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Stocks to watch: CCT, FCT, Suntec Reit, MLT, MIT, Kimly, Addvalue
THE following companies saw new developments that may affect trading of their shares on Wednesday:
CapitaLand Commercial Trust (CCT): CCT's distribution per unit (DPU) was unchanged from a year ago at 2.2 Singapore cents for the third quarter ended Sept 30. Distributable income rose 2.6 per cent year on year to S$84.8 million, on the back of higher net property income and lower interest expense. Meanwhile, the upcoming CapitaSpring in Raffles Place will tap new tenant The Work Project (Commercial)'s capabilities to operate flex (flexible spaces and amenities) solutions and curate new offerings, CCT's manager said in a separate announcement. Units of CCT were down one Singapore cent or 0.5 per cent to S$2.05 at Tuesday's close.
Frasers Centrepoint Trust (FCT): Its fourth-quarter DPU grew 1.8 per cent year on year to 2.913 Singapore cents, bringing the total DPU for fiscal 2019 to a new high of 12.07 cents. Distribution to unitholders surged 22.6 per cent to S$32.6 million for Q4. Units of FCT were trading flat at S$2.73 as at 9.10am on Wednesday, after the results were released.
Suntec Reit: The real estate investment trust posted a DPU of 2.365 Singapore cents for Q3, down 5.1 per cent from a year ago mainly due to an enlarged unit base. Distributable income from operations of S$59.7 million was 5.7 per cent higher year on year. Units of Suntec Reit were down one cent or 0.5 per cent at S$1.86 as at 9.08am on Wednesday, after the results were announced.
Mapletree Logistics Trust (MLT): MLT on Wednesday said that its overnight placement was over 13 times covered, with the issue price fixed at S$1.617 per new unit, at the top end of initial indications. The trust added that it would raise about S$250 million from the issue of 154.6 million units. Trading of the new units on the Singapore Exchange is expected to start at 9am on Nov 1. Following the outcome of its private placement, MLT on Wednesday called for the lifting of a trading halt it requested on Tuesday. MLT units last traded at S$1.66, down one cent, or 0.6 per cent on Monday.
Mapletree Industrial Trust (MIT): New revenue contributions from recently acquired, refurbished or completed properties led MIT to post a higher DPU of 3.13 Singapore cents for its second quarter, up from the 3.01 Singapore cents it paid out a year ago. For the three months ended Sept 30, 2019, gross revenue rose 10.5 per cent to S$101.9 million, largely due to new revenue contributions from 18 Tai Seng, 30A Kallang Place and Mapletree Sunview 1. As a result, net property income for Q2 increased by 13.3 per cent to S$80 million. Units of the real estate investment trust closed five cents or 1.9 per cent lower at S$2.53.
Kimly: Catalist-listed coffee shop operator Kimly on Tuesday said that it plans to acquire interests in several coffee shops and industrial canteen units for a total of S$59 million, in a move that will expand the group's footprint to 81 outlets. The consideration for the long-term leasehold coffee shop units and freehold industrial canteen units will be satisfied partly in cash, and 40 million new Kimly shares at the issue price of S$0.25 per share. Kimly shares closed flat at S$0.225 on Tuesday.
Addvalue Technologies: Mainboard-listed Addvalue Technologies' wholly-owned subsidiary Addvalue Innovation has delivered the first flight model of its inter-satellite data relay system (IDRS) terminal to Capella Space. Addvalue's IDRS system provides commercial on-demand, real-time connection for LEO satellites. This is a significant step closer to launching the world's first satellite equipped with IDRS, Addvalue said on Wednesday. Shares of Addvalue Technologies were flat at 2.2 Singapore cents at Tuesday’s close.