Singapore Stocks to Watch: CLI, FEHT, Centurion, Grand Banks Yachts

TigerNews SG02-14

The following companies saw new developments that may affect trading of their securities on Wednesday (Feb 14):

CapitaLand Investment (CLI) has established its new lodging private fund, CapitaLand Ascott Residence Asia Fund II (CLARA II) to invest in serviced residences and coliving properties in gateway cities in key developed Asia Pacific (APAC) markets.

The fund, which has a target equity size of US$600 million ($800 million), comes amid growing demand for lodging, according to CLI. CLARA II is CLI’s second private fund that focuses on serviced residence and coliving assets. It is the follow-on fund to the US$600 million Ascott Serviced Residence Global Fund (ASRGF).

Far East Hospitality Trust’s (FEHT) distribution per stapled security (DPS) for the second half ended December 2023 rose 25.4 per cent to S$0.0217, from S$0.0173 in H2 FY2022.

Gross revenue gained 28.6 per cent year on year to S$54.8 million. The stapled hospitality group registered higher revenue contributions across all business segments – particularly in the hotel segment, where contributions grew 36.5 per cent to S$41 million.

Revenue per available room (RevPAR) for hotels rose 19.9 per cent to S$140. Average occupancy improved 2.6 percentage points to 81.7 per cent, resulting in a 16.1 per cent higher average daily rate (ADR) of S$171.

Centurion on Tuesday (Feb 13) said that it expects to report a “substantial increase” in its net profit for the financial year ended Dec 31, 2023, compared to the year before.

The property player said the increase is largely due to “net fair value gains on the group’s investment properties expected to be recognised in FY2023”.

Its final set of results are set to be released on Feb 28, after trading hours.

Luxury yacht builder Grand Banks Yachts on Tuesday (Feb 13) posted a net profit of S$6.9 million for the first half ended Dec 31, 2023, climbing 91.7 per cent from S$3.6 million in the corresponding year-ago period.

This was driven by increased boat-building activities at the group’s Pasir Gudung manufacturing yard in Johor, Malaysia, as well as higher sales.

The increased profit translated to H1 FY2024 earnings per share of S$0.0375, up from S$0.0196 in H1 FY2023.

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