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Stocks to watch: ST Engineering, MCT, Suntec Reit, Ascendas-iTrust, Sabana Reit, SingHaiyi
THE following companies saw new developments that may affect trading of their shares on Friday:
Singapore Technologies Engineering (ST Engineering): ST Engineering's aerospace and electronics sectors have secured new contracts worth about S$1.5 billion in total for the second quarter of 2019, the integrated engineering group said on Thursday. This is in addition to a S$1 billion contract announced on April 24 to design and construct the first Polar Security Cutter for the Department of the US Navy. ST Engineering shares closed flat at S$4.29 before the announcement.
Mapletree Commercial Trust (MCT): MCT on Thursday posted a 3.6 per cent year-on-year increase in distribution per unit (DPU) to 2.31 Singapore cents for the first quarter ended June 30. Gross revenue edged up 3.3 per cent year-on-year to S$112.13 million on the back of higher contributions from all properties except Mapletree Anson. Net property income (NPI) rose 2.8 per cent to S$88.35 million, while income available for distribution in the quarter under review was up 4.1 per cent at S$67.25 million. Books closure date has been set for Aug 2, with unitholders receiving their payouts on Aug 29. Units in MCT closed at S$2.10 on Thursday, up two cents.
Suntec Real Estate Investment Trust (Suntec Reit): Suntec Reit on Friday morning posted a 4.6 per cent drop in its DPU to 2.361 Singapore cents for the second quarter ended June 30, down from 2.474 cents for the year-ago period. Net property income shrank 7.2 per cent to S$56.4 million for the quarter, from S$60.7 million a year ago. Gross revenue fell 2.3 per cent year on year to S$88.4 million from S$90.5 million, mainly due to a S$3.9 million drop in revenue from Suntec Singapore. This was partially offset by a S$1.8 million increase in revenue from Suntec City. Units in Suntec Reit closed flat at S$1.95 on Thursday, before the release of its financial results.
Ascendas India Trust (Ascendas-iTrust): Ascendas-iTrust on Thursday posted a 28 per cent jump in DPU for the first quarter ended June 30. DPU rose to 2.05 Singapore cents, while NPI increased 13 per cent to S$37.8 million and income available for distribution increased 29 per cent to S$23.7 million. The improved performance was mainly due to incremental income from aVance Pune, which was leased out in phases after it was acquired in February 2017, income from Anchor building at International Tech Park Bangalore after its completion in May 2019, and rental increases. Units of the trust ended two Singapore cents or 1.52 per cent up at S$1.34 on Thursday.
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit): Loss of income from a recently divested property, absence of a one-time recovery of costs for another, plus lower revenue and NPI due to a challenging market, dampened results for industrial property owner Sabana Reit in its second quarter. DPU shrank to 0.62 Singapore cent from 0.82 Singapore cent in the previous year, while Q2 income available for distribution fell 24.1 per cent to S$6.6 million from the previous year. Payment is due Aug 29 and books will close Aug 2.
For the three months ended June 30, gross revenue sank 9.3 per cent to S$18.2 million from the year-ago period. NPI slid 4.2 per cent to S$12 million from the previous year, with lower property expenses partially offsetting the gross revenue decline. For the first half of its fiscal year, DPU slid to 1.37 Singapore cents from 1.70 Singapore cents, as income available for distribution fell 19.2 per cent to S$14.5 million. Sabana Reit units closed unchanged at S$0.46 on Thursday before results were announced.
SingHaiyi Group: Property developer SingHaiyi on Thursday posted a net loss of S$8.2 million for the first quarter ended June 30, compared to a profit of S$1.2 million a year ago. Revenue plunged 84 per cent to S$4.2 million from S$26 million in Q1 of the previous year, mainly due to lower revenue recognised for SingHaiyi's completed private condominium project City Suites. Loss per share was 0.194 Singapore cent, while earnings per share a year ago was 0.029 cent. No dividend was declared for the period under review. SingHaiyi shares ended at S$0.095 on Thursday, up 0.2 Singapore cent or 2.15 per cent before the results were announced.