (pork bowl) business as a large portion of our business portfolio, but rice prices are now more than three times higher than those several years ago,' a spokesperson at the Tokyo-based restaurant chain operator said. A pork rice bowl set meal with miso soup and raw egg is now priced at 890 yen (S$7.80), compared with 630 yen in 2021. The spokesperson said consumers would likely stay away if the price were raised to over 1,000 yen. 'The outlook for our business would be more severe if we were just focusing on (pork) bowls,' the official said, adding that the cost of a ramen noodle dish is 100 yen to 150 yen cheaper than a pork bowl. Yoshinoya Holdings Co, the parent of major beef bowl restaurant operator Yoshinoya Co, is also strengthening its ramen noodle business, as it views the beef bowl restaurant market in Japan as saturated. Yoshinoya Holdings Executive vice-president Norihiro Ozawa says its ramen noodle business allows the company to 'balance' ingredient costs with offerings aside from rice and meat. According to the Ministry of Agriculture, Forestry and Fisheries, rice prices have doubled from 2024 and remain around a spike initially triggered by a poor harvest. The average price stood at 4,176 yen per 5kg in the week through June 8, despite releases from the government's rice stockpiles. At supermarkets, consumers are looking for alternatives to rice. According to TableMark Co, sales of its frozen udon noodles grew around 10 per cent in value terms in April and May from 2024, while sales of Kikkoman Corp's packaged udon noodle soup and ingredients rose 10 per cent in the three months through May from the same period in 2024. Meiji Holdings C. said sales of its mainstay Meiji Bulgaria Yogurt products have maintained around 10 per cent growth each month since April 2024. KYODO NEWS Join ST's Telegram channel and get the latest breaking news delivered to you.

AsiaOne

19 hours ago

• AsiaOne

Thailand's economy teeters as political turmoil threatens recovery efforts, Asia News

BANGKOK - Thailand's economy is already on the ropes. Consumption has remained tepid despite a government stimulus programme, few of its economic engines are firing, and uncertainty wrought by US President Donald Trump's reciprocal tariffs means that the Thai economy could grow just over 1 per cent this year. Now, Southeast Asia's second-largest economy faces a fresh challenge: a new round of political chaos that can bring down Prime Minister Paetongtarn Shinawatra or her ruling Pheu Thai party. "We are currently in a period of economic downturn, with many issues affecting us," Visit Limlurcha, vice chairman of the Thai Chamber of Commerce, told Reuters. "This could make things even more complicated." The most significant short-term concern is the passage of a 3.78 trillion baht (S$148 billion)budget for the 2026 fiscal year, which starts on Oct 1, that must pass through parliament over the next few months. That process could get stalled if Paetongtarn, who is under siege for her handling of a festering border row with neighbouring Cambodia, dissolves parliament and triggers fresh elections. "If parliament is dissolved before the budget is passed, the process will be delayed significantly," said Prakit Siriwattanaket, managing director of Merchant Partners Asset Management. Finance Minister Pichai Chunhavajira told reporters on Friday that he was optimistic the budget would be approved by parliament by October. "I'm confident that those who are in charge of this matter know that the budget is very important for Thailand," he said. Thailand's economy has lagged regional peers as it struggles under high household debt and borrowing costs, and sluggish demand from China, which is also a key tourism market. It expanded 2.5 per cent last year, and growth could be further halved this year due to US tariffs, Pichai said last month. Thailand's stock market has been the worst performing bourse in Asia so far this year, down 23.4 per cent. Industrial sentiment also hit its lowest in eight months in May, even as consumer confidence dropped to a 27-month low. There is a clear need to press ahead with government spending, which has dropped by over 38 per cent annually during April-May 2025, OCBC economists Lavanya Venkateswaran and Jonathan Ng said in a report on Thursday, warning of a "double whammy" for the economy if both government expenditure and exports weaken. Protests and tariffs Amid the ongoing tumult, Paetongtarn may be able to hang on to her premiership and a coalition led by her Pheu Thai party could retain its majority, albeit in a weaker position compared to its previous grip on the parliament. [[nid:718615]] Such an arrangement will prolong political instability and raise the spectre of street protests, which have been part of previous crises and could hit one of Thailand's key remaining economic engines: tourism. "I'm worried. I don't want the situation to cause people to take to the streets," Thienprasit Chaiyapatranun, President of Thai Hotels Association, which represents around 1,000 hospitality establishments, told Reuters. "If they take to the streets, it will hit tourism." Activists - including those who have in the past agitated against Paetongtarn's father, the divisive former premier Thaksin Shinawatra - met on Friday to plan a major protest next week, and demanded the prime minister's resignation. A government lacking full authority may also struggle in ongoing trade negotiations with the United States, which has threatened to impose a 36 per cent tariff rate on imports from Thailand, said Natapon Khamthakrue, an analyst at Yuanta Securities. "The United States certainly would not want to talk to a government without full power or with few votes," he said. Trade negotiations with Washington will not be concluded in a short period, Finance Minister Pichai said. "Negotiations are never simple for any country, and countries that have begun talks still haven't reached a conclusion," he told reporters. Some business chambers and analysts are, nonetheless, holding out hope that a political resolution can be found quickly, minimising damage to the Thai economy, which has been rattled by multiple coups in the last eight decades, including two against governments led by the Shinawatra family. "Although the economy is no stranger to political uncertainty," OCBC's economists said, "the timing could not be more inconvenient considering external headwinds."