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Stocks In Focus SG (OCBC, Saizen REIT, SBS Transit) – 11/02/15
Croesus Retail Trust posted a 48.8 percent gain in net property income (NPI) to JPY1.2 billion for the second quarter ended 31 December 2014, underpinned mainly by the contributions from three newly acquired properties, namely Luz Omori, Croesus Tachikawa and One’s Mall. Subsequently, income available for distribution was up 22.7 percent to JPY874.8 million. For the six months, NPI grew 42.9 percent to JPY2.3 billion while income available for distribution rose 15.3 percent to JPY1.7 billion (both figures were compared against prorated figures for 1H14). The trust has declared a distribution per unit of $0.025 in addition to $0.0166 in advance distribution for the half-year period.
Far East Hospitality Trust’s NPI sank 9.2 percent to $27.7 million for the fourth quarter ended 31 December 2014, amid softer hotel rates as a result of weaker corporate business and an increase in hotel room supply. Subsequently, income available for distribution fell 8.8 percent to $22.9 million. For the full year, NPI dipped 1.7 percent to $110 million and income available for distribution slid 3.3 percent to $91.5 million. The trust has declared a distribution per unit of $0.0128 for the quarter.
Oversea-Chinese Banking Corporation booked a 23.9 percent growth in net interest income to $1.3 billion for the fourth quarter ended 31 December 2014, bolstered by asset growth and a 3 basis point improvement in net interest margin. Subsequently, net profit accelerated 10.6 percent to $791 million. For the full year, net interest income advanced 22 percent to $4.7 billion while net profit was up 38.8 percent to $3.8 billion. The group has declared a final dividend per share of $0.18.
Saizen Real Estate Investment Trust’s NPI stood flat at JPY686 million for the second quarter ended 31 December 2014, mainly as a result of a slight dip in average occupancy rate and lower rental reversions. A 24.6 percent decrease in finance costs was negated by lower unrealised foreign exchange gain as net profit was flattish at JPY457.3 million. For the six months, NPI dropped 2.1 percent to JPY1.4 billion and net profit gained 15.5 percent to JPY892.7 million which was helped by divestment gains on properties and fair value gains on financial derivatives. The trust has declared a distribution per unit of $0.031 for the six-month period.
SBS Transit posted a 12.2 percent gain in revenue to $951 million for the full year ended 31 December 2014, underpinned by growth in both rail and bus segments. Operating expenses expanded 11.8 percent to $930.4 million in particular to higher staff costs. Nonetheless, net profit moved North by 27.8 percent to $14.3 million. The company has declared a final dividend per share of $0.0105.
TEHO International saw a 6.8 percent gain in revenue to $29.9 million for the six months ended 31 December 2014, helped by contribution from the property development segment which was only set up in 2H14. However, as a result of higher overall operating expenses which was led by a 40.7 percent expansion in administrative expenses, net profit sank 87 percent to $0.3 million.
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