Stocks to watch: MLT, FCT, Mandarin Oriental, OUE Reit, Digital Core Reit, Oxley, UOI
THE following companies saw new developments that may affect trading of their securities on Thursday (Jul 25):
Mapletree Logistics Trust (MLT): The trust’s distribution per unit (DPU) fell 8.9 per cent to S$0.02068 for its first quarter ended Jun 30. MLT’s manager reported a fall in revenue to S$181.7 million in Q1 FY2025, from S$182.2 million the year before. This was mainly due to a weaker performance in China, the absence of revenue from divested properties, and currency depreciation of the yen and renminbi. Units of MLT closed flat at S$1.35 on Wednesday.
Frasers Centrepoint Trust (FCT): The manager of the trust said that the committed occupancy for its retail portfolio grew one percentage point year on year to 99.7 in the third quarter ended Jun 30. All its retail malls now have more than 99 per cent committed occupancy. The asset enhancement initiative at its Tampines 1 mall is on track to be done by September. Units of Frasers Centrepoint Trust ended Wednesday down 0.5 per cent or S$0.01 at S$2.19.
Mandarin Oriental : The group’s net loss narrowed to US$52 million for the first half ended Jun 30, 2024, from US$69.2 million in the year-earlier period, based on a Wednesday night bourse filing. Group revenue per available room was up 5 per cent year on year, with positive growth charted in all regions. The counter closed flat at US$1.65, before the announcement.
OUE Real Estate Investment Trust (OUE Reit): The Reit reported a DPU of S$0.0093 for the first half of its fiscal year ended Jun 30, down 11.4 per cent from S$0.0105 in the corresponding year-ago period, its manager announced on Wednesday. This is despite higher revenue and net property income for the six-month period. The counter closed at S$0.29, down S$0.005 or 1.7 per cent, before the announcement.
Digital Core Reit : The data centre Reit reported a 6.3 per cent fall in DPU to US$0.018 for H1 FY2024 from US$0.0192 in H1 FY2023. Its manager said that revenue fell 9.6 per cent to US$48.3 million. Units of Digital Core Reit closed 0.8 per cent or US$0.005 lower at US$0.62 on Wednesday.
Oxley : The property developer on Wednesday said that the alleged involvement of its chief executive officer and executive chairman, Ching Chiat Kwong, in a corruption investigation of public officials in Venice, Italy, is “unfounded and untrue”. The company clarified that Ching was involved in his personal capacity, and that operations of the group are not affected. Shares of Oxley closed 1.3 per cent or S$0.001 lower at S$0.079, before the announcement.
United Overseas Insurance (UOI): UOB’s insurance subsidiary reported an 18.8 per cent year-on-year growth in its earnings for H1 FY2024 to S$14.2 million from S$11.9 million. In a bourse filing on Wednesday, the insurer reported a 9.8 per cent rise in revenue to S$51 million from S$46.4 million. Shares of UOI closed 1.6 per cent or S$0.12 lower at S$7.35, before the announcement.
