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Stocks In Focus SG (Frasers Commercial Trust, Keppel Land, Triyards Hldgs) – 21/10/14
Frasers Commercial Trust’s net property income came in 8.8 percent higher at $23.8 million for the fourth quarter ended 30 September, driven by higher occupancy rates, rental rates and lower property operating expenses at China Square Central while the expiry of a master lease at Alexandra Technopark led to higher income contribution from the asset. Consequently, amount distributable to unitholders rose by 9.5 percent to $15 million and the trust declared a distribution of $0.0221 per unit.
Keppel Land’s 51 percent-owned subsidiary, Keppel Al Numu Development, has sold its interest in Al Mada Towers, a condominium development in Jeddah, Saudi Arabia, for SAR552.6 million ($185.1 million).
King Wan Corporation secured four mechanical and electrical projects in Singapore in 3Q14 worth $21 million. The projects, expected to commence within six months and completed by 2016, include installations for plumbing, sanitary and electrical systems as well as aircon and mechanical ventilation systems in four separate locations.
Lum Chang Holdings has been awarded a tender for building works at Admiralty Integrated Development by the Housing and Development Board worth $128 million. The contract, targeted for completion in 1H17, includes public housing, medical centre, hawker centre, commercial/social communal facilities as well as other contingency works.
Mapletree Logistics Trust post a 3.1 percent lift in net property income to $68.7 million for the second quarter ended 30 September, underpinned by contribution from Mapletree Benoi Logistics Hub, better revenue from existing assets in Singapore, Malaysia and Hong Kong as well as contributions generated from acquisitions in Korea and Malaysia during this financial year. Coupled with higher interest income, amount distributable to unitholders gained 4 percent to $46.3 million. The trust declared a distribution per unit of $0.0188.
Triyards Holdings has acquired two shipbuilding and fabrication companies for A$23.3 million. The companies have been building aluminium and steel vessels as well as aluminium and steel structures for the marine and mining sectors for over 10 years. The companies own two yards in Vietnam and Singapore with a total area of 158,648 square metre. The purchase will increase Triyards’ yard capacity by 67 percent (excluding Houston’s facility).
TTJ Holdings inked contracts worth $22 million to supply structural steelworks for Changi Airport Terminals 1 and 2, Tampines Town Hub as well as civil defence shelter doors. The wins improves TTJ’s order book to $119 million.
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