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Stocks to watch: Suntec Reit, CRCT, Far East H-Trust, First Sponsor, Sasseur Reit
THE following companies saw new developments that may affect trading of their shares on Thursday:
Suntec Reit: Suntec Reit’s manager, ARA Trust Management (Suntec), has closed the book of orders for its private placement of new units in the Reit to raise gross proceeds of about S$200 million. Around 111.1 million new units will be issued at S$1.80 each, and net proceeds amount to about S$195.6 million, after deducting estimated fees and expenses. The bulk of the proceeds will go towards financing potential acquisitions of properties in Australia, the Reit manager said on Thursday before the market opened. Units in Suntec Reit closed at S$1.89 on Wednesday, up 1.6 per cent, or three Singapore cents.
CapitaLand Retail China Trust (CRCT): CRCT on Wednesday posted a distribution per unit (DPU) of 2.59 Singapore cents for the first quarter ended March 31, down from 2.75 cents a year ago. Gross revenue increased 1.1 per cent to S$55.96 million, underpinned by stronger rental growth from the core multi-tenanted malls, while net property income rose 7 per cent to S$39.8 million. Income available for distribution to unitholders was up 4.9 per cent to S$24.87 million. Units in CRCT closed at S$1.51 on Wednesday, up one Singapore cent.
Far East Hospitality Trust (H-Trust): Far East H-Trust saw its distribution per stapled security (DPS) for the first quarter ended March 31 fall 3.2 per cent to 0.91 Singapore cent, from 0.94 cent a year ago. This came on the back of an enlarged base, and income available for distribution declining 1.2 per cent to S$17.4 million. The DPS for the quarter will be paid out on June 12, with books closure set for May 6. Net property income was 9 per cent higher at S$25.1 million, boosted by additional contribution from Oasia Hotel Downtown, which Far East H-Reit (real estate investment trust) completed the acquisition of in April last year. Gross revenue grew 8 per cent to S$27.8 million from the year before, mainly due to an increase in master lease rental from the hotels, the Reit's manager said. Units in Far East H-Trust closed flat at S$0.665 on Wednesday.
First Sponsor Group: Mainboard-listed First Sponsor Group’s first-quarter net profit for the three months ended March 31 rose 39 per cent to S$23.8 million, from S$17.1 million a year ago. This was from a "strong showing" of its property financing business segment, the China-based property developer said in a regulatory filing on Thursday. The company’s earnings per share stood at 3.43 Singapore cents, up from 2.64 cents the year prior. Shares of First Sponsor closed flat at S$1.28 on Wednesday. No dividend has been declared, unchanged from the preceding year. Revenue for the quarter dropped 5.2 per cent to S$45.3 million, from S$47.8 million the year before. This was on the back of a fall in revenue from the sale of properties and rental income from investment properties, offset by revenue increases in property financing and hotel operations.
Sasseur Reit: Sasseur Reit has signed sale and purchase agreements to acquire additional shop units with existing tenancies at the annex block of Sasseur (Hefei) Outlets from third-party vendors for 98.3 million yuan (S$19.8 million). This represents a discount of approximately 4.1 per cent compared to the valuation. The shop units comprise a gross floor area (GFA) of 6,133.84 sq m, and an occupancy rate of 100 per cent as at April 24, as well as a weighted average lease expiry of 5.4 years. The acquisition - which will be fully funded by existing cash - will boost Sasseur Reit's ownership of the Hefei Outlets from 77.8 per cent to 81.2 per cent by GFA. Sasseur Reit closed flat at S$0.79 on Wednesday.