Mapletree Industrial Trust says it has achieved a maiden Distribution Per Unit of 1.52 cents from its listing date on 21 October to 31 December 2010, exceeding forecast by 13.4%.
Distributable income and net property income at $22,282,000 and $29,593,000 was 13.6% and 8.7% higher than forecasted.
Frasers Centrepoint Trust has announced a distribution per unit (DPU) of 1.95 cents for 1Q11 (1 Oct to 31 Dec 2010 period).
1Q11 gross revenue grew 19% y-on-y to $27.6 million, aided by the accretive acquisitions of Northpoint 2 and YewTee Point. 1Q11 net property income similarly rose 17% y-on-y to $18.6 million, even though Causeway Point income was affected by planned refurbishment works.
Zhongmin Baihui Retail Group says all 30 million new shares were placed out at 30 cents each at its IPO. This represents 15.3% of Zhongmin Baihui’s enlarged issued share capital post-IPO.
The company owns and operates one of the largest underground shopping malls in Xiamen, Fujian province. The company also manages six other department stores in Quanzhou and Zhangzhou cities in the same province.
Pacific Shipping Trust (PST), Singapore’s first publicly-listed business trust, says it achieved a DPU of 0.809 US cents (1.037 cents) for the fourth quarter ended December 31, 2010 (4QFY2010).
Together with distributions totalling 2.418 US cents in the first three quarters, the aggregate distribution for the FY2010 will be 3.227 US cents, representing an annual yield of 8.7%. But DPU for FY2010 is lower than FY2009 due to higher income retention since 3QFY2009.
CapitaCommercial Trust (CCT), Singapore’s first listed commercial REIT with a market capitalisation of $4.3 billion, says distributable income of $221.0 million for the financial year ended 31 December 2010 (FY 2010).
This is 11.3% above the same period last year.
FY 2010 estimated distribution per unit (DPU) of 7.83 cents is a 10.9% year-on-year increase from FY 2009 DPU of 7.06 cents.
Financial One Corp. Executive Chairman Andre John-Lee Koo is seeking a voluntary delisting of the company and offering to buy out minority shareholders with an offer of 48.5 cents in cash per share. The offer is 15% more than the last closing price.
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Kim Eng Securities cuts Falcon Energy (5FL.SG) target to $0.60 vs $0.85, pegged at 10x FY11 P/E, after lowering FY10-FY12 EPS estimates by 20%-40% to reflect weaker-than-expected 3Q10 performance.
3Q10 earnings down 57.2% on-year at US$2.8 million ($3.7 million) due to dry-docking of 5 vessels for major overhaul, lower vessel charter and utilization rates.
Still, keeps Buy call on valuation grounds; “despite maintaining a cautious near-term outlook, management is optimistic of a gradual recovery of the marine and offshore industry by 2Q11.”
Shares +1.2% at $0.425.
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DBS Vickers lifts Roxy-Pacific (E8Z.SG) target price to $0.55 vs $0.44, based on 30% discount to higher RNAV estimate of $0.79 vs $0.63 previously, to factor in higher average selling price for developer’s Spottiswoode Park Singapore residential project and contributions from 2 upcoming launches. Keeps Trading Buy call.
DBS Vickers says Roxy also expected to benefit from Singapore’s strong hospitality sector as it owns 558-room Grand Mercure Roxy Hotel, which accounted for 19.5% of group revenue for first 9 months of 2010; “contributions from the hotel segment can help to smoothen out the lumpy contributions from the property development segment.”
Shares +6.7% at $0.40.
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Rickmers Maritime Trust says it will distribute 0.57 US cents (0.74 cents) per unit to unitholders for the third quarter and nine months ended 30 September 2010 (3Q2010), the same DPU as in 2Q2010.
The declared distribution, representing a payout of 13% of income available for distribution, will be paid to unitholders on 15 December 2010.
For 3Q, charter revenue remained stable at US$36.7 million, supported by the long-term, fixed-rate charters attached to 15 of the 16 vessels in Rickmers Maritime’s portfolio.
The slight year-on-year decline from the US$38.1 million reported in 3Q2009 was due to a smaller contribution from the 5,060-TEU containership Kaethe C. Rickmers.
Income available for distribution remained healthy at US$18.3 million in 3Q2010, against US$19.2 million in the corresponding period a year ago.
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CitySpring Infrastructure Trust has declared a distribution per unit (DPU) of 1.05 cents for the quarter on the back of cash earnings of $23.1 million for the three months ended 30 September 2010 (2Q FY11). This included contributions from City Gas, the SingSpring desalination plant and the Basslink electricity interconnector and telecoms businesses.
As the sole producer and retailer of town gas in Singapore, City Gas achieved cash earnings of $13.1 million, continuing to benefit from the strength of Singapore’s food and beverage industry. The year-on-year improvement was also partly attributed to the mis-match between City Gas’ fuel costs and tariffs. Over time, its tariff setting mechanism is designed to ensure that it is not affected by changes in fuel costs.
The Trust’s water desalination plant, SingSpring, continued to achieve 100% availability. It recorded cash earnings of $4.7 million, unchanged from the same period last year. This reflects the stability of its long-term offtake contract with the Public Utilities Board of Singapore.
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CapitaMall Trust (CMT) says it has achieved a third quarter 2010 (3Q 2010) DPU of 2.361 cents which is 0.3% higher than the DPU of 2.35 cents for the same period in 2009 and exceeds the forecast DPU of 2.30 cents by 2.4%.
Unitholders can expect to receive their 3Q 2010 DPU on 29 November 2010. The Books Closure Date is on 1 November 2010.
Pacific Shipping Trust has announced a DPU of 0.832 US cents (1.088 Singapore cents) for the third quarter ended September 30, 2010 (3QFY2010). This represents a tax-free annualised yield of 10.1%. The Q3 FY2010 DPU is 1.7% higher than the distribution of 0.818 US cents per unit in 3QFY2009.
Gross revenue in Q3 FY2010 from PST’s existing 12 vessels chartered on a long-term basis remained stable at US$15.6 million, delivering a profit after tax of US$7.2 million. This was consistent when compared to the corresponding period last year and in 2QFY2010.
XinRen Aluminum Holdings, the producer of primary aluminum in China, today launched its initial public offering of 198 million offering shares (subject to the over-allotment option) at $0.55 each in conjunction with its listing on the SGX Mainboard.
The offering consists of an international placement of 186 million shares to institutional investors as well as a public offer of 12 million shares.
CitySpring Infrastructure Trust says the group achieved consolidated cash earnings of $17.8 million for the three months ended 30 June 2010 (1Q FY11), representing a 28.4% increase from $13.9 million in 1QFY10.
And in line with its distribution per unit (DPU) target for FY2011, the trust has declared a DPU of 1.05 cents for the quarter,.
Cache Logistics Trust says it achieved a DPU of 1.71 cents for the 2nd quarter from 12 April 2010 to 30 June 2010 (2Q2010).
On an annualised basis, the DPU is 7.81 cents, 1.4% higher than the annualizsed forecast of 7.70 cents for 2010.
Net property income was $12.65 million while distributable income hit $10.83 million.
Ascott Residence Trust (Ascott REIT) achieved a unitholders’ distribution of $11.6 million for the period April 1 to June 30, 5% higher than the same period last year.
Distribution per unit (DPU) in the second quarter increased by 4% to 1.87 cents.
Unitholders’ distribution and DPU for the period Jan 1 to Jun 30 are $21.8 million and 3.53 cents respectively. The book closure date is Aug 2 and the distribution payment date is Aug 27.
Suntec Real Estate Investment Trust achieved a distribution income of $45.93 million for the three months ending 30 June 2010 (2Q FY10), a dip of 3.7% compared to the quarter ended 30 June 2009 (2Q FY09). The distribution per unit for the quarter amounted to 2.528 cents at an annualised yield of 7.7%.
For 2Q FY10, Suntec REIT achieved gross revenue of $62.4 million, and net property income of $47.4 million.
Pacific Shipping Trust (PST) says it will distribute 0.793 US cents per unit to unitholders for the second quarter ended June 30, 2010 (2Q FY2010), representing a tax-free annualised yield of 10.9%.
Gross revenue in 2Q FY2010 from the 12 vessels chartered on long-term basis remained stable at US$15.1 million ($20.7 million), recording a profit after tax of US$6.6 million. This was consistent compared to the corresponding period. For the six months of 2010, gross revenue was US$30.3 million and profit after tax totalled US$13.3 million.
Crane operator Tat Hong Holdings says its subsidiary, Tat Hong International, has agreed to buy all the remaining shares of Tutt Bryant Group (TBG) that it does not already own at 92 Aussie cents ($1.12) a share.
