Stocks to watch: CICT, Paragon Reit, Hong Lai Huat

THE following companies saw new developments that may affect trading of their securities on Tuesday (Feb 6):

CapitaLand Integrated Commercial Trust (CICT): It posted a distribution per unit (DPU) of S$0.0545 for the second half ended December 2023, up 1.7 per cent from S$0.0536 in the previous corresponding period. This came as gross revenue rose, helped by higher rental and occupancy rates, which supported a rise in net property income, said its manager on Tuesday. CICT’s units closed 2.5 per cent or S$0.05 lower at S$1.96 on Monday.

Paragon Real Estate Investment Trust (Reit): Its DPU for the second half ended December 2023 was down 1.9 per cent on the year to S$0.026 from S$0.0265 previously, despite higher gross revenue and net property income. This resulted in a FY2023 DPU of S$0.052, which is 9.1 per cent lower than the previous year’s pro-rated DPU of S$0.0552. On Monday, Paragon Reit’s manager attributed the overall DPU decline to rising interest costs. Its units ended S$0.03 or 3.5 per cent lower at S$0.84, before the announcement. Hong Lai Huat : The property developer on Monday announced that it is looking to sell two of its loss-making subsidiaries in Cambodia for a total consideration of US$37.5 million. The move would mark the group’s exit from its agricultural business, which “has never been profitable” since its inception in 2008. Shares of Hong Lai Huat ended the day flat at S$0.053, after the announcement.