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(A-HTrust, Boustead, Noble, SMRT)
Headliners | 01 February 2013
Related stocks:
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By: Louis Kent Lee
Articles (199) Profile

Ascendas Hospitality Trust Beats Earnings Forecast in 3Q13 Results
Ascendas Hospitality Trust’s (A-HTrust) 3Q13 results ended 31 Dec-12 beat its earnings forecast for a second consecutive quarter. It reported a distributable income of $12.5m (3.6% higher than forecast) on the back of $17.1m in net property income (4.1% higher than forecast). The stronger performance was despite a revenue of $51.4 million recorded for the period that was 2.5% lower than it had expected due to a weakening Australian economy and a softer Japanese yen against the Singapore dollar, although this was slightly offset by the completion of acquisition of the Ibis Beijing Sanyuan hotel in China six weeks ahead of schedule. Ibis Beijing Sanyuan also contributed $0.1 million to its net property income for the period. Meanwhile, A-HTrust notes that its asset enhancement initiatives programme for the Australia hotels remain on track and would focus on reaching new market segments and pursue cost-savings initiatives to improve operating margins.

Boustead Singapore Received Multi-Million Redevelopment Contract
Boustead Singapore’s subsidiary, Boustead Projects, has been awarded a multi-million dollar contract by HSBC Institutional Trust Services (S) as a trustee of AIMS AMP Capital Industrial REIT to design and build a new facility for a redevelopment of an industrial property in Singapore. The project will transform the site into a high value five-storey industry facility and the asset’s value is expected to rise to $42.6m, adding significant value to AIMS AMP Capital Industrial REIT’s portfolio. The redevelopment is expected to complete in calendar year 2Q14.

Trouble Lies Ahead For Noble In Argentina
Noble Group, Asia’s biggest listed commodity supplier, was suspended from Argentina’s Grains Register for an investigation into unpaid taxes, according to a local tax agency official. Noble, based in Hong Kong, was removed from the register because of an undisclosed amount of false invoices and potential use of third-party accounts. “We are in business as usual,” Noble Argentina unit President Alfonso Romero said in a telephone interview with Bloomberg from Buenos Aires. “We read about the suspension in the official gazette and we have no comments to make as we are buying grains and exporting grains as we do in any other business day.” Romero declined to say if Noble will appeal or if there are any additional implications for the company. Noble exports between 4 and 5 million metric tons of grain from Argentina annually, Romero said. The country’s total grain production was 90.9 million metric tons for the 2011/2012 season, according to the latest Agricultural Ministry report.

SMRT 3Q13 Earnings Falls 31.2% To $25.5m
SMRT Corp’s net profit for 3Q13 ended 31 December 2012, slumped 31.2% year-on-year to $25.5 million despite a 5% rise in revenue to $281.7 million. The rail operator, which also runs buses and taxis, blamed higher operating expenses and significantly higher bus losses for the drop in profit. The revenue increase was mainly due to higher train and bus ridership, contribution from the full operation of the Circle Line, and higher taxi and rental revenue. 3Q13 operating expenses rose 12.7% to $256.7 million on higher staff costs, depreciation and repair and maintenance costs. The biggest component, staff costs, rose 18.2% to $98.5 million with increased hiring for trains and buses, higher basic salaries for bus drivers, higher CPF contributions and salary adjustments. But there was some good news on the energy front. Energy costs remained stable – up 1.2% to $40.9 million – despite higher consumption with increased train runs and a larger bus fleet.

Louis is a qualified accountant with the ACCA, and is the Research Editor at Shares Investment magazine.

Please click here for more information about this author.

Ascendas Hospitality Trust  1.130 -- --   
Business: A stapled group comprising Ascendas Hospitality Real Estate Investment Trust and Ascendas Hospitality Business Trust.

Insight: May-19, FY19 revenue fell 6.3% to $190.5m while NP... Read More
Boustead Singapore  0.780 -- --   
Business: A global infrastructure-related engineering services & geo-spatial technology firm. [FY18 Turnover] Real estate solutions (48.8%), geo-spatial technology (28.2%), energy-related engineering (23%).

Insight: Feb-19, 9M19 revenue surged 25% as contributions i... Read More


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