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Stocks In Focus SG (Ascendas REIT, CapitaCommercial Trust, Ezra Hldgs) – 24/10/14
Alliance Mineral Assets has obtained the mining approval from the Department of Mines and Petroleum of Western Australia to commence operations at its Bald Hill Tantalite Project.
Ascendas Real Estate Investment Trust recorded a 7 percent hike in net property income to $114.7 million for the second quarter ended 30 September, underpinned by recognition of rental income earned from Nexus@one-north, A-REIT City@Jinqiao, Hyflux Innovation Centre and Aperia. Coupled with a $14.1 million foreign exchange gain, compared to an $11.3 million loss a year earlier, income available for distribution rose 1.1 percent to $86 million. Consequently, the trust declared a distribution per unit of $0.0366 for the quarter.
Cache Logistics Trust’s net property income inched down 0.5 percent to $19.5 million for the third quarter ended 30 September, as a result of higher property maintenance expenses and lease commissions. However, a larger positive distribution adjustment ensured that the income available for distribution grew 1.2 percent to $16.7 million. Cache declared a distribution per unit of $0.0214, up 0.7 percent year-on-year (y-o-y).
CapitaCommercial Trust posted $51.9 million in net property income for the third quarter ended 30 September, up 8.6 percent y-o-y, driven by higher rental rates and/or occupancies at all properties except Wilkie Edge. Coupled with lower finance costs, distributable income to unitholders rose 4.8 percent to $61.6 million. Consequently, the trust declared a distribution of $0.021 per unit for the quarter, up 2.9 percent from a year earlier.
Enviro-Hub Holdings has entered into a term-sheet with Italy-based Acsm Agam to form a 50:50 joint venture (JV) company, Plastic to Fuel. The JV will be engaged in a project to construct, finance, operate and maintain an industrial plant for the production of fuel oil from plastic waste in Italy and marketing of the final product.
Ezra Holdings’ subsea services division has won multiple contracts from various energy companies valued in excess of US$70 million. Works include subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs.
Midas Holdings’ JV company, Nanjing SR Puzhen Rail Transport Co and Shanghai Alstom Transport Electrical Equipment Co, have jointly secured a metro train contract, with delivery scheduled between 2015 and 2016, worth Rmb897 million.
Oxley Holdings’ subsidiary, Oxley Gem (Cambodia) Co, has signed a memorandum of understanding with Shangri-La International Hotel Management to grant the latter a 60-day exclusivity period to negotiate the management of the first Shangri-La hotel in Phnom Penh, Cambodia, to be developed by Oxley.
QT Vascular has acquired a novel technology platform called Java, a strong fit with the firm’s core expertise in minimally invasive angioplasty, and will allow the company to capitalise on new market opportunities.
Samudera Shipping Line’s turnover dipped 9.5 percent to US$88.2 million for the third quarter ended 30 September, due to its rationalisation efforts in its container shipping business and a smaller operating fleet in its non-container shipping business. However, service rationalisation, lower bunker price and charter-in rates lifted the firm’s gross margin by 5.9 percentage points to 9.7 percent and steered Samudera back into the black with a net profit of US$5.2 million.
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