Singapore Stocks to Watch: Suntec Reit, Keppel Reit, ESR-Logos Reit, FCT, Hwa Hong

Tiger Newspress2022-07-27

THE following companies saw new developments that may affect trading of their securities on Wednesday (Jul 27).

Suntec Reit (T82U): SUNTEC real estate investment trust’s (Reit) distribution per unit (DPU) grew 15.8 per cent year on year to S$0.0481 for its 6-month period ended Mar 31, 2022, from S$0.04154 last year.

Gross revenue rose 22.1 per cent to S$203.5 million for the first half of this year, from S$166.8 million in the corresponding year-ago period.

The Reit’s manager on Wednesday (Jul 27) attributed the higher revenue mainly to contribution from The Minster Building — newly acquired in July 2021, higher revenue from Suntec City, Suntec Singapore, 21 Harris Street and Olderfleet, 477 Collins Street.

Keppel Reit (K71U): The manager of Keppel REIT has reported a distribution per unit (DPU) of 2.97 cents for the 1HFY2022 ended June, 1.0% higher than the DPU of 2.94 cents posted in the corresponding period the year before.

The number of units in the REIT in issue during this period stood 1.23% higher y-o-y at 3.72 billion.

During the period, the REIT’s property income increased by 3.7% y-o-y to $109.8 million.

Net property income (NPI) increased by 6.0% y-o-y to $89.5 million, while NPI attributable to unitholders increased by 6.6% y-o-y to $81.0 million.

ESR-Logos Reit (J91U): The manager of ESR-LOGOS REIT (E-LOG) has reported a distribution per unit (DPU) of 0.737 cents for the 2QFY2022 ended June.

This brings the REIT’s DPU for the 1HFY2022 to 1.460 cents.

This is the first set of combined financial results released for the period after the completion of the merger between ESR-REIT and ARA LOGOS Logistics Trust (ALOG) in April.

On a y-o-y basis, E-LOG’s DPU stood 6.0% lower y-o-y compared to the DPU of 1.554 cents in the 1HF2021 due to the higher applicable number of units issued.

FCT (J69U):  Frasers Centrepoint Trust, one of the larger retail REITs, has reported that tenants’ sales for its 3QFY2022 ended June has increased by 23% over the same quarter last year. On average, the sales have even reached a level 10% higher than pre-pandemic levels on average.

Shopper traffic, meanwhile, was up 32% y-o-y for the same quarter, and was around 79% pre-pandemic levels, says FCT in its 3Q quarterly business update.

FCT owns a $6.1 billion portfolio of nine malls with a total net lettable area of 2.3 million square feet, such as Causeway Point and Waterway Point.

Overall, the REIT’s retail portfolio was 97.1% occupied for 3QFY2022, slightly lower from the last quarter.

Hwa Hong (H19): HWA Hong’s directors have announced their decision to accept Sanjuro United’s revised offer of S$0.40 per share for their stakes in the company.

In a bourse filing after market close on Tuesday (Jul 26), Hwa Hong directors Ong Eng Loke, Ong Eng Hui David, Ong Eng Keong and Ong Mui Eng – known as the current Ong directors – announced their intention to sell the approximately 29.3 per cent stake in the company to offeror Sanjuro United. The move will turn the Sanjuro United offer unconditional.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment