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Stocks In Focus SG (Keppel Corp, SGX, ST Engg) – 23/10/14
Daily Bulletin | 23 October 2014
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Ascott Residence Trust proposed the acquisition of three serviced residence properties with an aggregate of 312 apartment units located in Greater Sydney, Australia for A$83 million in cash (A$1.8 million below their valuations). The proposed acquisition will allow the trust to further expand its operations into the Australian market and expand its DPU to $0.0846 from $0.084 per annum on a pro forma basis based on FY13 DPU.

Cambridge Industrial Trust’s NPI edged up 1.8 percent to $19.7 million for the third quarter ended 30 September, attributable to additional revenue contribution from property acquisitions and AEI. As a result, distributable amount to unitholders went up 2.5 percent to $15.8 million. For the nine months, NPI declined 5.2 percent to $58.3 million, while distributable amount increased 2.9 percent to $47.1 million. The trust has declared a DPU of $0.0125 for the quarter.

Keppel Corporation posted an 8.1 percent advance in revenue to $3.2 billion for the third quarter ended 30 September 2014, attributable to higher revenue recognition from ongoing projects in the group’s offshore and marine division. However, an 18.1 percent expansion in materials and subcontract costs, dragged net profit down by 9.5 percent to $414.2 million. For the nine-month period, revenue increased 6.6 percent to $9.4 billion, while net profit remained flat at $1.2 billion.

Mapletree Industrial Trust registered a 4.1 percent growth in NPI to $56.2 million for the second quarter ended 30 September, as a result of higher rental rates secured for leases across all property segments as well as revenue contribution from completed development projects. Consequently, distributable amount to unitholders soared 10.4 percent to $45.4 million. For the six-month period, NPI was up six percent to $112.9 million, while distributable amount to unitholders moved up 8.4 percent to $88.2 million. The trust declared a DPU of $0.026 for the quarter.

Singapore Exchange’s operating revenue declined 8.3 percent to $168.9 million for the first quarter ended 30 September 2014, mainly as a result of reduced contribution from the securities and depository business. Further hampered by a 5.9 percent gain in operating expenses in tandem with higher technology related expenses, net profit dropped in excess of 15 percent to $77.6 million. Subsequently, the company has declared an interim dividend per share of $0.04.

Singapore Medical Group proposed the subscription of 196,000 shares or 49 percent stake in MindChamps Medical (MCM) for $0.1 million in cash. Currently dormant, MCM is seeking to engage in the business of operating and become a franchisor of private general practitioner healthcare providers under the brand name of MindChamps Medical.

Singapore Technologies Engineering bagged several contracts that are worth a total of $450 million. These new orders which were secured by the company’s aerospace arm involve airframe, component and engine maintenance, freighter conversion, cabin modification, engine wash and pilot training.

Soilbuild Business Space REIT’s NPI rose 5.4 percent to $14.2 million (compared to pro-forma) for the third quarter ended 30 September, underpinned by higher rental revenue across six of its properties. As a result, distributable amount to unitholders gained 6.4 percent to $12.5 million. For the nine-month period, NPI increased 8.5 percent to $42.4 million, while distributable amount to unitholders advanced 8.9 percent to $37.3 million. The trust has declared a DPU of $0.01546 for the quarter.

Suntec Real Estate Investment Trust’s (REIT) net property income (NPI) rose 21.1 percent to $48.8 million for the third quarter ended 30 September, in light of the re-opening of Suntec City Mall (after the completion of asset enhancement initiatives (AEI)). Despite incurring $16.9 million in trust expenses related to a strategic advisor performance fee that was payable to a related company of the trust’s manager, distributable amount to unitholders was up 12.4 percent to $58.3 million. Subsequently, the trust declared distribution per unit (DPU) of $0.0238 for the quarter.

Viva Industrial Trust registered a NPI which was 0.7 percent below its forecast, at $9.6 million for the third quarter ended 30 September, in tandem with loss of rental income from a major tenant at Technopark@Chai Chee as well as higher property expenses incurred. Subsequently, distributable amount to unitholders came in 2.5 percent below its consensus at $10.1 million. For the nine-month period, NPI and distributable amount to unitholders were 6.4 percent higher ($29.7 million) and 0.5 percent ($30.6 million) lower than forecast. The trust has declared a DPU of $0.01687 for the quarter.

Keppel Corp  6.670 +0.02 +0.30%   
Business: [FY16 Turnover] Offshore & marine (O&M) (42.2%), ppt(30%), infrastruc (25.8%), invs (2%).

Insight: Apr-18, 1Q18 revenue rose 17.8% due to higher cont... Read More
Singapore Technologies Engineering  3.390 +0.02 +0.59%   
Business: An integrated engineering group providing solutions & services across many sectors. [FY17 Turnover] Aerospace (38.3%), electronics (31.9%), land systems (18.8%), marine (9.6%), others (1.5%).

Insight: May-18, 1Q18 revenue rose 9% to $1.6b, driving gro... Read More
Singapore Exchange  7.470 +0.03 +0.40%   
Business: [FY17 Turnover] Equities & fixed income (50.5%), derivatives (37.8%), mkt data & connectivity (11.7%).

Insight: Apr-18, 9M18 total operating revenue widen by 6.5%... Read More
Ascott Residence Trust  1.100 -0.020 -1.79%   
Business: REIT invests in income-producing real estate assets which are used or predominantly used, as serviced residences, rental housing properties and other hospitality assets.

Insight: Apr-18, 1Q18 revenue grew 1% while gross profit we... Read More
ESR-REIT  0.520 -- --   
Business: REIT established with the objective of investing in real estate assets used mainly for industrial purposes.

Insight: Apr-18, 1Q18 gross revenue and net property income... Read More
Mapletree Industrial Trust  2.000 +0.02 +1.01%   
Business: A REIT that invest in industrial ppties in S'pore.

Insight: Apr-18, FY18 revenue rose 6.7% mainly due to reven... Read More
Singapore Medical Group  0.450 +0.005 +1.12%   
Business: Co is a private specialist healthcare provider in Singapore. [FY17 Turnover] Health (74.2%), aesthetics (25.1%), others (0.7%).

Insight: May-18, 1Q18 revenue jumped 37% to $19.2m mainly l... Read More
Soilbuild Business Space REIT  0.640 -0.020 -3.03%   
Business: S'pore real estate investment trust with a focus on biz space ppties.

Insight: Jan-18, FY17 DPU fell by 6.2% to $0.05712 despite ... Read More
Suntec REIT  1.850 +0.040 +2.21%   
Business: Real Estate Invs Trust. Ppties incl Suntec Office Towers, Suntec City Mall & Park Mall. [FY17 Turnover] Office (49.6%), Retail (33.6%), Others (Ad space, carpark income , convention & exhibits) (16.8%).

Insight: Jan-18, FY17 gross revenue rose by 7.8% to $354.2m... Read More
Viva Industrial Trust  0.895 -- --   
Business: Comprises of Viva Industrial REIT and Viva Industrial Biz Trust with a biz park focused portfolio in S'pore.

Insight: May-18, 1Q18 gross revenue increased 4.8% to $28.7... Read More


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