Singapore stock preview: SGX, Keppel, Del Monte

• Singapore Exchange Ltd's share price opened higher on Monday (12 September)
• Keppel Corp Ltd's share price rose slightly for the session
• Del Monte Pacific Limited shares rallied 1.5% to kick start the week
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Singapore Exchange (SGX: S68)

Singapore Exchange (SGX) said increased risk management activity drove derivatives volume amid ongoing uncertainty in the month of August 2022.

Securities market turnover value gained on month-end rebalancing by institutions, the bourse operator added in its latest monthly performance update.

Derivatives traded volume across multiple asset classes rose 4% year-on-year (YoY) in August to 20.4 million contracts, while derivatives daily average volume (DDAV) climbed 2% YoY to 921,170 contracts.

Total foreign exchange (FX) futures traded volume increased 31% YoY to 2.6 million contracts, led by a 45% YoY jump in SGX USD/CNH futures to 1.2 million.

Keppel (SGX: BN4)

Keppel has provided an update on announcements made on 14 December 2021 and 13 June 2022, where it had informed that the Corrupt Practices Investigation Bureau (CPIB) in Singapore agreed to extend the three-year period to pay the CPIB the balance sum of US$53 million until 22 September 2022.

The company wishes to inform that the discussions with the specified Brazilian authorities remain ongoing, and that CPIB has agreed to a further extension to the period stated above for the payment of the balance sum (if any) to the CPIB, such that the period will expire on 22 March 2023, instead of 22 September 2022.

Keppel will make further announcements as and when there are material developments on the above matter.

Del Monte (SGX: D03)

Del Monte Pacific Group (Del Monte)’s sales decreased by 1% to US$456.6 million in the first quarter of 2023.

This came amid higher sales in the US and international markets led by the S&W brand were offset by lower sales in the Philippines, the group said.

During the quarter, US subsidiary Del Monte Foods (DMFI) redeemed its 11.875% Senior Secured Notes to secure a lower interest rate and incurred a one-off redemption cost of US$50 million.

Before this one-off cost, DMFI’s net profit rose 67% to US$8 million while group net profit increased by 7% to US$19.6 million. Net of this one-off cost, the group incurred a net loss of US$30.5 million.

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