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Stocks to watch: Frasers Commercial Trust, mm2 Asia, SGX, Keppel T&T

Thursday, October 20, 2016 - 08:36

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Frasers Commercial Trust (FCOT)

FCOT on Thursday posted a 2.8 per cent fall in distribution per unit (DPU) to 2.45 Singapore cents for the fourth quarter ended Sept 30 (Q4 2016), down from 2.52 cents last year. Distribution income grew 4 per cent year-on-year from S$18.82 million to S$19.49 million.

Net property income for Q4 2016 was S$29.3 million, 7 per cent higher than that of Q4 2015, due mainly to the completion of the acquisition of 357 Collins Street in August 2015, and higher income contribution from Alexandra Technopark as a result of higher rental rates and lower utilities expenses.

Gross revenue for the quarter increased 5.7 per cent to S$39.3 million, up from S$37.2 million a year ago.

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mm2 Asia

mm2 Asia, via its subsidiary mm2 Entertainment, has entered into a format licence agreement with Talpa Global to acquire the exclusive licensed rights to produce and broadcast the Singapore/Malaysia version of The Voice, a talent competition.

mm2 will produce the Singapore/Malaysia version of The Voice in Mandarin. mm2 said on Thursday that this is the first time that a single version of the format is produced for two territories.

Singapore Exchange (SGX)

SGX on Wednesday reported a 16.3 per cent drop in first-quarter net profit. Net profit for the period was S$83.1 million, or 7.8 Singapore cents per share, as operating revenue fell 13.1 per cent year-on-year to S$190.8 million.

SGX is sticking to a strategy of diversifying into new businesses in the hopes that it can pick up market share even if volumes are down. On that front, SGX said that it now hopes to complete its acquisition of the Baltic Exchange by end-November, 2016, after a court hearing to sanction the takeover scheme was set for Nov 7.

In terms of regulation, the next steps towards possible changes in the rules for a minimum trading price and for dual-class shares could be taken by the end of November.

Keppel T&T

Keppel Telecommunications & Transportation (Keppel T&T) more than quadrupled its third-quarter net profit to S$69.88 million - from S$15.31 million a year ago - thanks to its data centre division registering a S$55.81 million gain on disposal of a subsidiary.

For the three months ended Sept 30, revenue fell 8.7 per cent to S$46.5 million from S$50.91 million.

In a separate announcement, Keppel T&T said that its wholly owned subsidiary Keppel Logistics has entered into a sale and purchase agreement to acquire a 59.6 per cent stake in Courex for S$758,326.

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