Singapore Stocks to Watch: MPACT, MLT, Keppel Reit, Clint, CDLHT, OUE Reit

The following companies saw new developments that may affect trading of their securities on Tuesday (Jan 30):

Mapletree Pan Asia Commercial Trust (MPACT) has declared 9.1% lower distribution per unit (DPU) y-o-y of 2.20 cents for 3QFY2024 ended Dec 31, 2023, tempered by rate hikes and the absence of a one-off gain.

However, the REIT recorded y-o-y gains in gross revenue and net property income (NPI) for the quarter, which improved by 0.8% y-o-y to $241.6 million and 1.7% y-o-y to $182.4 million, respectively. 

Despite broad forex challenges, growth was primarily driven by Singapore’s robust performance, which delivered positive contributions after fully offsetting higher utility expenses. 

Mapletree Logistics Trust (MLT) has proposed the divestment of its property at 72 Tuas South Avenue 1 for a sale price of $16.8 million.

On Jan 29, the manager of MLT announced that HSBC Institutional Trust Services (Singapore), in its capacity as trustee of MLT, had entered into a purchase agreement with an unrelated third party.

The property is a 22-year-old four-storey cargo lift warehouse with a net lettable area of approximately 10,967 sqm. The sale price of $16.8 million is 10.5% above the latest valuation of $15.2 million as at Jan 1.

Keppel REIT has reported a distribution per unit (DPU) of 5.80 cents for the FY2023 ended Dec 31, 2023, 2.0% lower y-o-y. DPU for the 2HFY2023 fell by 1.7% y-o-y to 2.90 cents.

The lower DPUs were mostly due to the higher borrowing costs. In the FY2023, borrowing costs rose by 16.0% y-o-y to $67.0 million while borrowing costs rose 8.3% y-o-y to $35.2 million in the 2HFY2023.

For the FY2023 and 2HFY2023, the REIT had 3.78 billion units in issue compared to the 3.74 billion units in issue in the corresponding periods the year before.

The manager of CapitaLand India Trust (CLINT) has reported a distribution per unit (DPU) of 3.09 cents for its 2HFY2023 ended Dec 31, 2023, 21% lower than the DPU of 3.91 cents in the same period the year before.

DPU for the FY2023 also decreased 21% y-o-y to 6.45 cents from FY2022’s 8.19 cents. The lower DPU is mainly attributed to an enlarged unit base following the preferential offering in July 2023, higher finance costs and the appreciation of the Singdollar against the Indian Rupee (INR).

In INR terms, total property income for the 2HFY2023 stood at INR7.58 billion ($122.3 million), 23% higher y-o-y, leading to a total property income of INR14.4 billion for the full year. 

CDL Hospitality Trusts (CDLHT) has reported a total distribution per stapled security (DPS) of 5.70 cents for the FY2023 ended Dec 31, 2023, 1.2% higher y-o-y.

Including capital distributions, which rose by 99.5% y-o-y to $12.7 million for the year, total distribution to stapled securityholders – after retention for working capital – increased by 1.8% y-o-y to $71.0 million.

FY2023 revenue rose by 12.3% y-o-y to $257.6 million due to improvements across most of CDLHT’s portfolio markets.

OUE REIT, the newly-renamed OUE Commercial REIT, has maintained its 2HFY2023 distribution at 1.04 cents per unit. 

Revenue in the same six months ended Dec 31 2023 was up 16.4% over the year-earlier period and its net property income increased by 15.9% y-o-y.

However, the amount available for distribution was weighed down by higher finance costs. The REIT held back a bigger quantum for working capital; its share of joint venture results dropped as well.