20 January 2014

Singapore Stock Market Summary - 17 Jan 2014

Ascendas REIT: 3Q13 distributabble income rose 4.9% y/y to $85.1 Million but DPU slipped 2.2% to 3.54¢. Gross revenue grew 6.4% to $154.4m, lifting NPI 3.7% higher to $108.6 Million on positive rental reversions of 9.7% across all segments of its portfolio. Occupancy dipped to 89.7% from 90.1% in preceding quarter due to addition of new space following AEI completions at 1 Changi Business Park Ave 1 and TechPlace II. Aggregate leverage stood at 30.1% with average debt maturity of 3.2 years. NAV/share was $1.98 as at Dec ’13.

First REIT: 4Q13 distributable income jumped 26.2% y/y to $14 Million and lifted DPU to a record 1.97¢, taking FY13 DPU to 7.52¢, up 14.3% (excluding divestment gains) of an Adam Road property). Gross revenue and NPI surged 48.2% and 41.6% respectively on contribution from two newly acquired hospitals in Bali and Simatupang. Gearing ratio stood at 32.3% with no financing needs till 2016. NAV/share was 96.64¢ as at Dc ’13

Guocoleisure: 2QFY14 net profit rose 12.3% y/y to US$13.7m on a 7.3% increase in revenue to US$106.7 Million, which was generated by improved room rates and land disposal by its hotel and property segments respectively. But volatility in the gaming sector and reduction in Bass Strait oil and gas oil and gas royalties (-18.8%) due to lower oil prices and production tempered its overall performance. NAV/share climbed to US$0.90 from US$0.839 in Jun ’13

OUE: Launched OUE Commercial REIT on SGX Main Board, offering 208 Million units (151.8 Million placement, 56.3 Million public) at $0.80 each, which translates to forecast DPU yields of 6.8% for 2014 abd 5.89% for 2015 and a 24% discount to NAV. IPO portfolio comprises OUE Bayfront and Lippo Plaza (Shanghai) with total valuation of $1.6b. Offer closes 12 pm on 23 Jan and trading will commence 2pm on 27 Jan.

Aspial: All 281 units at The Hillford, S’pore’s first retirement resort in Upper Bukit Timah have been snapped up within first day of launch at an average price of $1,100 psf.

Osim: Raised stake in TWG Tea to 70% from 53.7%, after TWG undertook a rights issue to raise $25m. Investment expected to be earnings accretive for the group this financial yr. TWG has ~27 stores as at end' 13 spread across S’pore, Hong Kong, Indonesia, Dubai, London, and plans to launch ~20 tea boutiques and shops in Asia and Mid-East this year

Advanced Holdings: Entered into MOU to acquire BD Crane and Engineering from its three owners to expand its existing engineering and design capabilities in the crane business. The terms of the proposed acquisition are subject to a definitive sales and purchase agreement, yet to be signed

Armarda: Expects to report a loss for 3QFY14, mainly attributed to low sales and higher expenses

Tritech: Terminated agreement for the proposed acquisition of Moya Asia, citing non-fulfillment of certain conditions

Wheelock: its mass market project in Ang Mo Kio Ave 2, the 698-unit, 99-year lease The Panorama, saw a more subdued response compared to the strong reception for The Hilldford at Upper Bukit Timah, a mixed development marketed as a “retirement resort”. Just half of the 120 units released for sale at The Panorama were booked yesterday at the first day of launch. Prices ranged from $650K to almost $2.4M
Sugar Prices: Fell to a 3 1/2-year low as strong production globally, adding to a global glut of sugar. Brazil is crushing more cane than it did the same time last year, while output in Thailand, the second-biggest exporter of the sweetener, has also been robust. Depending on how Wilmar has hedged its exposure in sugar prices, the current excess capacity might put a dampener on their sugar operations.

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