Stocks to watch: Daiwa House Logistics Trust, MNACT, MCT, First Reit, F&N

THE following companies saw new developments that may affect trading of their securities on Friday (Feb 11):

Daiwa House Logistics Trust (DHLT): DHLU In a business update on Friday, its manager said the trust's initial portfolio of 14 properties was revalued to 81.1 million yen (S$949.7 million) as at end-December 2021, representing a premium of 14.1 per cent to the portfolio's purchase consideration of 71.1 million yen. This brings the trust's net asset value per unit to S$0.92. Units of Daiwa House Logistics Trust ended S$0.005 or 0.6 per cent lower at S$0.81 on Thursday.

Mapletree North Asia Commercial Trust (MNACT), Mapletree Commercial Trust (MCT): RW0U N2IU The proposed merger between the real estate investment trusts (Reits) is "value destructive" for MNACT, said fund manager Quarz Capital Management on Thursday. MNACT's manager still believes the deal to be beneficial to unitholders. Units of MNACT closed at S$1.12, up 0.9 per cent or S$0.01, while units of MCT closed at S$1.84, up 0.6 per cent or S$0.01, after the letter by Quarz was released.

First Reit: AW9U The healthcare Reit on Thursday posted a distribution per unit of S$0.0131, down 29.2 per cent year on year from S$0.0185. This was largely due to an issuance of around 791.1 million rights units on Feb 24, 2021, its manager said. Units of First Reit closed at S$0.315, up 1.6 per cent or S$0.005, before the results were announced.

Fraser & Neave (F&N): F99 The beverage and publishing company reported on Thursday that it saw a drop in net profit by 10.9 per cent to S$40.2 million for the first quarter ended Dec 31, 2021, despite a 1.6 per cent growth in revenue. This comes on the back of higher finance costs due to an issuance of a bond at the end of the last financial year. Shares of F&N ended up 0.7 per cent or S$S$0.01 to S$1.41 on Thursday, before the announcement.

Wing Tai: W05 The property and lifestyle company reported on Thursday that its net profit declined by 5 per cent year on year to S$53.8 million for the 6 months ended Dec 31, 2021. Earnings per share worked out to around S$0.062, slightly lower than S$0.065 in the corresponding period a year ago. Shares of Wing Tai closed flat at S$1.80 before the announcement was made.

Oxley: 5UX The property developer on Thursday posted a net profit of S$23.5 million for the 6 months ended Dec 31, 2021, up by 3 per cent from the year ago period. Earnings per share worked out to S$0.0055, compared with S$0.0054 a year ago. Shares of Oxley dropped S$0.003 or 1.6 per cent and closed at S$0.183, before the announcement.

mDR: Y3D The court is restraining the mainboard-listed company and its appointed receivers from selling, disposing of, or dealing with a property linked to its loan dispute with MKY Capital. MKY had in 2021 filed an originating summons against mDR over the property, which was used to secure mDR's loan to MKY. Shares of mDR closed flat at S$0.067 on Thursday, before the announcement.

Hong Lai Huat Group (HLH): CTO The mainboard-listed property developer said on Friday that the Singapore Exchange (SGX) has rejected its proposed issuance of 80 million non-listed, transferable warrants at a consideration of S$800 to Soochow CSSD Capital Markets (Asia). SGX said HLH's application was rejected due to a lack of commercial rationale for the proposed issuance for fundraising purposes. Shares of Hong Lai Huat closed at S$0.101, up S$0.0040 or 4.1 per cent on Thursday.