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Stocks to watch: Noble Group, Addvalue Technologies, Keppel-KBS US Reit, Keppel T&T
THE following companies saw new developments which may affect trading of their shares on Thursday:
Noble Group: Noble has published its explanatory statement for its financial restructuring scheme, following its Tuesday's announcement that it had gained permission to begin scheme meetings in London and Bermuda on Nov 18. Information agent Lucid Issuer Services will provide all known scheme creditors with a copy of the statement, and they can also also access these documents at www.lucid-is.com/newnoble or in person upon request at Lucid's office in London.
Addvalue Technologies: Addvalue's business has been valued at about S$123 million as at May 31, 2017, it said in a general announcement responding to some shareholders' questions about the value of its intellectual property (IP) assets. The satellite communications company said that the "intrinsic value and worth" of its staff and IP assets are not accounted for in its books and therefore not reflected in its financial position and performance. It had got intangible asset specialist EverEdge Global (NZ) in 2017 to review its IP assets, but this was previously not shared with shareholders or the investing public.
Keppel-KBS US Reit: Distribution per unit for the US office landlord inched up to 1.5 US cents from 1.49 US cents in its initial public offering (IPO) forecast, helped by strong leasing momentum, positive rental reversion and lower property expenses. For the three months ended Sept 30, gross revenue dipped 2 per cent below forecast to US$22.7 million. This was mainly due to lower rental income and recoveries income, the latter from charging tenants for reimbursements of certain property expenses. Net property income was flat at US$13.6 million compared to the earlier forecast figures. Income available for distribution to unitholders edged up 0.2 per cent to US$9.5 million from its forecast.
Keppel Telecommunications & Transportation (T&T): The data centre operator posted a 12 per cent lower net profit for its third-quarter, at S$11.8 million, on the back of higher operating costs and the absence of gain from the partial disposal of a data centre, Keppel DC Singapore 4, in the third quarter of 2017. Revenue was S$47.9 million, up 7 per cent from S$45 million a year ago, thanks to higher data centre facility management income, as well as revenue from the warehousing and channel management businesses which offset the lower revenue from port operations in China. Earnings per share for the quarter was 2.1 Singapore cents, versus 2.4 cents in the previous year.