Stocks In Focus SG (CapitaLand, GLP, Starhill Global REIT) – 19/02/14

• CapitaLand posted a 2.3 percent slight decline in revenue to $1.1 billion for the fourth quarter ended 31 December 2013, mainly due to the deconsolidation of Australand and lower contribution from development projects in Singapore. Earnings in 4Q13 slumped 45.6 percent attributable to a more than 6-fold increase in other operating expenses arising from impairments in certain regional investments. For the full year, revenue soared 20.5 percent to $4 billion, while earnings dropped 8.7 percent to $849.8 million.

• Global Logistic Properties (GLP) inked an agreement with a consortium of companies for the pursuance of investment in the company via an issuance of 74.3 million new shares, representing 1.5 percent of GLP’s current share capital, at $2.755 per share. These companies consist of Bank of China Group Investment, a large Chinese insurance company, HOPU Logistics Investment Management Company Limited and other state-owned companies as well as institutional investors.

• Baker Technology’s revenue for 4Q13 fell 6.2 percent to $15.4 million due to lesser order intakes. Lifted by gains made from favourable foreign exchange rates movement, the company recognised a 339.8 percent rise in earnings to $4.2 million. For the full year, revenue slumped 15.2 percent to $83.3 million and earnings decreased more than 70 percent to $22.4 million.

• Starhill Global Real Estate Investment Trust will issue $100 million notes, which mature in 2021 and yield 3.5 percent per annum. Rated by Standard & Poor’s Rating Services at “BBB+”, the notes issuance is pursuant to a $200 million medium term note programme established in 2008. When completed, the trust’s gearing will increase from 29 percent to 29.5 percent.

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