Stocks to watch: Sembcorp, SIA Engineering, MLT, Keppel Reit, Suntec Reit, ESR-Logos Reit

THE following companies saw new developments that may affect trading of their securities on Wednesday (Jul 26):

Sembcorp Industries : The energy company has scrapped plans to sell its waste-management business and its energy-from-waste plant. On Tuesday, Sembcorp said it will continue to review its portfolio to ensure strategic fit and maximise shareholder value. The counter ended flat at S$5.65, before the news.

SIA Engineering : The aircraft maintenance provider’s net profit for the first quarter of the financial year ended Jun 30 more than doubled year on year to S$27 million, driven by a revenue surge on the back of higher demand for the maintenance, repair and overhaul of aircraft. Shares of the company rose 0.6 per cent or S$0.015 to S$2.42 on Tuesday, prior to the announcement.

Mapletree Logistics Trust (MLT) : Its distribution per unit (DPU) for the first quarter was up just 0.1 per cent to S$0.02271, from S$0.02268 for the same period a year earlier, as weaker exchange rates partially offset gains in distributable income. Units of MLT rose 0.6 per cent or S$0.01 to close at S$1.71 on Tuesday, before the results were released.

Keppel Real Estate Investment Trust (Reit): The Reit’s DPU fell 2.4 per cent on year to S$0.029 for the first half of the 2023 financial year ended Jun 30, as higher property income was weighed by an increase in property expenses and borrowings. Before the earnings announcement on Tuesday, units of Keppel Reit rose 1.7 per cent or S$0.015 to close at S$0.925.

Suntec Reit : Its DPU fell 27.7 per cent to S$0.03476 for its first half ended Jun 30, from S$0.04810 the year before. This comes as higher financing costs and the weaker Australian dollar and pound against the Singapore dollar impacted its distributable income. The counter closed up 1.5 per cent or S$0.02 at S$1.32 on Tuesday, before the results release.

ESR-Logos Reit : Its manager on Wednesday announced a 5.6 per cent drop in DPU to S$0.01378 for the first half ended June. This was despite higher gross revenue and net property income, which were partially offset by increased borrowing costs. Units of the Reit closed 1.5 per cent or S$0.005 higher on Tuesday at S$0.345. 

Parkway Life Reit : The Reit’s manager on Wednesday said its DPU rose 3.3 per cent to S$0.0729 for its first half ended Jun 30, from S$0.0706 in the previous corresponding period. This comes as gross revenue grew 23.6 per cent following contributions from five Japan nursing homes acquired in September 2022, along with higher rent from the Reit’s Singapore properties. The counter closed 0.8 per cent or S$0.03 higher at S$3.85 on Tuesday.

Frasers Centrepoint Trust : Its manager on Tuesday announced that committed occupancy for the trust’s retail portfolio rose 1.6 percentage points year on year to 98.7 per cent in the third quarter ended Jun 30, on the back of firm leasing demand. The counter closed down 0.5 per cent or S$0.01 at S$2.19, before the news.

iFast : The fintech platform reversed into the black with a net profit of S$3.6 million for its second quarter ended Jun 30, from a net loss of S$2.7 million a year earlier. This comes as financial market conditions stabilised this year, which benefited its core wealth management platform business, said the company on Tuesday. Its shares ended the day 1.3 per cent or S$0.06 lower at S$4.65.