SGX Weekly Review: Sea Limited, Singapore Airlines, CapitaLand Ascendas Reit, SATS, and More

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SGX Weekly Review: Sea Limited, Singapore Airlines, CapitaLand Ascendas Reit, SATS, and More

The Smart Investor2023-08-19

Welcome to this week’s edition of top stock market highlights.Sea LimitedSea Limited reported its 2023’s second quarter (2Q 2023) earnings and it was a pleasant surprise to see the gaming cum e-...

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DavidBK
·2023-08-19
SATs operating at lost profit and raised rights. However the directors are getting $1.5 mils. each. No wonder it lost so much.
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We’ve just released an urgent Special Free Report that explores all the opportunities and dangers of AI. Discover the steps you must take to prepare your portfolio for the inevitable AI boom. Click here to download the complimentary report now.Singapore AirlinesSingapore Airlines has reported a 28.1% y-o-y increase in group passenger capacity for the month of July, at 13.6 million passengers.SIA and Scoot carried a combined 3 million passengers, a 45.1% increase y-o-y, while the group’s passenger load factor (PLF) came in at 89.8%.SIA posted a monthly PLF of 89.0%, while Scoot’s PLF of 92.7% marked the eight consecutive month that the airline’s load factor was about 90%.Meanwhile, the group’s cargo operations posted a load factor of 52.4%, or 8.1 percentage points lower y-o-y. The cargo loads declined by 7.1% y-o-y due to weaker demand, while capacity expanded by 7.3% as increased passenger services resulted in higher bellyhold capacity.In a release dated Aug 15, the group says that it continues to see strong passenger traffic and load factors across all route regions during the peak northern summer travel season.CapitaLand Ascendas REITCapitaLand Ascendas REIT (CLAR) has completed the acquisition of its fifth data centre in the UK for GBP119.4 million ($199.9 million). The data centre was acquired from an unrelated global data centre operator.The data centre is a two-storey, high-specification Tier III colocation data centre facility that is located in Watford in North-West London. It has a total land area of 25,000 sqm (269,097.76 sq ft) with a total lettable area of 8,412 sqm. Its occupancy rate as at June 30, is at 80% and it has a weighted average lease expiry (WALE) of 3.3 years by gross revenue. The data centre has five tenants as at June 30. Its remaining land lease tenure is at 85 years.$Manulife US REIT(BTOU.SI)Manulife US REIT, or MUST, released its fiscal 2023’s first half (1H 2023) earnings recently.The US office REIT saw its distributable amount tumble 17.4% year on year to US$37.9 million on the back of a 3.9% year on year decline in net property income.However, there was no distribution declared for 1H 2023 because of a breach of a financial covenant in some of MUST’s financing documents.CEO Tripp Gantt is working with MUST’s sponsor to negotiate with the REIT’s lenders to address this breach and, if necessary, bolster its liquidity needs.Other measures include a disposition mandate to be tabled for unitholder approval that seeks to offload certain assets to generate more liquidity.Concurrently, MUST is also undertaking a strategic review to decide on asset sales or capital injection to strengthen the REIT.Meanwhile, the occupancy rate for its portfolio stood at 85.1% and MUST recorded a positive rental reversion of 3.7% for new leases signed.Gearing came in at 56.7% because of a 14.6% decline in MUST’s portfolio valuation but is not considered a breach as the drop in valuation was beyond management’s control.SATS LtdSATS has reported its fiscal 2024 first quarter (1Q FY2024) results, and this is the first time that the ground handler is incorporating the financial performance of its Worldwide Flight Services (WFS) acquisition.Revenue leapt more than three-fold year on year to S$1.2 billion and the group reported an operating profit of S$10.2 million for 1Q FY2024.Core net loss (excluding one-off integration expenses and government reliefs) improved by 39.8% year on year to S$17.4 million from a net loss of S$28.9 million a year ago.Going forward, SATS has also successfully restructured its debt and will enjoy annualised interest cost savings of S$40 million.Because of the addition of WFS’ numbers, SATS saw flights handled soar more than three-fold year on year to 145,900 while meals served went from 13.7 million in 1Q FY2023 to 22.4 million in 1Q FY2024.The number of passengers handled nearly doubled year on year to 18.9 million.The group has leveraged the expanded network to clinch new contracts with more than S$15 million in annual revenue.Singapore’s Ministry of Transport anticipates that Changi Airport should fully recover its pre-pandemic capacity by the first half of 2024, providing a further boost for SATS’ financial numbers.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":210518934954032,"gmtCreate":1692420913896,"gmtModify":1692421261079,"author":{"id":"3581593866281218","authorId":"3581593866281218","name":"DavidBK","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3581593866281218","authorIdStr":"3581593866281218"},"htmlText":"SATs operating at lost profit and raised rights. However the directors are getting $1.5 mils. &nbsp; each. No wonder it lost so much.&nbsp;","listText":"SATs operating at lost profit and raised rights. However the directors are getting $1.5 mils. &nbsp; each. No wonder it lost so much.&nbsp;","text":"SATs operating at lost profit and raised rights. However the directors are getting $1.5 mils. each. No wonder it lost so much.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/210518934954032","repostId":2360535154,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":33,"commentSize":2,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}