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Headliners (SPH, JB Foods, CapitaMall, K-REIT A)
Headliners | 21 July 2012
Related stocks:
T39
By: Ong Qiuying
Articles (131) Profile

SPH Reports 13.1% Fall In 3Q12 Earnings
Singapore Press Holdings (SPH) saw a 13.1% fall in its third quarter earnings to $99.8m resulted from a sharp drop in net investment income amid the financial market volatility, where investment income declined 59.9% y-o-y. Overall, its 3Q12 operating revenue locked a marginal 0.9% increase to $331.8m led by a 12.8% growth from its property segment, which more than offsets a 0.6% dip in newspaper and magazine revenue to $261.4m. SPH’s rental income from Clementi Mall was up 58.6% at $9.5m compared with the same period a year ago, when the mall was not fully operational. Higher rental rates resulted in its Paragon property recording a $1.9m or 5.3% rise in revenue. For the 9 months, SPH’s net profit was down 3.8% at $281.4m but recurring earnings were 6.1% up at $323.9m. While SPH has adopted a more conservative portfolio asset allocation and returns will commensurate with the lower risk profile, FY12 results is expected to be satisfactory.

JB Foods Launches IPO On SGX Mainboard
JB Foods has launched an initial public offering of 100m shares comprising 84m new shares and 16m vendor shares at $0.30 each on the Singapore Exchange (SGX) mainboard. JB Foods has a production capacity of 60,000 tonnes of cocoa bean equivalent per year and in FY10 a market share of 13.3% in Malaysia based on revenue. From its listing proceeds of about $23m, it intends to use $8.3m to repay bank borrowings and $14.6m for general working capital to fund acquisitions and/or strategic alliances when the opportunities arise. It also intends to expand its production capacity and facilities to some 85,000 tonnes of cocoa bean equivalent per year from FY13, as well as enhance its product development capabilities by setting up a production development, process development and product applications laboratory by 2014. The company’s expansion plans are panned out in stages, allowing for production flexibility as it progressively and simultaneously assess the level of demand required to support its capacity expansion.

CapitaMall Trust Delivers Stable Growth In 2Q12
CapitaMall Trust (CMT) had achieved respectable growth of 5.5% in its 2Q12’s distributable income. CMT achieved distributable income of $79.6m in 2Q12 compared with $75.5m in 2Q11. Distribution per unit (DPU) for 2Q12 will be $0.0238 which is 0.8% higher than 2Q11’s $0.0236. Combined with 1Q12’s distribution of $0.023, total DPU for 1H12 would be $0.0468, translating into an annualised distribution yield of 4.9% based on CMT’s closing price of $1.945 on 17 Jul-12. CMT’s gross revenue grew 3.7% y-o-y while net property income (NPI) increased 5.2% over 2Q11. In 1H12, CMT managed to renew 251 leases with positive average rental reversions of 6.4% over preceding rental rates. CMT’s portfolio registered almost full occupancy of 98.6% as at 30 Jun-12. James Koh Cher Siang, chairman of CMT’s manager opined that despite global economic concerns, Singapore’s low unemployment rate and Singapore’s projected tourism arrivals will help to support the republic’s retail spending.

K-REIT Asia’s 1H12 Distributable Income Grows 94.6%
K-REIT Asia’s distributable income for the second quarter this year rose almost 90% y-o-y to $49.8m, on the back of 118.6% jump in NPI and stronger contributions from Marina Bay Financial Centre Phase 1 and One Raffles Quay. The strong NPI growth was due mainly to the acquisition of Ocean Financial Centre back in December 2011 as well as higher takings from assets such as Prudential Tower, 275 George Street and 77 King Street. For the cumulative period, K-REIT Asia’s NPI was up 104.4% to $59.8m from $29.2m last year while distributable income rose 94.6% to $98.4m. Consequently, its DPU for the half year rose 92% to $0.0384, which translates into an annualised distribution yield of 7.3% as at closing price of 29 Jun-12. Going forward, K-REIT Asia will pay its distribution income every quarter commencing from the financial period ending 30 Sep.

Qiuying oversees the construction and real estate investment trusts sectors at Shares Investment.

Please click here for more information about this author.

Singapore Press Hldgs  2.150 +0.02 +0.94%   
Business: Co is S'pore's main newspaper & magazines publisher that also has investment in properties. [FY18 Turnover] Media (66.7%), property (24.7%), others (8.6%).

Insight: Apr-19, 1H19 operating revenue fell 3% to $477.6m ... Read More
CapitaLand Mall Trust  2.640 +0.01 +0.38%   
Business: Co owns and invests in quality income-producing assets which are used, or predominantly used, for retail purposes primarily in Singapore.

Insight: Apr-19, 1Q19 gross revenue and NPI rose 10% and 11... Read More
Keppel REIT  1.240 -0.010 -0.80%   
Business: Real Estate Invs Trust. Invs in a portfolio of quality real estate and real estate related assets.

Insight: Jul-19, 1H19 property income declined 12.5% mainly... Read More


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