Stocks to watch: First Reit, OUE Commercial Reit, Manulife US Reit, F&N

THE following companies saw new developments that may affect trading of their securities on Monday (May 9):

First Real Estate Investment Trust (First Reit): First Reit posted a distribution per unit (DPU) of S$0.0066 for its first quarter ended Mar 31, 2022, up 1.5 per cent from S$0.0065 a year ago, its manager said in a business update last Friday night. Units of First Reit closed flat at S$0.31 on Friday, before the results were released.

OUE Commercial Real Estate Investment Trust (OUE Commercial Reit): It plans to acquire more overseas assets to grow the trust, with a focus on office assets in Sydney, Melbourne and London, said Han Khim Siew, chief executive of the Reit's manager, in an interview with The Business Times. The Reit’s top priority is to strengthen its capital structure amid rising interest rates. Units of OUE Commercial Reit closed at S$0.415 on Friday.

Manulife US Real Estate Investment Trust (Manulife US Reit): The US office-focused Reit on Monday said that portfolio occupancy for the first quarter ended Mar 31 remained stable at 91.7 per cent, above the US Class A average of 83 per cent. The counter closed 1.6 per cent or US$0.01 lower at US$0.615 on Friday.

Fraser and Neave (F&N): The earnings of mainboard-listed drinks manufacturer shrank in the first half-year, as the bottom line took a hit from rising material and energy costs. Net profit fell by 20.8 per cent year on year to S$65.3 million for the 6 months to Mar 31, 2022, even as revenue rose by 2.2 per cent to S$1.01 billion on growth in beverage products, financial statements released last Friday showed. F&N shares ended flat at S$1.36 on Friday, before the results were released.

Far East Orchard (FEO): The mainboard-listed real estate player reported a net profit of S$2.6 million for the 3 months to Mar 31, 2022, compared with a loss of S$0.7 million in the year-ago period, according to a business update released last Friday. FEO shares shed S$0.01 or 0.90 per cent to S$1.10 on Friday, before the results.

Grand Venture Technology: The mainboard-listed manufacturing-service provider on Friday posted a first-quarter net profit after tax of S$3.6 million, up 8.9 per cent from S$3.3 million a year ago. The top and bottom-line improvements were driven by continued growth of wallet share from key customers, though margins came in lower as the group “absorbed capacities for future growth”, it added. Shares of Grand Venture ended Friday at S$0.975, down S$0.010 or 1 per cent before the results.

Hwa Hong Corporation : The Singapore Exchange (SGX) on Friday issued Hwa Hong Corporation a notice of compliance to appoint an independent reviewer to review the company’s internal controls, processes and practices relating to the board nomination process. Shares of Hwa Hong Corporation closed flat at S$0.29 on Friday, before the announcement.