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Stocks to watch: Yanlord, UE, Perennial, Great Eastern, ESR-Reit, CRCT, GuocoLand
THE following companies saw new developments that may affect trading of their shares on Friday:
Yanlord Land Group, United Engineers (UE), Perennial Real Estate Holdings: China-based property developer Yanlord Land Group on Friday announced mandatory conditional cash offers for UE. Its wholly-owned subsidiary Yanlord Investment (Singapore) is offering to acquire ordinary and preference shares in UE at S$2.60 apiece – the same price as an earlier takeover bid for UE in 2017 by a consortium led by Perennial Real Estate and Yanlord. Yanlord shares last traded flat at S$1.17 on Tuesday, while UE shares closed at S$2.66 on the same day, up 2.3 per cent, or six Singapore cents.
Yanlord, UE and Perennial have all requested for the lifting of their trading halts following this announcement.
Great Eastern Holdings (GE): GE on Friday posted a 4 per cent drop in net profit to S$205.1 million for the third quarter ended Sept 30, from S$213.3 million a year ago. This came as non-operating losses came in at S$31.8 million for Q3, compared to a non-operating profit of S$20.6 million in the corresponding period last year. Earnings per share slipped to S$0.43 for Q3, down 4 per cent from S$0.45 a year ago. GE shares closed at S$21.72 on Thursday, down eight cents or 0.4 per cent.
ESR-Reit: ESR-Reit's distribution per unit (DPU) fell by 0.4 per cent from a year ago to one Singapore cent for the third quarter ended Sept 30, weighed down by higher expenses, and an enlarged unit base due to the issuance of new placement units. In line with the trust's preferential offering, there will also be an advanced distribution of 0.145 Singapore cent. This cumulative distribution of 1.145 cents will be paid out on Nov 8, after books closure on Oct 11. Units of ESR-Reit closed flat at 54 Singapore cents on Thursday before the results were released.
CapitaLand Retail China Trust (CRCT): CRCT's DPU edged up 0.8 per cent to 2.43 Singapore cents for the third quarter ended Sept 30, from 2.41 cents for the year-ago period, following improved growth from existing malls and contribution from three newly acquired malls. Net property income grew 11.9 per cent to S$41.1 million from S$36.7 million. The China-focused mall trust's units closed unchanged at S$1.53 on Thursday, before the release of its Q3 results on Friday morning.
GuocoLand: Property developer GuocoLand on Thursday posted a 61 per cent increase in net profit to S$42.1 million for its first quarter ended Sept 30, on the back of a 62 per cent surge in revenue to S$272.5 million. Earnings per share rose to 3.36 Singapore cents from 1.93 cents a year ago. The counter closed flat at S$2.07 on Thursday before its results announcement.
Ascendas India Trust: Ascendas India Trust on Thursday posted a DPU of 2.28 Singapore cents for its second quarter ended Sept 30, up from the 1.98 cents paid out a year ago. This came on the back of higher total property income which rose 11 per cent year-on-year to S$49.6 million, while NPI rose 18 per cent to S$39 million. The books closure date is Nov 5, while the payment date is Nov 22. Units in the trust closed at S$1.55, down 0.6 per cent, or one Singapore cent on Thursday, before results were announced.
Sabana Reit: Sabana Reit on Thursday posted a DPU of 0.78 Singapore cent for its third quarter ended Sept 30, up slightly from 0.77 cent it paid out a year ago. NPI rose 10.1 per cent to S$13.9 million, as property expenses fell due to adoption of FRS 116 leases and the divestment of 9 Tai Seng Drive in January this year. Units in Sabana Reit closed at 45.5 Singapore cents on Thursday, up 2.3 per cent or one cent before its results were released.
OUE Lippo Healthcare (OUELH): OUELH on Thursday announced that it will acquire a 70 per cent stake in Wuxi Bohai Hospital Co, which operates Wuxi Bohai Hospital, for about 9.8 million yuan (S$1.9 million). The purchase will be fully funded by internal sources of the company. The completion of the acquisition and the physical takeover of the hospital are expected to occur within the fourth quarter this year. The counter last traded flat at six Singapore cents on Oct 18.
Lian Beng Group: Contractor Lian Beng on Thursday said its order book has been boosted to a record S$1.6 billion following its clinching of a S$173 million contract to build a condominium development at River Valley Close. Lian Beng said the latest contract is expected to have a positive financial impact on its net tangible assets per share and earnings per share for FY2020. The counter closed flat at 49.5 Singapore cents on Thursday before this announcement.