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Stocks to watch: CapitaLand Commercial Trust, Keppel T&T, Mapletree Commercial Trust, Sino Grandness Food
THE following companies saw new developments that may affect trading of their shares on Thursday:
CapitaLand Commercial Trust (CCT): CCT unit holders will get a heftier distribution per unit (DPU) for the fourth quarter from higher net property income from a beefed-up portfolio, as well as dividends. They can look forward to a DPU of 2.22 Singapore cents for the three months to Dec 31, 2018, against the 2.08 Singapore cents for the same period the year before. Net property income for the quarter swelled by 16.6 per cent year on year to S$79.3 million, according to financial results out on Thursday. Gross revenue rose by 14.8 per cent to S$99 million, as contributions from new properties made up for lost revenue from a divestment. CCT units last closed flat at S$1.83 on Wednesday, before the results were released.
Keppel Telecommunications & Transportation (Keppel T&T): Keppel T&T reported a 10.6 per cent fall in net profit for the fiscal fourth quarter from a year ago. This was due mainly to impairment loss on an associated company, fair value loss on a data centre and higher operating expenses, though partly offset by higher share of profits and fair value gains on investment properties from associated companies. Net profit for the three months ended Dec 31, 2018 stood at S$18.2 million, compared with a net profit of S$20.4 million posted the same period a year ago. The results translate to earnings per share (EPS) of 3.3 Singapore cents, down from 3.6 Singapore cents a year ago.
Mapletree Commercial Trust (MCT): MCT, which derives earnings from shopping mall VivoCity and office properties, reported a 1.3 per cent rise in DPU for its fiscal third quarter, lifted by higher net property income, it said on Wednesday. DPU for the three months ended Dec 31, 2018 stood at 2.33 Singapore cents, up from 2.3 Singapore cents for the same period a year ago. Net property income rose 2.2 per cent to S$87.9 million. The higher net property income was partly offset by higher finance expenses and higher manager’s management fees, as well as unrealised foreign exchange loss. Units of MCT closed at S$1.72 on Wednesday, down one Singapore cent.
Sino Grandness Food: The Chinese canned vegetable and fruit producer remains locked in negotiation with lender Soleado Holdings, which has again served a letter of demand over a sum of about US$22 million, it said on Wednesday. The sum refers mainly to the outstanding convertible loan principal amount, default interests payable and reimbursement of the amount of all costs and legal expenses, and includes default interest accruing at 15 per cent per annum, as well as associated fees, costs and expenses. The lender wants payment two weeks from now. Shares of Sino Grandness closed on Wednesday at S$0.103, down 0.2 Singapore cent.