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Stocks to watch: HPH Trust, First Sponsor, AA Reit, CLT, Citic Envirotech, Sunpower
THE following companies saw new developments that may affect trading of their shares on Thursday:
Hutchison Port Holdings Trust (HPH Trust): HPH Trust, a container port trust affiliated with Hutchison Ports, saw its second-quarter performance affected by ongoing challenges in the global trade environment. The trust reported a 1.4 per cent dip in its revenue and other income to HK$2.7 billion (S$0.47 billion) for the three months ended June 30, from HK$2.8 billion the year before. Profit attributable to HPH Trust unitholders was HK$136.5 million, down from HK$170 million. Earnings per unit attributable to unitholders was 1.57 HK cents, down from 1.95 HK cents in the year-ago period. HPH Trust has recommended a distribution per unit of six HK cents for the half-year ended June 30, compared to 8.52 HK cents the year before. HPH Trust units last closed up 0.5 US cent to 22.5 US cents on Wednesday, before the release of its financial results.
First Sponsor: Mainboard-listed First Sponsor Group on Thursday reported a 24.7 per cent rise in net profit to S$15.1 million for the second quarter, from S$12.1 million a year ago. This comes on the back of increased revenue from the sale of properties and hotel operations. For the three months ended June 30, earnings per share (EPS) stood at 1.86 Singapore cents, up 12 per cent from 1.66 cents a year ago. An interim cash dividend of 1.1 Singapore cents per share has been declared for the period, up from 1 cent a year ago. This will be payable on Sept 13, the group said. First Sponsor shares last traded down 0.8 per cent, or one Singapore cent to S$1.31 on Monday.
Aims Apac Reit (AA Reit): AA Reit posted a distribution per unit of 2.5 Singapore cents for its first quarter ended June 30, unchanged from the year-ago period, the real estate investment trust’s manager said on Thursday morning. Net property income (NPI) grew 18.1 per cent to S$22.9 million, from S$19.4 million in Q1 2019. The higher NPI was mainly due to higher gross revenue, and lower property operating expenses arising from the adoption of Financial Reporting Standard 116 (FRS 116). As a result, NPI margin increased to 75 per cent in Q1 2020, compared to 67.2 per cent in Q1 2019. Gross revenue rose 5.8 per cent to S$30.6 million for the quarter, up from S$28.9 million a year ago. Units of Aims Apac Reit closed flat at S$1.47 on Wednesday.
Cache Logistics Trust (CLT): Cache Logistics Trust on Thursday posted a distribution per unit (DPU) of 1.321 Singapore cents for its second quarter ended June 30, down 6.9 per cent from 1.419 cents from the year-ago period. Net property income fell 5.4 per cent to S$20.5 million for the quarter, down from S$21.6 million a year ago. Units in the trust closed 1.9 per cent, or 1.5 Singapore cents higher at S$0.795 on Wednesday.
Citic Envirotech (CEL): Net profit for CEL dived 66 per cent to S$14.7 million for the second quarter ended June 30, from S$43.3 million a year ago, the wastewater treatment provider reported on Wednesday. Q2 revenue shrank 30.3 per cent to S$202.8 million from S$291 million in Q2 2018, mainly due to a 30 per cent decrease in the engineering business and 44.7 per cent decrease in membrane system sales. Earnings per share was 0.61 Singapore cent, down from 1.82 cents a year ago. CEL shares closed at S$0.305 on Wednesday before results were announced, down 1.5 Singapore cents or 4.69 per cent.
Sunpower Group: Environmental solutions company Sunpower Group on Wednesday said it is in the process of acquiring a 90 per cent equity interest in Changshu Suyuan Thermal Power Co, a thermal power plant in China. The purchase consideration is estimated at 320 million yuan (S$63.5 million), and will be adjusted based on the actual results of due diligence on the power plant. Sunpower said the proposed acquisition is part of its strategy to build a Green Investments portfolio as a value creator and growth driver. Sunpower shares closed at S$0.505 on Wednesday before the announcement, down two Singapore cents or 3.81 per cent.
Trading halt: Mechanical and electrical engineering firm Libra Group requested for a trading halt on Thursday morning, pending the release of an announcement. The counter had closed at 5.1 Singapore cents on Wednesday, down 0.6 cent, or 10.5 per cent.