SG Morning Call｜MPACT Fell 5% As Q2 DPU declines 11.6%; Katrina Surged 15% on Bringing Lotteria to Singapore
Market Snapshot
Singapore stocks opened lower on Friday. STI down 0.1%; MPACT down 5%; SATS up 4.5%; Katrina up 15%.
Stocks to Watch
Mapletree Pan Asia Commercial Trust (MPACT): Its distribution per unit (DPU) fell 11.6 per cent to S$0.0198 for the second quarter ended Sep 30, from S$0.0224 in the previous corresponding period. The decline came amid reduced contribution following Mapletree Anson’s divestment in July, and lower contributions from overseas assets. Units of MPACT ended Thursday 0.7 per cent or S$0.01 lower at S$1.41, before the results were released.
Catalist-listed Katrina Group is planning to bring South Korean hamburger chain Lotteria to Singapore. The food and beverage (F&B) and hospitality group said on Wednesday (Oct 23) it plans to open multiple Lotteria outlets across Singapore, with the first store expected to open by the second quarter of 2025.
Frasers Centrepoint Trust (FCT): Its manager on Friday reported that the retail real estate investment trust’s DPU for the second half ended September 2024 was S$0.0602, unchanged from a year prior. This bringsthe DPU for the full year to S$0.12042, down 0.9 per cent from a FY2023 DPU of S$0.1215. Units of FCT closed on Thursday S$0.01 or 0.4 per cent down at S$2.27.
Suntec Real Estate Investment Trust(Suntec Reit): Its DPU for the third quarter ended September fell by 11.9 per cent to S$0.0158, from S$0.01793 in the previous corresponding period. Its manager attributed this decrease to the completion of a S$5.8 million capital distribution which concluded in end-2023. Units of Suntec Reit ended flat at S$1.25 on Thursday, before the announcement.
CapitaLand India Trust (Clint): The trust’s net property income for the third quarter ended Sep 30 amounted to 3.3 billion rupees (S$53 million), up 15 per cent from 2.9 billion rupees in the year-ago period. The increase was due to higher income from existing properties and income contribution from recent acquisitions in Pune and Mumbai, said Clint’s manager. Units of Clint closed down 1.8 per cent or S$0.02 at S$1.10 on Thursday, before the news.
Sinar Mas Land, Hongkong Land: The property developer and MCL Land, a wholly owned subsidiary of Hongkong Land, will start previews for their new Pine Grove project in November. Prices start at S$1.39 million for a two-bedroom unit and go up to S$3.99 million for a five-bedder. Shares of Sinar Mas Land ended Thursday 6.1 per cent or S$0.02 lower at S$0.31, while shares of Hongkong Land closed down 2 per cent or US$0.08 at US$3.95.
SG Local News
COTD: S-REITs end Q3 with 17.3% total returns
Singapore’s Real Estate Investment Trusts (REITs) ended Q3 with 17.3% total returns.
“Institutional investors net bought (+S$137.5m) whilst retail investors net sold (-S$129.1m) of S-REITs in 3Q 2024,” SGX reported.
SGX also attributed the gains to the Fed rate cut, adding that the Edge S-REIT Index climbed 1.7% on 19 September.
Eight in 10 SG firms lose IT professionals due to burnout
Eight in 10 (82%) Singaporean companies reported losing tech professionals due to burnout, compared to the global average of 66% according to a Splunk report.
About 31% of respondents also said the number of false positives was the main problem whilst the amount of noise contributes to costly downtime and fatigue.
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