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Stocks in Focus SG (Fortune REIT, Mapletree Com Tr, SGX) – 22/01/15
Daily Bulletin | 22 January 2015
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For the full year ended 31 December 2014, Fortune REIT saw a rise in revenue by 25.7 percent to HK$1.7 billion. This is the strongest growth since FY06, on the back of solid occupancy rates, record-breaking rental reversion across the portfolio and full year income stream from Fortune Kingswood. Net property income margin fell 0.4 percentage point from 70.5 percent in FY13 to 70.1 percent. Distributable income rose 21.5 percent to HK$780.8 million. A final distribution per unit of HK$0.208 was declared, bringing full year DPU to HK$0.4168, an increase by 15.8 percent from the previous year.

Fragrance Group’s subsidiary Fragrance TAS-Hobart has on Wednesday acquired a property at 171 Macquarie Street, Tasmania for AUD1.5 million ($1.6 million). The property is adjacent to 173-177 Macquarie Street, which is already owned by Fragrance TAS-Hobart. The property has a freehold tenure, with a land size of 525 square metres and is currently classified in the “central commercial and administrative” zone.

Frasers Centrepoint announced on behalf of Sinomax International, its indirect wholly owned subsidiary, that an agreement to sell its entire stake in Beijing Sin Hua Yan Real Estate Development Co to Beijing Haina Junan Investment Co for Rmb357.4 million ($76.6 million) in cash. The divestment is in line with the group’s plan to streamline and divest its non-core business, and to focus on the main activities of the group.

ISDN Holdings has agreed to acquire a 49 percent stake in PT Izmi Power Mandiri for IDR3.9 billion ($0.4 million) in cash, through subsidiary Aenergy Holdings Company. PT Izmi has recently secured a power purchase agreement to build, own and operate an eight megawatt mini-hydroelectric power plant in Northern Sumatra. The facility is expected to generate 52 gigawatt hours of electricity annually, producing an estimated annual revenue of US$3.4 million. Together with PT Izmi, Aenergy Holdings has amassed a portfolio of mini-hydropower plants in Sumatra and Sulawesi with a combined installed capacity of 60.6 megawatts.

For the fourth quarter ended 31 December 2014, Keppel Land saw a 39.5 percent rise in revenue to $705.4 million as a result of higher revenues from the property trading and fund management segments. Gross profit margin sank 2.6 percentage points from 25.6 percent in 4Q13 to 23 percent. Net profit fell 21.6 percent to $444.5 million as a result of lower fair value gain on investment properties. A dividend per share of $0.14 was declared, a 7.7 percent increase from the previous year.

For the third quarter ended 31 December 2014, Mapletree Commercial Trust saw a 6.5 percent rise in revenue to $72.9 million due to a higher rental income from VivoCity and PSA Building. Net property income margin rose 2.9 percentage points from 72.2 percent in 3Q14 to 75.1 percent, given lower utilities expense, lower tariff rates as well as savings in the costs of organizing marketing and promotional events at the retail malls. Distributable income rose 13 percent to $43.8 million. A distribution per unit of $0.0208 was declared, an increase of 11.5 percent from the previous year.

For the fourth quarter ended 31 December 2014, Sabana Shari’ah Compliant REIT saw a rise in revenue of 1.9 percent to $25.3 million. Net property income margin fell 8.3 percentage points from 80.1 percent in 4Q13 to 71.8 percent. Distributable income fell 14.8 percent to $12.9 million. A distribution per unit of $0.0178 was declared, a decrease by 18.7 percent from the
previous year.

Sakae Holdings’ arm Sakae Corporate Advisory has been appointed as a corporate adviser for Giken Sakata (S), its second participant of Sakae’s strategic investor relations programme.

For its second quarter ended 31 December 2014, Singapore Exchange saw an 18.6 percent rise in operating revenue to $195.1 million on the back of strong derivatives growth. Operating profit margin fell 1.6 percentage points from 53.6 percent in 2Q14 to 52.1 percent, due to higher royalty payments in line with the growth in derivatives traded volumes. Net profit rose 15.5 percent to $86.6 million. A dividend per share of $0.04 was declared.

Fortune REIT  10.800 -- --   
Business: Engages in the ownership and investment of retail shopping malls in Hong Kong.

Insight: Jan-19, FY18 revenue and NPI were stable at HK$1.9... Read More
Fragrance Group  -- -- --   
Business: Co operates as a property developer in Singapore and Australia. [FY17 Turnover] Property development (84.2%), Hotel Operations (7.6%), Commercial Investment (7.4%), Hospitality investment (0.8%).

Insight: Feb-19, FY18 turnover increased 64.7% mainly due t... Read More
Frasers Property  1.870 +0.030 +1.63%   
Business: Co operates as a real estate company. [FY18 Geographical] Australia (41.1%), Singapore (33.2%), Europe (14.1%), China (7.2%), others (4.4%).

Insight: May-19, 1H19 revenue grew 27% due to significant c... Read More
ISDN Hldgs  0.225 -0.005 -2.17%   
Business: Mechatronics engineering group providing solutions to its motion control and industrial computing customers. [FY18 Turnover] Motion control (78.2%), engineering solutions (19.6%), industrial computing & others (2.2%).

Insight: May-19, 1Q19 revenue dipped 0.9% reflecting modera... Read More
Mapletree Commercial Trust  2.080 +0.02 +0.97%   
Business: Invest in income producing real estate used for office & retail purposes.

Insight: Jan-19, 9M19 gross revenue rose 2% with higher con... Read More
Sabana Shari'ah Compliant REIT  0.455 -0.005 -1.09%   
Business: Trust established principally to invest in income-producing real estate used for industrial purposes in Asia, as well as real estate-related assets, in line with Shari'ah invs principles.

Insight: Jan-19, FY18 gross revenue fell 5% to $81m due to ... Read More
Sakae Hldgs  -- -- --   
Business: Singapore-based food & beverage company.

Insight: May-19, 9M19 revenue fell 28.4% to $33.9m due to s... Read More
Singapore Exchange  7.870 +0.02 +0.25%   
Business: [FY18 Turnover] Equities & fixed income (48.2%), derivatives (40.2%), mkt data & connectivity (11.6%).

Insight: Jan-19, 1H19 operating revenue increased 5.7% to $... Read More


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