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Stocks In Focus SG (Keppel REIT, M1, Tiger Airways) – 17/10/14
Ascott Residence Trust has acquired a hotel property located in Tokyo, Japan, for JPY8 billion (about $95.2 million). The property, with 206 rooms and three retail units, will enable the trust to expand its foot print in Japan.
euNetworks Group’s subsidiary, euNetworks GmbH, has purchased Fibre Lac for CHF3 million. The latter provides dark fibre and managed services along its approximately 360 kilometre fibre optic network in 11 Swiss cities.
Global Logistic Properties marks its first collaboration with PepsiCo in Brazil with a lease of 13,000 square metres in Sao Paulo. With this, the stabilised logistics portfolio lease ratio in Brazil stands at 98 percent.
Keppel REIT posted a 12.4 percent rise in net property income to $38.5 million for the quarter ended 30 September, underpinned by better performance from Ocean Financial Centre and contributions from its 50 percent interest in 8 Exhibition Street. However, a surge in other expense dragged down the trust’s income available to distribution. As such, distribution per unit for 3Q14 came in at $0.0185, down 6.1 percent from a year earlier.
M1 recorded a 3.5 percent hike in operating revenue to $250.2 million for the three months ended 30 September, due to better performances in its mobile telecommunications and handset sales segments. Coupled with lower traffic expenses, attributable to a decrease in international traffic, net profit for the quarter rose 12.7 percent to $44.5 million.
Singapore Technologies Engineering’s electronics arm has secured about $513 million worth of contracts for rail electronics and intelligent transportation, satellite and broadband communications as well as advanced electronics and information communications technologies solutions.
Sino Grandness Food Industry Group’s own-branded Garden Fresh fruit juices are now available in one of the largest supermarket chains in Hong Kong, wellcome, with more 200 retail points through a distributorship agreement.
Tiger Airways Holdings posted a 10.5 percent decline in total revenue to $146.7 million for the quarter ended 30 September, attributable to the cessation of Tigerair Australia as a subsidiary of the firm. Despite the reduction in total expenses, a $59.8 million loss arising from a planned disposal of a joint venture as well as a $99.3 million provision for onerous aircraft leases sank Tiger into the red with a loss of $182.4 million.
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