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Daily Bulletin – 23/04/09
Daily Bulletin | 23 April 2009
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IMF Downgrades Prospects Of Global Growth
In another set of downgrades, the IMF, in a latest report, had projected a 1.3% drop in global economic output for 2009. This was down from a January estimate that forecasted 0% growth. In a separate development, Japan’s exports was seen to have decreased 45.6% in March on slumping demand worldwide. For the 12 months through March, Japan fell to a ¥725.3b trade deficit, the first time since 1980 that Japan had imported more than she exported.

SFC’s Appeal Successful In Blocking PCCW’s Privatisation Move
Hong Kong’s Court of Appeal overturned a previous decision that had ruled in favour of the buyout move. Objections from Hong Kong’s Securities and Futures Commission (SFC), which alleged that shareholder’s votes were manipulated to ensure that the privatisation move would go through, were upheld by the Court this time. The ruling was applauded by minority shareholders but PCCW was understandably disappointed as this is not the first time that Chairman, Richard Li, has attempted to take the telecom operator private.

KepLand’s 1Q09 Profit Down On Lower Revenue
Keppel Land’s (KepLand) profit was pulled down 39% as its core revenue generating property trading unit saw income decrease 56%. The result pulled first quarter revenue down by some 47%. Company said that the decrease was due to the completion of several trading projects in China, Vietnam and Singapore. Lower revenue was also recorded for several projects in India and China, in part, due to the economic slowdown. While the outlook for the property sector in Singapore remains weak, China’s market provided some optimism as take-up for the company’s township projects have been encouraging with the Rmb4 trillion stimulus plan appearing to have taken effect.

Surge In Pacific Shipping Trust’s 1Q09 Distribution Income
Full quarter contributions from four new vessels drove Pacific Shipping Trust’s (PST) distributable income to a 75% rise as gross revenue increased 72%. After deducting the 10% to be reinvested in the company’s development, distribution per unit came in at US$0.98, marginally higher than the US$0.97 achieved in 1Q08.

First REIT Displays Resilience
Singapore’s first healthcare reit, First REIT, announced a marginal 2.5% growth in 1Q09 distributable income. Distribution per unit came in at 1.88 cents per unit, an increase of 1.6%, as company retained its policy of 100% distribution payout. Company says it remains resilient and does not expect its performance to be significantly affected by the current economic conditions. It also said that refinancing has been secured via a $70 million loan facility, which was obtained from OCBC bank.

First REIT  1.070 -0.020 -1.83%   
Business: Co is a healthcare real estate investment trust. [FY18 Geographical] Indonesia (96%), Singapore (3.4%), Korea (0.6%).

Insight: Apr-19, 1Q19 gross revenue was slightly down by 0.... Read More
Pacific Century Regional Developments  0.335 -- --   
Business: Co provides business management and consultancy services.

Insight: May-18, 1Q18 revenue declined marginally by 2.4% t... Read More

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