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Headliners | 06 February 2009
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By: David Lee
Articles (57) Profile

LMIR Trust’s 4Q08 DPU Drops 79% Below Forecast

Lippo-Mapletree Indonesia Retail Trust (LMIR Trust) has announced a distributable income of $3.2m for 4Q08 ended 31 December 2008, 79% below its forecast of $15.5m. Distribution per unit (DPU) for the period thus fell short of its forecast of $0.0145 at $0.003. For FY08, distributable income was $59.5m, 14% lower than its forecast of $68.9m while DPU was $0.056 against its forecast of $0.0648.

The trust, which was listed in November 2007, said the decrease in distributable income for FY08 was due to the allowance for outstanding receivables of $7m and the writing off of an upfront arrangement fee of $2.8m for a $225m term loan facility that was expected to be syndicated by September this year.

Total post-tax loss for the quarter before distribution was $255.9m, against a forecast net profit of $14.6m. This was attributed to a deficit of $301.7m arising from a change in fair value of investment properties. A significant portion of this was due to the depreciation of the Indonesian Rupiah against the Singapore Dollar. At end 2008, the trust’s portfolio was valued at $829.9m. Gearing stood at 12.4%, with total borrowing of $125m. No debt is to be refinanced until March 2013.

OKP Lands $119m LTA Contract

Homegrown OKP Holdings, an infrastructure and civil engineering company, has bagged a second road-widening contract for the Central Expressway (CTE) worth about $119.3m. The latest design-and-build project will widen a stretch of about 2.7km of the CTE from the Pan Island Expressway (PIE) to the Braddell Interchange. Works include the widening of four bridges – Whampoa Flyover, CTE (SLE) to PIE (Changi) Slip Road Flyover, Braddell Flyover and the bridge over Kallang River.

Last year, the company had won a $16.86m deal to widen the stretch of the CTE between Ang Mo Kio Avenue 1 and Ang Mo Kio Avenue 3. The company also stands to benefit from the government’s plan to spend some $20b in construction projects and bring forward work deferred earlier.

For the nine months ended 30 September 2008, OKP recorded a net profit of $6.4m on a turnover of $74.2m. Looking ahead, the company said it will focus on civil engineering projects, growing its presence in the oil and gas sector and explore opportunities overseas.

Sembcorp Industries In Oman Project Funding Talks

Sembcorp Industries is discussing with several financial institutions funding for the US$1b-plus Salalah independent water and power project (IWPP) in Oman, for which it was recently named as the ‘preferred bidder’ by the Omani authorities.

The company is in talks with export credit agency China Export Import Bank for funding for the project. It is also said to be seeking other commercial banks to join the financing group in the face of a tough funding market.

Sembcorp, together with its partner, Oman Investment Corp (OIC), were named by Oman as the preferred bidder last month amongst three shortlisted groups for the project. If they manage to complete the project financing, the Salalah IWPP will be Sembcorp’s second such project in the Middle East after its earlier US$1.7b Fujairah IWPP in the United Arab Emirates.

Moody’s To Review Ratings For Singapore REITs

Moody’s Investor Service has said that it will review ratings for Singapore’s real estate investment trusts (REITs) after downgrading the nation’s second-biggest REIT- Ascendas REIT to ‘Baa1′ from ‘A3′. REITs with refinancing risks over the next 12 months and those with weak credit metrics that are likely to be under pressure under the prevailing weakened operating environment will be reviewed closely.

According to Moody’s, the downgrade on Ascendas REIT was based upon its ongoing refinancing risk, given that it has not fully addressed its reliance on uncommitted revolving credit facilities to support its long-term assets. In response, Ascendas replied through SGX that it has raised $407m from a share sale last month and is in talks with an unidentified bank for a new $250m, three-year committed credit facility and is seeking the extension of an existing $300m loan that will mature in March 2010.

OKP Hldgs  0.200 -- --   
Business: An infrastructure and civil engineering company. [FY18 Turnover] Construction (50.9%), maintenance (44.6%), rental income (4.5%).

Insight: May-19, 1Q19 revenue slid 16.8% due to decreased r... Read More
Sembcorp Industries  2.080 -0.02 -0.95%   
Business: Primarily engaged in the production and supply of utilities services. [FY18 Turnover] Utilities (55.9%), marine (41.8%), others/corp (2.2%), urban development (0.1%).

Insight: May-19, 1Q19 revenue fell 10.1% to $2.5b due to lo... Read More
Ascendas REIT  3.120 -0.01 -0.32%   
Business: Co invests in the real estate markets of Singapore and Australia.

Insight: Apr-19, FY19 gross revenue and NPI inched up 2.8% ... Read More
Lippo Malls Indonesia Retail Trust  0.235 -0.005 -2.08%   
Business: REIT that is engaged in invs in retail ppties in Indonesia.

Insight: Apr-19, 1Q19 gross rental income slid 7.1% due to ... Read More

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