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Stocks In Focus SG (Soilbuild REIT, Starhill Global REIT, Stamford Land) – 30/07/14
AIMS AMP Capital Industrial REIT reported an 11.6 percent year-on-year increase in gross revenue to $27.4 million in 1Q15, mainly due to rental contribution from the phase two development of 20 Gul Way and higher income from 56 Serangoon North Avenue 4 due to the increase in occupancy rates. Coupled with a decrease in property operating expenses and a substantial contribution from share of joint venture’s results, distribution to unitholders rose 26.9 percent to $15.8 million and distribution per unit was 2 percent higher at $0.0255.
P99 Holdings has entered into a 60:40 joint venture with a London-based property developer Verto Group Enterprise with a paid-up capital of $1.1 million. VGEL specialises in building eco homes in the UK. Further details will only be announced upon signing of the memorandum of understanding between the two companies.
SATS’ indirect wholly-owned subsidiary, Primary Industries (Qld) has divested its entire 51 percent stake in Urangan Fisheries for AUD2.4 million ($2.7 million). The divestment decision arose as Urangan Fisheries is not directly related to the company’s focus gateway services and food solutions in Asia.
Singapore Shipping Corporation registered a 20.1 percent fall in revenue to US$7.3 million in 1Q15, with the decrease in ship owning income attributable to sale of MV Singa Ace’s in February 2014 and the lower income from the agency and logistic business due to lower business activity. As the drop in total operating expenses outpaced the decline in turnover, earnings shrunk 7.5 percent to US$1.8 million in 1Q15.
Soilbuild Business Space REIT has reported a 3.5 percent year-on-year increase in gross revenue to $16.7 million in 2Q14, underpinned by the additional revenue from Tellus Marine, rental escalation for Solaris and Beng Kuang Marine. Consequently, along with lower property operating expenses, net property income increased by 4.1 percent to $14 million in 2Q14 and distribution per unit increased by 3.5 percent to $0.015.
SP Corporation’s revenue dropped 19 percent to $35.6 million in 2Q14, on the back of lower income in the commodities trading unit due to lower coal trading volume and overall decrease in commodities prices and the fall in turnover from the tyre distribution unit caused by a decline in the export markets. Accordingly, net profit contracted 22.8 percent to $681,000 in 2Q14.
Stamford Land Corporation recorded a 13 percent drop in revenue to $56 million in 1Q15, as a result of weaker income contribution from all business segments, in particular the property development segment due to absence of The Stamford Residences and Reynell Terraces sale in the quarter. Consequently, net profit dipped 47.7 percent to $3.3 million in 1Q15.
Starhill Global Real Estate Investment Trust registered a 1.4 percent decline in gross revenue in 2Q14, underpinned by lower contribution from overseas properties, partially offset by stronger performance of Singapore properties. However, mainly due to a positive change in fair value of derivative instruments, income available for distribution grew 5.5 percent to $28.2 million while distribution per unit grew 5 percent to $0.0125.
Surface Mount Technology posted an 11.9 percent growth in revenue to HK$200.1 million for 1Q15, mainly attributable to greater demand for industrial control products. However, gross profit was down by 11.2 percent to HK$32.6 million on the back of lower portion of consignment business and higher assembly costs. Subsequently, even as the drop in income was partially offset by higher other income and lower expenses, net profit still decreased 26.8 percent to HK$1.5 million.
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