Stocks to watch: Keppel, FCT, Suntec Reit, OUE Reit, Clint, Digital Core Reit, OKP, Cordlife 

THE following companies saw new developments that may affect trading of their securities on Thursday (Apr 25): 

Keppel : The global asset manager and operator said on Thursday that its Q1 net profit increased on the year, driven by stronger performance in the infrastructure and connectivity segments, excluding the effects of its legacy offshore and marine (O&M) assets. Including the effects, the net profit was lower, said the group without disclosing net profit figure. Revenue for the quarter was down 6.3 per cent to S$$1.5 billion, from S$1.6 billion in the year-ago period. Shares of Keppel closed up 1.1 per cent or S$0.08 at S$7.11 on Wednesday.

Frasers Centrepoint Trust (FCT): It posted a 1.8 per cent drop in distribution per unit (DPU) for the first half ended Mar 31 to 6.022 Singapore cents, from 6.13 cents in the same period a year ago. The result came as FCT recorded declines in both its gross revenue and net property income, following lower contributions from Changi City Point, which was divested in October 2023, and from Tampines 1 due to the ongoing asset enhancement works, the manager said. FCT’s units closed 0.9 per cent or S$0.02 higher at S$2.18 on Wednesday.

Suntec Real Estate Investment Trust (Reit): Its DPU for the first quarter ended Mar 31, 2024 declined 13 per cent year on year to S$0.01511 in the absence of a capital distribution that concluded in end-2023. On Thursday, the Reit manager said DPU for the quarter was 1.8 per cent lower on an operational basis, excluding last year’s capital distribution. Suntec Reit units ended Wednesday S$0.01 or 0.9 per cent up at S$1.10.

OUE Reit : The Reit posted net property income (NPI) of S$60.5 million for its first quarter ended March, up 6.9 per cent from S$56.6 million a year ago. Gross revenue increased 9.5 per cent to S$74.9 million for the quarter, from S$68.4 million a year ago. The Reit’s manager on Wednesday said the growth in NPI and revenue were mainly driven by higher contributions from Hilton Singapore Orchard – which reopened in 2023 after a rebranding exercise. Units of OUE Reit ended unchanged at S$0.270, before the news.

CapitaLand India Trust (Clint): Clint’s NPI grew 19 per cent to 3.1 billion rupees (S$49.4 million) in the first quarter ended March, from 2.6 billion rupees a year ago. The trust’s manager on Wednesday attributed the increase to higher rental income from Clint’s properties. Total property income was 26 per cent higher, at 4.2 billion rupees. Units of Clint ended S$0.015 or 1.5 per cent higher at S$0.995, before the announcement.

Digital Core Reit : Its manager said on Wednesday that the Reit posted distributable income of US$10.6 million for its first quarter ended March, 2024, down 2.4 per cent from US$10.9 million a year ago. Gross revenue decreased 8.2 per cent to US$24.6 million, from US$26.8 million a year ago. Units of Digital Core Reit closed flat at US$0.61, before the announcement.

OKP : The infrastructure and civil engineering company’s wholly owned subsidiary, Eng Lam Contractors, secured a contract worth S$92.9 million from the Land Transport Authority for the construction of new cycling path networks. Its net construction order book has reached a record high of S$735.2 million, with contracts lasting till 2027. Its counter closed flat at S$0.275, before the announcement.

Cordlife Group : Its independent auditor KPMG will not be seeking re-appointment at its upcoming annual general meeting, after issuing a disclaimer of opinion on the company’s consolidated financial statements for FY2023. The Business Times reported on Wednesday that some of the cord-blood bank’s customers were also mulling over class action-type suits and are seeking legal opinion from various law firms. Shares of Cordlife ended Wednesday S$0.004 or 3.3 per cent higher at S$0.126