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Stocks to watch: Keppel, Ascendas Reit, Mapletree North Asia Commercial Trust, Ascott Reit, CDLHT
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Keppel Corporation: Conglomerate Keppel Corp has priced the issue of its S$150 million 3 per cent notes due 2024 and S$350 million 3.66 per cent notes due 2029, it said on Monday night after the market closed. They are expected to be issued on or about May 7, 2019, and are expected to be listed on the Singapore Exchange on or about the following business day after the issue. They will be issued under Keppel Corp’s US$5 billion multi-currency medium-term note programme. The company had on Monday morning increased the limit of the programme from US$3 billion to US$5 billion. Keppel Corp shares closed down 16 Singapore cents or 2.3 per cent to S$6.79 on Monday.
Ascendas Reit: Ascendas Reit on Monday reported a 6.1 per cent rise in distribution per unit (DPU) to 4.148 Singapore cents for the fourth quarter ended March 31, from 3.910 cents last year. This was on the back of contributions from 38 newly acquired properties in the UK, four new acquisitions in Australia and two redeveloped properties in Singapore. The contributions were partially offset by non-renewals and downsizing in some of the Reit's Singapore properties. Q4 gross revenue increased 4.3 per cent to S$225.06 million, while net property income (NPI) grew 3.5 per cent to S$163.43 million. The total amount available for distribution was up 12.7 per cent to S$129.02 million. For the full year, DPU rose 0.3 per cent to 16.035 cents, after taking into account an enlarged number of units in issue. Units of the trust ended up three Singapore cents at S$3.01 on Monday before the results were announced.
Mapletree North Asia Commercial Trust (MNACT): MNACT has posted a 2.7 per cent rise in DPU to 1.956 Singapore cents for the fourth quarter ended March 31. Contribution from the trust's new Japan properties, and higher rental income from Hong Kong and China drove growth in revenue and net property income (NPI) for the quarter, and the full year. Gross revenue picked up 16.2 per cent to S$104.04 million, and NPI improved 15.3 per cent to S$84 million. Q4 distributable income also grew 15.3 per cent to S$62.07 million. For the full year, DPU was up 2.8 per cent to 7.69 Singapore cents from 7.481 cents a year ago, taking into account an enlarged number of units in issue. Unitholders can expect to receive the Q4 distribution on May 27. MNACT units closed down two Singapore cents to S$1.34 on Monday before the results were announced.
Ascott Residence Trust (Ascott Reit): Ascott Reit on Tuesday reported a 7 per cent rise in its distribution per unit (DPU) to 1.45 Singapore cents for the first quarter ended March 31, 2019, from 1.35 Singapore cents a year ago. After the Singapore-listed hospitality trust adjusted for one-off items, the adjusted DPU was 4 per cent higher at 1.33 Singapore cents compared to 1.28 Singapore cents previously. Units in Ascott Reit closed at S$1.21 on Monday, up 1.7 per cent, or two Singapore cents. Distribution to unitholders for Q1 increased 8 per cent to S$31.5 million, due to better operating performance, lower financing costs and higher one-off realised exchange gain of S$1 million, said Ascott Reit's manager.
CDL Hospitality Trusts (CDLHT): Total distribution per stapled security for CDLHT declined 3.7 per cent from a year ago to 2.09 Singapore cents for the three months to March 31. Revenue shrank 10.6 per cent to S$46.3 million for the first quarter, while net property income also fell 10.7 per cent to S$33.8 million due to downtime at two of CDLHT’s properties, the group reported on Monday before the market opened. The counter closed up one Singapore cent to S$1.60 on Monday.
Citic Envirotech: Citic Envirotech's net profit plunged 92.2 per cent to S$3.08 million for the first quarter ended March 31, as two major projects in China experienced delays due to adverse wintry conditions. The water treatment and recycling solutions provider said on Monday that the delays were the main reason that engineering revenue fell 94.3 per cent to S$6.9 million and membrane system sales decreased 84.9 per cent to S$13.7 million. Earnings per share fell to 0.13 Singapore cent from 1.72 cents in the previous year. Citic Envirotech shares lost 1.5 Singapore cents or 3.3 per cent to close at S$0.44 on Monday before results were announced.
China Sunsine Chemical Holdings: The speciality rubber chemicals producer on Monday posted a 26 per cent fall in net profit to 110.2 million yuan (S$22.3 million) for the first quarter ended March 31. Revenue for the quarter shrank 20 per cent to 686.6 million yuan due to a decrease in average selling price (ASP). ASP slid 24 per cent for Q1, mainly on the back of a decrease in raw material prices. Earnings per share decreased 26 per cent to 22.42 fen from 30.4 fen a year ago. China Sunsine shares closed up two Singapore cents or 1.71 per cent to S$1.19 on Monday before the results were announced.