Stock Headliners You Need To Know
Mapletree Logistic Trust had a flat DPU of 1.87 cents for 3Q16 due to a 0.4% decrease in total amount distributable to unitholders to $138.5m. Despite a 5.4% increase in 9M16 net property income brought by full contribution from six properties acquired in China, Korea, Malaysia and Singapore, the marginal decrease in total amount attributable to unitholders was due to a $7.7m increase in borrowing costs to fund acquisitions and capital expenditure.
OUE Hospitality Trust reported a 4Q15 distribution per stapled security (DPS) of 1.7 cents, down 4.5% from 1.78 cents last year, on the back of a 1.8% decrease in income available for distribution to $87.4m. Gross revenue increased 7.5% from higher contribution from the hospitality segment but was partially offset by lower revenue from its retail segment. However, reduced contribution from Mandarin Orchard Singapore hotel and Mandarin Gallery resulted in the drop in distribution income.
SATS’s wholly-owned subsidiary, Singapore Food Industries (SFI), and Wilmar International’s wholly-owned Chinese subsidiary, Yihai Kerry Investments (YKI), has entered into two joint venture agreements to supply high quality and safe food to the Chinese market. SFI and YKI will incorporate an investment holding company in China with registered capital of approximately Rmb230m, with SFI subscribing for 60% and YKI subscribing 40% respectively.
SMRT Corporation has announced a 17.9% growth in 9M16 net profits to $82.7m on the back of higher contributions from its non-rail businesses. Group revenue increased 7.1% attributable to better performance in all segments across the board. A major contribution to net earnings was also due to a reversal in shares of results of associates and joint ventures to $3.4m due to improved financial performance of Shenzhen Zona.
Soilbuild Construction Group has been awarded a design and build contract worth approximately US$9.4m ($13.4m), for the addition and alteration works of St John Shopping Center in Yangon, Myanmar. The project is awarded by a joint venture between two reputable companies in Myanmar with activities in retail and real estate development. The project is expected to commence in 1Q16 and be completed within 8.5 months.
Starhill Global REIT reported a 2Q16 DPU of 1.32 cents, an increase of 2.3%. The increase was attributable to a 4.3% increase in income available for distribution, backed by a 15.3% boost in gross revenue received. 1H16 gross revenue increased to $112.4m mainly due to contribution from Myer Center Adelaide acquired in May-15, as well as stronger performance of Singapore and Japan properties. Although the impact of higher revenue was partially offset by a 36.8% increase in property expenses across the board, the group still managed to achieve a boost of 10.3% to net property income.
Suntec REIT has announced a 6.7% increase in its 4Q15 DPU to 2.75 cents. FY15 income available for distribution to unitholders expanded 6% to $233m backed by a 16.7% in gross revenue. Gross revenue increased to $329.5m mainly due to the opening of Suntec City mall and higher revenue achieved by Suntec Singapore. However, a 10.5% increase in property expenses brought by higher property tax and property management fees partially eroded the impact of higher gross revenue. Consequently, the group was still able to achieve higher income available for distribution with FY15 DPU of 10.002 cents, a 6.4% increase from the 9.4 cents last year.
Vallianz Holdings has entered into a subscription agreement with CSR Zhuzhou Electric Locomotive Research Institute (Hong Kong) Co and CRRC (Hong Kong) Co, both subsidiaries of China’s state-owned CRRC Corporation, which will bring in a total investment of $23.7m. Both units of CRRC shall subscribe for 550m new ordinary shares in the group at $0.043 per share, subjected to a moratorium period of one year. Upon completion, CRRC will emerge as a substantial shareholder with a stake of approximately 13.9%.