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Stocks to watch: Ascott Reit, Fortune Reit, Parkway Life Reit, CDL Hospitality Trust, M1
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Ascott Residence Trust (Ascott Reit): Ascott Reit saw distribution per unit (DPU) rise 5 per cent year on year from 2.04 Singapore cents to 2.15 cents for the fourth quarter ended Dec 31, 2018. This came as unitholders' distribution went up 6 per cent to S$46.5 million for Q4 from the previous year, which included a one-off partial distribution of divestment gain of S$6.5 million. The Reit closed at S$1.17 on Monday, up S$0.01 or 0.86 per cent.
Fortune Real Estate Investment Trust (Reit): Fortune Reit will pay out 51.28 Hong Kong cents per unit for 2018, 1 per cent more than its 2017 distribution, as the residential and retail trust reported positive rental reversions and increased car park income for its latest fiscal year. Income available for distribution to unitholders increased 1.6 per cent to HK$986.2 million as net property income gained 1 per cent to HK$1.5 billion for the year ended Dec 31, 2018, said the manager of the trust. Fortune Reit has a primary listing in Hong Kong and a secondary listing in Singapore. Fortune Reit's stock closed at HK$9.70 on Monday on the Singapore Exchange, down 0.6 per cent or six HK cents, before the results were announced.
Parkway Life Reit: Parkway Life Reit saw DPU fall 2.9 per cent to 3.28 Singapore cents for the three months ended Dec 31, mainly due to the absence of a one-off divestment gain for the year-ago period. The Reit's distributable income for the fourth quarter, entirely from recurring operations, came in at S$19.8 million, down from total distributable income of S$20.5 million a year earlier. Nonetheless, excluding the one-off gain, distributable income from recurring operations grew 3.9 per cent from S$19.1 million in the preceding year. Units in Parkway Life Reit closed at S$2.79 each on Monday, up 1.8 per cent, or five Singapore cents.
CDL Hospitality Trust (CDLHT): Total distribution per stapled security (DPS) for CDLHT fell 2.1 per cent to 2.77 Singapore cents for its fourth quarter compared to the year-ago period. Net property income also fell 5.4 per cent to S$38.4 million, as revenue dropped 5.4 per cent to S$52.3 million, mainly due to the absence of contribution from three properties. The counter closed up one Singapore cent at S$1.58 on Monday.
M1: Telco M1 - which is facing a general offer by Keppel Corp and The Business Times publisher Singapore Press Holdings - saw earnings slide for the fourth quarter on higher expenses, according to unaudited financial results released on Monday. Net profit fell to S$25.2 million for the three months to Dec 31, 2018, down 21.4 per cent on the previous year, even as operating revenue edged higher by 3.7 per cent to S$312.8 million, supported by handset and equipment sales. M1 closed flat at S$2.06 on Monday before the results were released.