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Stocks to watch: Suntec Reit, CMT, FCT, M1, Acromec
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Suntec Real Estate Investment Trust (Reit): Lower revenue from Suntec Singapore and a fall in office rentals dented retail and commercial owner Suntec Reit's earnings for its fourth quarter. The distribution per unit (DPU) for the fourth quarter rose 0.31 per cent to 2.604 Singapore cents from 2.596 Singapore cents for the preceding year, the group said on Wednesday. For the three months ended Dec 31, gross revenue dipped 1.8 per cent to S$87.3 million from last year. Suntec Reit units closed S$0.02 or 0.9 per cent lower at S$2.17 on Tuesday.
CapitaLand Mall Trust (CMT): Higher occupancy for Bugis Junction and The Atrium@Orchard gave a fillip to results for retail owner CMT for its fourth quarter. Distribution per unit edged up 0.7 per cent to 2.9 Singapore cents from 2.88 Singapore cents last year, the group said on Wednesday. Net property income also increased 2.6 per cent to S$119.3 million from the previous year. CMT units ended down S$0.02, or one per cent, at S$2.05 on Tuesday.
Frasers Centrepoint Trust (FCT): FCT reported a 3.8 per cent year-on-year rise in distribution per unit (DPU) to three Singapore cents for the fiscal first quarter ended Dec 31, 2017. Gross revenue for the period rose 8.7 per cent to S$47.9 million, and net property income grew 9.1 per cent to S$34.5 million, thanks to higher rental revenue and higher occupancy at Northpoint City. FCT units closed at S$2.30 on Tuesday, unchanged from the previous day's close.
M1 Limited: M1's net profit dipped by 2.5 per cent on the previous year as a drop in handset sales ate into operating revenue. For the three months to Dec 31, 2017, fourth-quarter earnings stood at S$31 million, down from S$31.8 million for the same period the year before. M1 closed up by S$0.01, or 0.54 per cent, to S$1.87 on Tuesday, before results were announced.
Acromec Limited: Acromec on Wednesday said it plans to place S$3.84 million worth of new shares to a group of investors. It will also pay S$96,000 in "introducer fee" to TSS Capital, a consultancy firm which had introduced these investors. Acromec plans to sell 16 million new shares at S$0.24 apiece, representing 13.05 per cent of the current share capital. The issue price translates to a 3.9 per cent discount to the volume weighted average price trades done on Tuesday, the day the agreements were signed. Acromec traded 1.96 per cent, or 0.5 Singapore cent lower to close at 25 Singapore cents on Tuesday.