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Stocks In Focus SG (CDL HTrust, Mapletree GCC Tr, ParkwayLife Reit) – 28/01/15
Daily Bulletin | 28 January 2015
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For the fourth quarter ended 31 December 2014, Cache Logistics Trust announced a 0.4 percent dip in revenue to $20.6 million, while net property income dipped 1 percent to $19.4 million due to vacancies and tenants’ rent-free period, as well as higher property maintenance expenses and lease commissions. Distributable income rose 1 percent to $16.8 million. Distribution per unit rose 0.4 percent to $0.02146, bringing the full-year distribution per unit to $0.08573.

For the fourth quarter ending 31 December 2014, CDL Hospitality Trusts posted a 14.4 percent rise in revenue to $45.1 million, attributed to the recognition of the full quarter’s hotel revenue from Jumeirah Dhevanafushi and a $1.3 million rental boost from Angsana Velavaru in the Maldives. Net property income grew by 6 percent to $38.6 million. Distributable income rose 7.8 percent to $34.1 million. A distribution per stapled security of $0.0313 was declared, a 7.2 percent jump year-on-year, bringing its full-year distribution to $0.1098.

For the third quarter ended 31 December 2014, CitySpring Infrastructure Trust reported a 7.3 percent fall in revenue to $120 million, due to lower contributions from its operating assets, City Gas, SingSpring and Basslink. Higher operating expenses, due to a Hydro Tasmania dispute settlement of AUD6 million, dragged the trust into a net loss position of $10.7 million. Distributions per unit remained constant at $0.0082, bringing year-to-date distribution to $0.0246.

Hoe Leong Corporation has agreed to sell its 49 percent stake in Semua International, an oil tanker and transport logistics company in Malaysia, to Reachmont Logistics and Asia Bioenergy Technologies, as Semua has been performing below expectations. The consideration of RM168 million will either be satisfied in cash, or shares in Asia Bioenergy Technologies.

For the third quarter ending 31 December 2014, Mapletree Greater China Commercial Trust reported revenue of $73.6 million, a 12 percent year-on-year jump. Net property income hit $59.3 million, 10.2 percent above that of 3Q14. Distributable income was 11 percent higher year-on-year at $45.1 million. A distribution per unit of $0.01662 was declared, 17 percent higher compared to its target. This brought its year-to-date distributions to $0.04815. The stronger performance came on the back of healthy rental reversions, high occupancy and effective cost management.

Olam International redeemed US$750 million bonds due 2018 on 27 February, at 103.4 percent of the principal amount together with unpaid accrued interest.

For the fourth quarter ended 31 December 2014, OUE Hospitality Trust saw a 4.8 percent growth in its revenue to $30.4 million due to better per-unit revenues in its hotel and retail assets. Net property income rose 5.5 percent to $27 million. Distributable income hit $23.6 million, a 7.5 percent rise from the previous year. A distribution per unit of $0.0178 was declared, bringing distribution per unit for the year to $0.0674.

For the fourth quarter ended 31 December 2014, Parkway Life REIT disclosed a 1.5 percent increase in revenue to $25.1 million, due to higher rent from Singapore properties and rental contributions from Japanese properties acquired in 2H13 and in 2014. Net property income was $23.5 million, up 1.3 percent. Distributable income rose 2.9 percent to $17.5 million. The trust declared a distribution per unit of $0.029, a 2.8 percent rise from the previous year, bringing FY14 distribution per unit to $0.1152.

For its fourth quarter ended 31 December 2014, Starhill Global REIT saw a 0.4 percent fall in revenue to $48.9 million, due to weaker contributions from Renhe Spring Zongbei in China and Japanese properties. Net property income grew 2 percent to $39.6 million, as property expenses were lower. Distributable income went up by 6.6 percent to $29.1 million. The trust declared a distribution per unit of $0.0129, 4.9 percent higher year-on-year, bringing total distribution per unit for the year to $0.0505.

Cache Logistics Trust  0.715 -0.005 -0.69%   
Business: Principally invest in income-producing real estate used for logistics purposes in Asia-Pacific, as well as real estate-related assets.

Insight: Jan-19,FY18 gross revenue and NPI rose 8.6% and 4.... Read More
CDL Hospitality Trusts  1.610 +0.010 +0.63%   
Business: A stapled group comprising CDL Hospitality REIT and CDL Hospitality Business Trust.

Insight: Jan-19, FY19 net property income (NPI) decreased 3... Read More
Keppel Infrastructure Trust  0.470 -0.005 -1.05%   
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: Apr-19, 1Q19 revenue jumped 98.7% driven by the co... Read More
Hoe Leong Corp  0.005 -0.001 -16.67%   
Business: Co is engaged in the trading & distribution of spare parts for heavy eqmt and industrial machinery, design & manufacturing and barge/vessel chartering. [FY18 Turnover] Design & mfr (60.1%), trdg & distribution (23.6%), vessel chartering (16.3%).

Insight: Mar-19, FY18 revenue rose 15.7% due to higher sale... Read More
Mapletree North Asia Commercial Trust  1.330 -- --   
Business: Real estate investment trust focused on commercial assets (comprising retail & office) in HK & China.

Insight: Oct-18, 1H19 gross revenue rose 12.4% attributable... Read More
Olam Int'l  1.910 -0.040 -2.05%   
Business: Co is engaged in sourcing, processing, packaging and merchandising agricultural products. [FY18 Turnover] Food staples & packaged foods (47.6%), confectionery & beverage ingredients (23.4%), industrial raw materials, infrastructure & logistics (14.9%), edible nuts & spices (14.1%).

Insight: Feb-19, FY18 revenue rose 16% due to increased tra... Read More
OUE Hospitality Trust  0.720 -0.005 -0.69%   
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: Jan-19, FY18 gross revenue dipped 1% with lower re... Read More
Parkway Life REIT  2.900 -- --   
Business: Invs REIT specialising in healthcare ppties.

Insight: Jul-18, 1H18 gross revenue rose 2.3% to $55.9m lar... Read More
Starhill Global REIT  0.755 -0.005 -0.66%   
Business: Invests primarily in real estate used for retail and office purposes. [FY18 Turnover] Wisma Atria (31.5%), Ngee Ann City (30.6%), Australia ppties (22.2%), M'sia ppties (13.4%), China/Japan ppties (2.3%).

Insight: Jan-19, 1H19 gross revenue fell 2.3% to $103.1m la... Read More

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