Stocks to watch: UOB, Olam, MIT, KIT, CLCT, OUE C-Reit, AA Reit

THE following companies saw new developments that may affect trading of their securities on Thursday (Jul 27):

UOB : The bank’s net profit for the second quarter rose 27 per cent to S$1.4 billion on higher net interest income, and trading and investment income. Excluding one-off expenses mostly related to the integration of Citigroup, net profit would have been about 35 per cent higher, it said on Thursday. Shares of UOB closed 0.8 per cent or S$0.23 higher at S$28.69 on Wednesday.

Olam Group : The food and agri giant expects net profit to be “materially lower” because of an exceptional one-off charge of US$83 million due to an unprecedented and materially lower crop yield in the group’s almond orchards in Australia. Its shares closed 0.7 per cent or S$0.01 higher at S$1.40 on Wednesday, prior to the announcement.

Mapletree Industrial Trust (MIT): Its distribution per unit (DPU) fell 2.9 per cent year on year to S$0.0339 for the first quarter ended Jun 30, following a private placement in May which led to an enlarged unit base. The manager expects a worsening outlook for Singapore’s manufacturing and wholesale sectors in the second half of 2023. Prior to the announcement on Wednesday, units of MIT closed flat at S$2.29.

Keppel Infrastructure Trust (KIT): The trust manager on Wednesday reported a 1 per cent year-on-year increase in H1 DPU to S$0.0193, as distributable income grew on higher contributions from City Energy as well as new acquisitions completed in the previous financial year. Prior to the announcement, units of KIT closed flat at S$0.52.

CapitaLand China Trust (CLCT): Its DPU fell 8.8 per cent to S$0.0374 for its first half year ended June, from S$0.041 the year before. Despite an increase in gross revenue in renminbi (RMB) terms, a stronger Singapore dollar against the RMB resulted in lower gross revenue in terms of Singapore dollars, said its manager on Thursday. The counter closed flat at S$1.05 on Wednesday.

OUE Commercial Real Estate Investment Trust (OUE C-Reit): Its manager on Wednesday reported a 2.8 per cent decrease in DPU to S$0.0105 for the first half of 2023, from S$0.0108 in the previous corresponding period. This came as higher net property income was offset by higher financing costs and the absence of income support at OUE Downtown Office. Units of OUE C-Reit ended 1.6 per cent or S$0.005 lower at S$0.305, before the announcement.

Aims Apac Reit (AA Reit): The Reit’s DPU rose 1.3 per cent to S$0.0231 for its first quarter ended Jun 30, from S$0.0228 the year before. This came as gross revenue grew 4.5 per cent following higher rental income from Singapore properties, said the manager on Thursday. Units of the Reit ended Wednesday flat at S$1.24.

Keppel Pacific Oak US Reit : The office-focused Reit’s DPU fell 17.2 per cent year on year to US$0.025 for its first half ended Jun 30. Its manager on Wednesday attributed the decline to higher financing costs, rising interest rates and divestments of two of its properties in Atlanta. Units of the Reit closed flat at US$0.30 on Wednesday, before the news.