Stocks to watch: FLCT, KIT, GuocoLand, AA Reit, Sabana Reit, Keppel Pacific Oak US Reit

THE following companies saw new developments that may affect trading of their securities on Wednesday (Jan 31):

Frasers Logistics and Commercial Trust (FLCT): The trust leased 128,000 sq m of space across its portfolio in the first quarter ended Dec 31, with a portfolio occupancy rate of 95.8 per cent. For Q1, FLCT recorded positive rental reversions of 11.6 per cent on an incoming versus outgoing basis, and 18.2 per cent on an average versus average basis. Shares of FLCT closed at S$1.08, up by S$0.01 or 0.9 per cent, before the announcement. Keppel Infrastructure Trust (KIT): The trust posted a record high distribution per unit (DPU) for FY2023 at S$0.0619, including special distribution of S$0.0233. This is 62 per cent higher than the S$0.0382 in FY2022. It came on the back of a 42.4 per cent rise in distributable income at S$316.8 million. The trust manager attributed the growth to strong performance by its portfolio and the crystallisation of S$131.2 million in capital optimisation at Ixom. DPU for H2 stood at S$0.0426. The balance of S$0.0096 will be paid on Feb 15 after the record date on Feb 7. The counter closed flat at S$0.505 on Tuesday.

GuocoLand : The real estate group reported net profit of S$66.2 million for the first half ended Dec 31, 2023, up 12 per cent year on year from S$59 million. This came on the back of a 61 per cent increase in revenue as contributions from both the property development and property investment segments jumped by double digits, said the group on Wednesday. Shares of GuocoLand ended Tuesday flat at S$1.47.

Aims Apac Real Estate Investment Trust (AA Reit): It posted a 4.1 per cent drop in DPU of S$0.0699 for the nine months ended Dec 31, 2023. This was due to an enlarged unit base, the manager said on Wednesday. Gross revenue and net property income rose, supported by higher portfolio occupancy, positive rental reversions and high tenant retention rate across AA Reit’s Singapore properties. The counter closed 0.8 per cent or S$0.01 higher at S$1.29 on Tuesday.

Sabana Reit : The Reit’s trustee said that it rejects activist investors’ suggestions that it has committed wrongdoing or caused any delay in the Reit’s internalisation. On Tuesday, the trustee said it has been focused on executing the unitholders’ mandate by ensuring that its implementation is “orderly, well-considered and advised, in the best interest of all unitholders”. Sabana Reit closed S$0.01 or 2.3 per cent lower at S$0.37 on Tuesday before the announcement.

Keppel Pacific Oak US Reit : The Reit’s portfolio valuation as at Dec 31, 2023, fell 6.8 per cent to US$1.3 billion, from US$1.4 billion previously, based on the latest independent valuation. The Reit’s manager announced on Tuesday that its financial results for the second half and full year ended Dec 31, 2023, will be released at a later date. Units of Keppel Pacific Oak US Reit closed 1.6 per cent or US$0.005 higher at US$0.32 before the announcement.