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Author: traderhub8   |   Latest post: Wed, 20 Nov 2019, 4:55 PM


Phillip Capital Morning Note

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UOB has posted a net profit of S$1.04 billion in the third quarter, up 17 per cent from S$883 million a year ago, as net interest income rose 14 per cent to S$1.6 billion, driven by healthy loan growth and a net interest margin uplift of 2 basis points.

Frasers Hospitality Trust clocked a fourth fiscal quarter distribution per stapled security of 1.2154 Singapore cents, down 4.8 per cent from the 1.2763 Singapore cents for the same period last year. For the period under review, its net property income also took a hit, falling 6.7 per cent to S$29.4 million, on the back of a 6.9 per cent drop in gross revenue to S$38.7 million.

Capitaland Commercial Trust has posted a distribution per unit of 2.20 Singapore cents for the third quarter, up 8.9 per cent from the same period last year. Gross revenue for the three months ended Sept 30 was S$100.51 million, up 35.6 per cent from the same period a year earlier on contributions from the acquisitions of Gallileo in Frankfurt as well as Asia Square Tower 2, which offset the loss in revenue from divesting Wilkie Edge and Twenty Anson.

GuocoLand saw a steep drop in its first-quarter earnings, as a fall in revenue was compounded by a lower share of profit from associates and joint ventures. Net profit plunged 85 per cent on the previous year to S$26.2 million for the three months to Sept 30.

Sembcorp Marine sank into the red in the third quarter, in its second straight quarter of net losses, despite higher turnover from the sale of a rig. The offshore and marine company turned in a net loss of S$29.8 million for the three months to Sept 30, against profits of S$100.7 million in the same period the previous year.

Ascendas REIT on Thursday reported a 4.2 per cent fall in distribution per unit (DPU) to 3.887 Singapore cents for the second quarter ended Sept 30 from 4.059 cents last year. Ascendas noted that the DPU takes into account an enlarged number of units in issue. The decline was otherwise due to lower contributions from Singapore assets, higher interest expense, and the raising of S$450 million in equity for a UK portfolio acquisition completed in early October as well as a built-to-suit development in Singapore.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research

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