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Stocks In Focus SG (CitySpring, GLP, OUE Hospitality Trust) – 04/11/14
Daily Bulletin | 04 November 2014
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CitySpring Infrastructure Trust’s revenue slipped 2 percent to $127.1 million for the second quarter ended 30 September, mainly as a result of lower contributions from SingSpring and Basslink. While total expenses fell 2.4 percent led by an 18.3 percent reduction in other operating expenses, losses expanded to $1.6 million. For the six months, revenue edged up 1.5 percent to $260.5 million while the trust returned to the black to recognise profit of $0.9 million. A distribution per unit of $0.0082 was declared for the quarter.

Forterra Trust received a conditional cash offer of $1.85 per unit from New Precise Holdings, a subsidiary of Nan Fung International Holdings to acquire 177.9 million units in the trust. This was upon New Precise’s move of exercising its unit options at $0.35 per unit to acquire 3.1 million units in Forterra Trust, resulting in New Precise to own 30.8 percent of the total issued units in Forterra Trust.

Global Investments’ revenue declined 28.7 percent to $3.9 million for the third quarter ended 30 September, as a result of fair value losses from financial assets and the absence of foreign exchange gains. In addition, the company recognised a foreign exchange loss of $4.8 million, causing profit to shrink 88.1 percent to $0.8 million. For the nine months, revenue dropped 35.8 percent to $18.3 million and earnings spiked down 31.6 percent to $17.6 million. The company has provided a dividend guidance for 2H14 at $0.0075 per share.

Global Logistic Properties’ revenue surged 31.6 percent to US$192.9 million for the third quarter ended 30 September, mainly led by contribution from its Brazil portfolio that was acquired in June as well as completion and stabilisation of development projects in China with increasing rentals. However, non-operating costs of US$53.3 million incurred by the company dragged net profit down by 38.3 percent to US$89.5 million. For the six months, revenue grew 24.9 percent to US$362.2 million while net profit was down 22.9 percent to US$268.9 million.

Koon Holdings has entered into a 20:80 joint venture (JV) with Penta-Ocean Construction Company to partake in a land preparation work for the expansion of Changi Airport which was secured via a contract that is worth $1.1 billion. Under the JV company, Penta-Ocean/Koon Joint Venture, will carry out works in phases to allow the construction of new facilities including the extension of Runway 3 and Terminal 5 at Changi Airport.

OUE Hospitality Trust’s revenue was up 31.8 percent to $28.5 million for the third quarter ended 30 September, mainly as a result of higher revenue generated from Mandarin Orchard Singapore. Consequently, net income accelerated 81.1 percent to $19.1 million. For the same quarter, the trust has declared distribution per unit of $0.0164.

Keppel Infrastructure Trust  0.510 -- --   
Business: Co is the largest Singapore infrastructure-focused business trust, with a diversified portfolio of core infrastructure assets, spanning waste management, water and wastewater infrastructure, power generation, telecoms infrastructure.

Insight: Jul-19, 1H19 revenue jumped to $736.5m driven by t... Read More
Global Investments  -- -- --   
Business: An open ended balanced mutual fund. [FY18 Asset Class] Bank contingent convertibles (35.8%), bonds (31.7%), listed equities (14.7%), cash & others (11.9%), loan portfolio & securitisation assets (5.9%).

Insight: May-19, 1Q19 reported total income of $14m instead... Read More
Koon Hldgs  -- -- --   
Business: [FY18 Turnover] Construction (70.6%), precast (25.5%), electric power generation (3.9%).

Insight: Feb-19, FY18 revenue slid 27% due to lower revenue... Read More
OUE Hospitality Trust  0.725 -- --   
Business: A stapled group comprising OUE H-REIT & OUE H-Biz Trust with a portfolio primarily focused in the hospitality &/or hospitality-related purposes.

Insight: May-19, 1Q19 revenue slid 3% due to lower revenue ... Read More


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