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Stocks to watch: Far East Hospitality Trust, Capital World, Perennial, Frasers Property, HPH Trust
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Far East Hospitality Trust: The trust saw distribution per stapled security (DPS) rise 3.1 per cent to one Singapore cent for the fourth quarter ended Dec 31, 2018, from 0.97 Singapore cent a year ago, the trust manager announced on Wednesday morning. This came on the back of a 4.9 per cent rise in income available for distribution to S$19.1 million, from S$18.2 million for the year-ago period. The DPS for the quarter will be paid on March 28, with books closure on Feb 21. Far East Hospitality Trust units closed down one Singapore cent or 1.54 per cent at 64 Singapore cents on Tuesday before the results were released.
Capital World: Catalist-listed Capital World saw net profit fall 15.4 per cent for the second quarter ended Dec 31 to RM14.7 million (S$4.9 million), from RM17.4 million for the year-ago period, the Malaysia-focused property developer announced on Tuesday night after the market closed. This was despite a 16.8 per cent rise in revenue to RM53.7 million from RM46 million for the year-ago period. Capital World attributed the decrease in net profit to higher cost of sales, general and administrative expenses, and finance cost. Capital World shares closed unchanged at 4.9 Singapore cents on Monday before the results release.
Perennial Real Estate Holdings: Higher finance costs took a toll on Perennial's fourth-quarter earnings, as net profit fell 42 per cent to S$16 million. For the three months ended Dec 31, earnings per share (EPS) slipped to 0.96 Singapore cent, from 1.66 Singapore cents a year ago. The board has proposed a cash dividend of 0.4 Singapore cent per share, to be paid out on May 22 for FY2018. The book closure date for this stands at May 3. However, this pales in comparison to the annual dividend of one Singapore cent for the previous financial year ended Dec 31, 2017. Revenue for the quarter is up 43.6 per cent to S$23 million, mainly attributable to higher management fees, as well as revenue from Capitol and PIHMH, which started contributing since Q2 2018. Perennial shares closed at 66 Singapore cents apiece on Monday, up 1.55 per cent, or one Singapore cent.
Frasers Property: Frasers Property posted a 76.1 per cent increase in its first quarter profit to S$145.6 million, boosted by sales of residential development projects in Australia and China, as well as an enlarged base of recurring income assets. Revenue stood at S$1.08 billion for the three months ended Dec 31, 2018 - 44.7 per cent higher than the S$748.6 million a year ago. The increase in revenue was largely attributable to the sales and settlements of development projects in Australia and China. This was further boosted by contributions from business parks in the UK, as well as maiden contributions from Frasers Tower office building, and the south wing of Northpoint City shopping mall in Singapore. EPS was 4.74 Singapore cents, up from 2.83 cents a year ago. No dividend was declared. The counter closed at S$1.69 apiece on Tuesday, down 1.17 per cent, or two Singapore cents.
Hutchison Port Holdings Trust (HPH Trust): The recognition of non-cash impairment losses of HK$12.29 billion (S$2.12 billion) for the fourth-quarter heavily dampened results for HPH Trust for the three months ended Dec 31, 2018. HPH Trust fell into the red, recording a net loss attributable to unitholders of HK$12.11 billion, compared with a net profit of HK$237.8 million in the previous year, the group said in a Singapore Exchange filing on Tuesday evening. It made a loss per unit of 138.97 HK cents, from an earnings per unit of 2.73 HK cents in the previous year. For the three months ended Dec 31, revenue for the container port business trust stood at HK$3 billion, a 5 per cent increase from HK$2.86 billion posted in the year-ago period. Fiscal 2018's full-year distribution per unit stood at 17 HK cents. HPH Trust units ended unchanged at S$0.35 on Tuesday before results were released.