SGX Weekly Review: Singapore’s 9th President, Apple’s Launch Event and Frasers Centrepoint Trust

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SGX Weekly Review: Singapore’s 9th President, Apple’s Launch Event and Frasers Centrepoint Trust

The Smart Investor2023-09-03

Welcome to this week’s top stock market highlights.Tharman Shanmugaratnam Will Be Singapores’ 9th PresidentIn the first contested presidential election in over a decade, Singaporeans chose former ...

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Quekcaihua
·2023-09-03
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Noting Tharman’s “long and distinguished record of public service”, he said: “I have every confidence that he will carry out his duties as president with distinction.”Frasers Centrepoint Trust (SGX: J69U)Frasers Centrepoint Trust, or FCT, announced that it will divest Changi City Point for a consideration of S$338 million in cash.Completion is projected to be on 15 November this year and the retail REIT will recognise a net gain of around S$10.9 million.The net property income yield for Changi City Point stood at 4.31% based on the divestment consideration.The sale is part of FCT’s strategic portfolio review and is intended to create value for unitholders.The proceeds will be used to repay loans with higher interest rates to lower FCT’s aggregate leverage.Upon completion, the REIT’s aggregate leverage will fall from 40.2% currently to 37.1% while 73% of its loans will be hedged, up from the present 63%.Another benefit is that the REIT will enjoy a lower cost of borrowing at 3.6%, down slightly from 3.7% pre-divestment.FCT’s portfolio operating metrics will also see an uplift.The committed occupancy rate will improve from 98.7% to 99.3% while the average remaining lease tenure of the retail portfolio will increase by 2.3 years.Post-divestment, FCT’s portfolio will comprise nine retail malls and one office building with assets under management of S$6.5 billion.Apple (NASDAQ: AAPL)For all the Apple aficionados out there, get ready for news that will make you excited.The Cupertino-based technology company has set 12 September as the date for its biggest product upgrade event of the year.Apple is expected to unveil the latest generation of iPhone – iPhone 15, along with the next-generation smartwatches.Analysts are expecting two entry-level iPhone 15 models and two high-end models.The higher-end models will possess a redesigned frame made of titanium rather than stainless steel which will make them lighter.Of the models, the most expensive will sport a new camera with deeper optical zoom that allows for high-quality shots.In addition, these new iPhones will switch to a USB-C charging port to comply with new European Union regulations, the first change for the connector switch since 2012.For the Apple Watch, Apple will debut the Series 9 lineup and the second generation of the high-end Ultra.Both models will contain faster chips and feature new case colours.Hotel Properties Limited (SGX: H15)Hotel Properties Limited, or HPL, has received approval from the Urban Redevelopment Authority (URA) for the redevelopment of the Forum, voco Orchard Singapore, and HPL House.These properties have a combined total land area of around 151,000 square feet.The approval was given for the construction of a comprehensive mixed-use development comprising hotel, retail, office, and residential in two tower buildings of 64 storeys and 43 storeys.The development will also have a rooftop garden atop a six-storey podium along with a performance theatre and basement car park.Separately, another 29-storey tower will be erected above this basement car park.The total approved gross floor area for the proposed new development is more than 1.2 million square feet.This announcement is good news for HPL as the redevelopment can accelerate the transformation of Orchard Road into a more vibrant and prominent area.It will also create an area with mixed activities and provide connectivity between the site and neighbouring developments.The group is working with professional advisers on detailed plans and no timeline has been determined yet.Investors were pleased with this announcement and sent HPL’s shares up 10.8% within a day to S$3.90, though the price has since declined to S$3.78.When the redevelopment is completed, it could unlock the value of HPL’s key assets and re-rate them higher as their valuations will then 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