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Stocks to watch: LMIRT, Mapletree Industrial Trust, Frasers Commercial Trust, ST Engineering, Q&M
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Lippo Malls Indonesia Retail Trust: The Indonesian mall property trust has cut its first-quarter payout to unitholders by 17.9 per cent, as rental income slid year-on-year. Distribution per unit (DPU) will be 0.55 Singapore cent for the three months to March 31 against 0.67 Singapore cent previously, the manager said in unaudited results released on Monday. The counter shed 0.2 Singapore cent or 1 per cent to S$0.198 on Monday before the results were announced.
Mapletree Industrial Trust: The industrial property trust's distribution per unit (DPU) for the fourth quarter ended March 31 rose 4.4 per cent to 3.08 Singapore cents from 2.95 cents a year ago. Q4's DPU included an advanced distribution of 1.71 cents per unit for the period from Jan 1 to Feb 19, which was paid out on March 26. The DPU for the enlarged units in issue for the remaining period from Feb 20 to March 31 was 1.37 cents per unit. MIT units closed up three cents at S$2.08 on Monday before the results were announced.
Frasers Commercial Trust (FCOT): The office property trust is maintaining a distribution per unit of 2.40 Singapore cents for its second quarter amid lower occupancy and higher property tax on Alexandra Technopark. Net property income (NPI) was at S$20.1 million, down 10.5 per cent from S$22.4 million a year ago. Gross revenue meanwhile dipped 7.9 per cent to S$30.4 million from a year ago.
Singapore Technologies Engineering: The defence contractor said on Monday its aerospace and electronics sectors secured new contracts worth about S$2.1 billion in total in the first quarter of 2019. Some S$1.3 billion came from its aerospace sector, which received a 10-year service agreement from a major North America operator, a long-time customer, to provide heavy maintenance checks for its entire fleet of A300 and Boeing 757. The agreement covers over 160 wide-body and narrow-body aircraft to be serviced at the sector's US facilities in San Antonio and Pensacola, starting in 2020. Shares of the company closed at S$3.85 on Monday, down 0.52 per cent.
Q&M Dental Group: The dental services group is in discussions with two different parties to potentially sell some of its stake in dental materials associate company Aidite (Qinhuangdao) Technology. Q&M, which owns 48 per cent of Aidite, said discussions are ongoing and no definitive terms have been agreed. The group also announced 14 of its 17 senior founding dentists have extended their service agreements with the group until Jan 15, 2030. Q&M shares closed down 2.35 per cent, or S$0.01, to S$0.415 on Monday.
ComfortDelGro Corp: Taxi company ComfortDelGro (CDG) is reorganising its Australia operations in a move that will see some executives change roles, following major acquisitions in Australia last year. Nicholas Yap, currently heading CDG's operations in Victoria, will become country head and chief executive officer of Australia starting July 1. Wayne Jeff, currently chief operating officer (COO) for New South Wales, will take over as CEO of New South Wales. The counter closed flat at S$2.61 on Monday.