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Stocks In Focus SG (CapitaCom Trust, Keppel T&T, Mapletree Ind Tr) – 21/01/15
For the fourth quarter ended 31 December, CapitaCommercial Trust reported a 3.1 percent increase in gross revenue to $66.4 million driven by higher rental rates and occupancies. Net property income margin remained flat at 76.3 percent. Distributable income to unitholders rose 5.7 percent to $63.6 million. Distributions per unit rose 2.9 percent to $0.0215, bringing the full-year distribution per unit to $0.0846.
Keppel Telecommunications & Transportation reported a 34.6 percent growth in revenue to $224.6 million for FY14, due to higher revenue from data centre and logistics divisions. Net profit almost quadrupled to $246.6 million, which included a one-off gain from disposal gain of data centre assets and higher share of results from associated companies. A special dividend per share of $0.115 was declared above the final dividend per share of $0.035.
Lian Beng Group doubled its net profit to $35.5 million for 1H15, largely due to the sharp rise in its share of results of associates and joint ventures. Revenue growth of 26.1 percent to $367.6 million, driven by higher income from its construction segment and workers’ dormitory business, also contributed to stronger performance. Dividend per share of $0.01 has been declared for the period.
For the third quarter ended 31 December 2014, Mapletree Industrial Trust reported an increase in gross revenue by 3.3 percent to $78.1 million because of higher rental rates of renewal leases, as well as contributions from its completed development projects. Net property income margin rose 1.5 percentage points from 72.7 percent in 3Q14 to 74.2 percent in 3Q15, due to lower operating expenses. Amount available for distribution rose by 9 percent to $46 million despite a fall in interest income and a rise in borrowing costs. Distribution per unit rose by 6.4 percent to $0.0267.
Rex International Holding announced that its subsidiary Carribean Rex completed the drilling of three wells in Trinidad & Tobago. Off the three, two are deemed to be commercial with substantial net pay sands. The company was able to lower drilling costs by 40 percent below budget, costing less than US$1 million per well. In a separate filing, Rex announced it made a NOK13.7 million subscription of Fram Exploration shares, increasing its stake from 22.3 percent to 30.3 percent after completion. The company also disclosed its decision to take in account the lower implied valuation of its associated company Fram Exploration to address impairment effects on the book value of its equity stake in Fram Exploration. This may result in larges losses for FY14 compared to FY13.
Sim Lian Group has submitted a tender for land parcel at Anchorvale Crescent for executive condominium housing development, and emerged as the top bidder with a tender price of $157.8 million. The tender is currently under Housing and Development Board’s evaluation.
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