Latest Posts By Joelton
- Supreme
About Joelton
|
|
| 30-Apr-2020 10:28 |
DBS
/
DBS
 Go to Message
|
 x 0
 x 0
|
DBS Q1 profit falls 29% on coronavirus loan loss provisions
INGAPORE: DBS Group Holdings set aside hefty provisions to cover the impact of the coronavirus pandemic as it reported a 29 per cent drop in first-quarter profit but retained its quarterly dividend. Southeast Asia' s biggest lender joined HSBC and Standard Chartered in provisioning higher credit losses to guard against the fallout from the crisis. " We will maintain a solid balance sheet with ample capital, liquidity and loss allowance reserves that give us strong buffers to absorb external shocks," DBS CEO Piyush Gupta said in a statement on Thursday (Apr 30). The bank said allowances for credit and other losses surged to S$1.09 billion in the three months to Mar 31, from S$76 million a year earlier. That was well above an average estimate of S$605 million, according to Refinitiv data. DBS was the first bank in Singapore to report earnings for the quarter. The sector has collectively forecast muted earnings growth for 2020 as interest rates soften and lending moderates following a robust performance in the past few years. https://www.channelnewsasia.com/news/business/dbs-q1-profit-falls-coronavirus-loan-loss-provisions-covid-19-12690110 |
| Good Post Bad Post | |
| 30-Apr-2020 10:25 |
CapitaCom Trust
/
CapitaLandCom Trust
Go to Message
|
|
x 0
x 0
|
CapitaLand Commercial Trust&rsquo s Q1 DPU down 25% to 1.65 centsWED, APR 29, 2020 - 9:55 PMCAPITALAND Commercial Trust (CCT) posted a 25 per cent fall in Distribution Per Unit (DPU) to 1.65 cents for the first quarter ended March, due to its retention of taxable distributable income and its decision to withhold distribution of tax-exempt income &ldquo as a matter of prudence&rdquo amid the Covid-19 outbreak. Its gross revenue for the quarter inched up 3.8 per cent to S$103.6 million, driven by Main Airport Center, a freehold multi-tenanted office building near the Frankfurt International Airport, which was acquired in September 2019 higher revenue could also be credited to 21 Collyer Quay, CapitaGreen and the Frankfurt property called Gallileo. This was partly dampened by lower income from Asia Square Tower 2, Six Battery Road and Bugis Village. CCT&rsquo s net property income rose marginally by 0.7 per cent to S$80.3 million, as the increase in revenue was partially offset by higher operating expenses. As of end-March, CCT&rsquo s total deposited property value was S$11.7 billion, while its adjusted net asset value per unit (excluding distributable income payable to unitholders) was S$1.83. The CCT portfolio' s committed occupancy as of end-March was 95.2 per cent, down from 98.0 per cent in the last quarter. This was due to lower occupancy at Six Battery Road, with upgrading works following the lease expiry of an anchor tenant. During the quarter, CCT signed about 303,000 sq ft of new leases and renewals, of which 22 per cent were new leases. New demand came from firms in sectors such as financial services, legal services, commodities, and maritime and logistics. Stay updated with
|
| Good Post Bad Post | |
| 30-Apr-2020 10:23 |
No Signboard
/
Should be ?No Eye See?
Go to Message
|
|
x 0
x 0
|
SGX RegCo to review No Signboard report for possible listing breachesWED, APR 29, 2020 - 7:31 PMTHE Singapore Exchange Regulation (SGX RegCo) will be reviewing an independent report on No Signboard Holdings&rsquo accounting principles for possible breaches of listing rules by the Catalist-listed company. In a filing on Wednesday, SGX RegCo referred to the finding of independent reviewer Nexia TS that No Signboard had not complied with Financial Reporting Standards (FRS). In particular, No Signboard should have continued using merger accounting principles to prepare its financial statements for Q1 FY2018 ended December 2017, Q2 FY2018 and Q3 FY2018. Nexia further noted that if the company had decided to adopt a different accounting principle, it should have applied the change in accounting principle retrospectively to comply with the FRS. No Signboard had instead adopted a different accounting principle - actual group accounting principles - to prepare its financial statements for the relevant quarters without applying the same to its previous corresponding financial quarters. The financial statements prepared for the relevant quarters were therefore not in compliance with the FRS, SGX RegCo noted. This also resulted in non-comparability of the financial statements and &ldquo double-counting&rdquo in two consecutive financial periods due to a restructuring exercise in conjunction with its IPO.
|
| Good Post Bad Post | |
| 30-Apr-2020 10:15 |
UOB
/
UOB
Go to Message
|
|
x 0
x 0
|
Banks set to report first profit falls since 2016All three of Singapore' s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fuelled economic slump. Net income at each lender probably slid between 21 per cent and 28 per cent in the three months ended March 31 from a year earlier, according to the average estimates of six analysts surveyed by Bloomberg. DBS Group Holdings, the nation' s largest bank, is seen to report the steepest profit drop when it kicks off the earnings season today, while OCBC Bank is forecast to report the smallest contraction. The pain for Singapore' s lenders is set to persist as Singapore braces itself for a sharp economic contraction this year, thanks to the pandemic that is crippling manufacturing, tourism and other services. Banks are also contending with falling interest rates and slowing loan growth, and the crash in oil prices may trigger defaults among local firms that cater to the energy sector. " Banks always tend to do badly in the midst of an economic recession," said Ms Tan Min Lan, Asia-Pacific head of UBS Global Wealth Management' s chief investment office. The slumping economy will fuel bad loans, squeeze interest margins and slow credit growth, she said. OCBC and United Overseas Bank will report next week. The last time the trio all posted a profit retreat was in the final quarter of 2016, when many energy-related firms defaulted in the aftermath of an earlier oil slump. Analysts are predicting a sharp jump in credit costs due to the banks' exposure to the oil, gas and commodities sector and loans to small and mid-sized companies. The banks had combined exposure of US$680 million (S$962 million) to Hin Leong Trading, the Singapore oil trader that filed for court protection from creditors this month, as of April 9. It is not clear whether the local lenders will have provisioned against Hin Leong by the end of last month. DBS may have booked a loan-loss buffer of $640 million in the quarter, up from $76 million a year ago, according to Morgan Stanley analysts. They see OCBC' s provisions swelling 81 per cent to $451 million, and UOB' s more than tripling to $380 million. Jefferies analyst Krishna Guha expects the banks to book credit costs of 60 to 100 basis points and said guidance will be crucial to understanding the cost trajectory this year. Analysts expect single-digit declines in net interest margins this quarter, but said loans will be supported by larger companies drawing on commitment lines and banks providing short-term US dollar liquidity last month. Net interest margins probably shrank only slightly in the quarter because the United States Federal Reserve' s interest rate cut came late in the period, Citigroup analyst Robert Kong said in a note. The banks are expected to give guidance on this year' s dividends, with UBS Securities saying cuts are more likely for DBS and UOB than OCBC. OCBC has " more headroom" to maintain dividends given its higher capital levels and lower current payout ratio, Sanford C. Bernstein analyst Kevin Kwek wrote in a note. Analysts estimate dividend yield for all three banks to remain between 4 per cent and 7 per cent this year even after earnings decline, supported by Tier-1 capital ratios exceeding 14 per cent. https://www.straitstimes.com/business/banking/banks-set-to-report-first-profit-falls-since-2016 |
| Good Post Bad Post | |
| 30-Apr-2020 10:14 |
OCBC Bank
/
OCBC
Go to Message
|
|
x 0
x 0
|
Banks set to report first profit falls since 2016All three of Singapore' s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fuelled economic slump. Net income at each lender probably slid between 21 per cent and 28 per cent in the three months ended March 31 from a year earlier, according to the average estimates of six analysts surveyed by Bloomberg. DBS Group Holdings, the nation' s largest bank, is seen to report the steepest profit drop when it kicks off the earnings season today, while OCBC Bank is forecast to report the smallest contraction. The pain for Singapore' s lenders is set to persist as Singapore braces itself for a sharp economic contraction this year, thanks to the pandemic that is crippling manufacturing, tourism and other services. Banks are also contending with falling interest rates and slowing loan growth, and the crash in oil prices may trigger defaults among local firms that cater to the energy sector. " Banks always tend to do badly in the midst of an economic recession," said Ms Tan Min Lan, Asia-Pacific head of UBS Global Wealth Management' s chief investment office. The slumping economy will fuel bad loans, squeeze interest margins and slow credit growth, she said. OCBC and United Overseas Bank will report next week. The last time the trio all posted a profit retreat was in the final quarter of 2016, when many energy-related firms defaulted in the aftermath of an earlier oil slump. Analysts are predicting a sharp jump in credit costs due to the banks' exposure to the oil, gas and commodities sector and loans to small and mid-sized companies. The banks had combined exposure of US$680 million (S$962 million) to Hin Leong Trading, the Singapore oil trader that filed for court protection from creditors this month, as of April 9. It is not clear whether the local lenders will have provisioned against Hin Leong by the end of last month. DBS may have booked a loan-loss buffer of $640 million in the quarter, up from $76 million a year ago, according to Morgan Stanley analysts. They see OCBC' s provisions swelling 81 per cent to $451 million, and UOB' s more than tripling to $380 million. Jefferies analyst Krishna Guha expects the banks to book credit costs of 60 to 100 basis points and said guidance will be crucial to understanding the cost trajectory this year. Analysts expect single-digit declines in net interest margins this quarter, but said loans will be supported by larger companies drawing on commitment lines and banks providing short-term US dollar liquidity last month. Net interest margins probably shrank only slightly in the quarter because the United States Federal Reserve' s interest rate cut came late in the period, Citigroup analyst Robert Kong said in a note. The banks are expected to give guidance on this year' s dividends, with UBS Securities saying cuts are more likely for DBS and UOB than OCBC. OCBC has " more headroom" to maintain dividends given its higher capital levels and lower current payout ratio, Sanford C. Bernstein analyst Kevin Kwek wrote in a note. Analysts estimate dividend yield for all three banks to remain between 4 per cent and 7 per cent this year even after earnings decline, supported by Tier-1 capital ratios exceeding 14 per cent. https://www.straitstimes.com/business/banking/banks-set-to-report-first-profit-falls-since-2016 |
| Good Post Bad Post | |
| 30-Apr-2020 10:13 |
DBS
/
DBS
Go to Message
|
|
x 0
x 0
|
Banks set to report first profit falls since 2016All three of Singapore' s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fuelled economic slump. Net income at each lender probably slid between 21 per cent and 28 per cent in the three months ended March 31 from a year earlier, according to the average estimates of six analysts surveyed by Bloomberg. DBS Group Holdings, the nation' s largest bank, is seen to report the steepest profit drop when it kicks off the earnings season today, while OCBC Bank is forecast to report the smallest contraction. The pain for Singapore' s lenders is set to persist as Singapore braces itself for a sharp economic contraction this year, thanks to the pandemic that is crippling manufacturing, tourism and other services. Banks are also contending with falling interest rates and slowing loan growth, and the crash in oil prices may trigger defaults among local firms that cater to the energy sector. " Banks always tend to do badly in the midst of an economic recession," said Ms Tan Min Lan, Asia-Pacific head of UBS Global Wealth Management' s chief investment office. The slumping economy will fuel bad loans, squeeze interest margins and slow credit growth, she said. OCBC and United Overseas Bank will report next week. The last time the trio all posted a profit retreat was in the final quarter of 2016, when many energy-related firms defaulted in the aftermath of an earlier oil slump. Analysts are predicting a sharp jump in credit costs due to the banks' exposure to the oil, gas and commodities sector and loans to small and mid-sized companies. The banks had combined exposure of US$680 million (S$962 million) to Hin Leong Trading, the Singapore oil trader that filed for court protection from creditors this month, as of April 9. It is not clear whether the local lenders will have provisioned against Hin Leong by the end of last month. DBS may have booked a loan-loss buffer of $640 million in the quarter, up from $76 million a year ago, according to Morgan Stanley analysts. They see OCBC' s provisions swelling 81 per cent to $451 million, and UOB' s more than tripling to $380 million. Jefferies analyst Krishna Guha expects the banks to book credit costs of 60 to 100 basis points and said guidance will be crucial to understanding the cost trajectory this year. Analysts expect single-digit declines in net interest margins this quarter, but said loans will be supported by larger companies drawing on commitment lines and banks providing short-term US dollar liquidity last month. Net interest margins probably shrank only slightly in the quarter because the United States Federal Reserve' s interest rate cut came late in the period, Citigroup analyst Robert Kong said in a note. The banks are expected to give guidance on this year' s dividends, with UBS Securities saying cuts are more likely for DBS and UOB than OCBC. OCBC has " more headroom" to maintain dividends given its higher capital levels and lower current payout ratio, Sanford C. Bernstein analyst Kevin Kwek wrote in a note. Analysts estimate dividend yield for all three banks to remain between 4 per cent and 7 per cent this year even after earnings decline, supported by Tier-1 capital ratios exceeding 14 per cent. https://www.straitstimes.com/business/banking/banks-set-to-report-first-profit-falls-since-2016 |
| Good Post Bad Post | |
| 30-Apr-2020 09:50 |
StarHub
/
Starhub
Go to Message
|
|
x 0
x 0
|
Singapore awards 5G licences to 3 local telcosMore than half of Singapore will have 5G mobile network coverage by end-2022, offering surfing speeds more than 20 times what the current 4G networks offer, with the need to upgrade digital infrastructure driven home by the present partial lockdown. Singtel and a joint venture between StarHub and M1 won the rights to build the Republic' s two nationwide networks yesterday and will have to scale up to provide nationwide coverage by 2025. Meanwhile, Singapore' s four telcos - Singtel, StarHub, M1 and TPG Telecom - will also be allowed to operate smaller 5G networks that provide spot coverage using airwaves that are in abundance.
|
| Good Post Bad Post | |
| 30-Apr-2020 09:49 |
SingTel
/
Singtel Bullish???
Go to Message
|
|
x 0
x 0
|
Singapore awards 5G licences to 3 local telcosMore than half of Singapore will have 5G mobile network coverage by end-2022, offering surfing speeds more than 20 times what the current 4G networks offer, with the need to upgrade digital infrastructure driven home by the present partial lockdown. Singtel and a joint venture between StarHub and M1 won the rights to build the Republic' s two nationwide networks yesterday and will have to scale up to provide nationwide coverage by 2025. Meanwhile, Singapore' s four telcos - Singtel, StarHub, M1 and TPG Telecom - will also be allowed to operate smaller 5G networks that provide spot coverage using airwaves that are in abundance.
|
| Good Post Bad Post | |
| 29-Apr-2020 10:14 |
SGX
/
SGX
Go to Message
|
|
x 0
x 0
|
SGX announces two separate tie-ups for markets collaboration, Reit portfolioWED, APR 29, 2020 - 5:50 AM Singapore THE Singapore Exchange (SGX) on Tuesday announced two separate tie-ups - one with China securities firm Citic Securities and the other with digital wealth management company Syfe. The strategic collaboration with Citic Securities covers multiple areas including fixed... https://www.businesstimes.com.sg/companies-markets/sgx-announces-two-separate-tie-ups-for-markets-collaboration-reit-portfolio |
| Good Post Bad Post | |
| 29-Apr-2020 10:12 |
SIA
/
SIA
Go to Message
|
|
x 0
x 0
|
Should SIA review its fuel hedging policy?WED, APR 29, 2020 - 5:50 AM WHILE anyone holding Singapore Airlines (SIA) shares can appreciate that Covid-19 has dealt an unprecedented blow to the entire air travel industry, it may be time to question if SIA' s unique policy of hedging its jet fuel costs five years into the future has exposed shareholders to more hedging... https://www.businesstimes.com.sg/companies-markets/should-sia-review-its-fuel-hedging-policy |
| Good Post Bad Post | |
| 29-Apr-2020 10:09 |
CapLand Ascendas RE
/
Ascendasreit
Go to Message
|
|
x 0
x 0
|
Ascendas Reit announces ' healthy' operational performance in Q1 updateTUE, APR 28, 2020 - 6:39 PMASCENDAS Reit&rsquo s manager announced in a business update that it delivered a &ldquo healthy&rdquo operational performance for its first quarter ended March 31. Its overall portfolio occupancy rate improved to 91.7 per cent quarter on quarter, mainly attributable to a higher occupancy rate of 88.6 per cent in the Singapore portfolio on the back of higher demand for logistics space. For its overseas portfolio, occupancies remained relatively stable at 97.3 per cent in Australia, 92.9 per cent in the US and 97.5 per cent in the UK. Overall, the portfolio achieved a positive rental reversion of 8 per cent for renewed leases in multi-tenant buildings in the first quarter. As at March 31, the Reit&rsquo s manager said that aggregate leverage was healthy at 36.2 per cent. Weighted average all-in cost of borrowing was maintained at 2.9 per cent and its debt-maturity profile remained " well-spread&rdquo with weighted average tenure of debt outstanding at 3.8 years. In line with its support for tenants, the manager said that Ascendas Reit will be fully passing the benefit of any reduction in property tax granted by the government by way of a property tax rebate to its qualifying tenants. With this property tax rebate and additional rental assistance, its retail and food and beverage (F& B) tenants within individual buildings and amenity centres will have their rents waived for April and May 2020. As the Covid-19 situation remains uncertain, the Reit manager said it will continue to engage its tenants and stands prepared to render additional support if the situation worsens. So far, none of Ascendas Reit&rsquo s properties have been shut down due to Covid-19. Tenants in the essential industries continue to operate normally. In Q1 this year, three Singapore properties - Wisma Gulab in MacPherson Road, 202 Kallang Bahru and 25 Changi South Street 1 - were divested for total sales proceeds of S$125.3 million. Its total investment properties stood at S$12.8 billion, comprising 197 properties in four countries: Singapore accounts for 71 per cent of its total investment properties, Australia has 13 per cent, the US has 10 per cent, and the UK, 6 per cent. In its outlook, the manager said that is proactively marketing the vacant spaces in Ascendas Reit&rsquo s portfolio and engaging its customers digitally. It added that it will exercise greater prudence, manage costs and improve efficiency. https://www.businesstimes.com.sg/companies-markets/ascendas-reit-announces-healthy-operational-performance-in-q1-update |
| Good Post Bad Post | |
| 29-Apr-2020 10:06 |
Asian Pay TV Tr
/
Asian Pay Tv Tr
Go to Message
|
|
x 0
x 0
|
APTT declares 0.3 S cent DPU for Q1, proposes 1-for-4 rights issue to pare debt TUE, APR 28, 2020 - 9:55 AM PAY TV firm Asian Pay Television Trust (APTT) on Tuesday declared an ordinary interim distribution per unit (DPU) of 0.30 Singapore cent for its first quarter ended March 31, 2020, unchanged from a year ago. The DPU will be paid on May 15, after books closure on May 8. Revenue for the quarter rose 8.3 per cent to S$79.3 million from S$73.2 million and Ebitda (earnings before interest, tax, depreciation and amortisation) increased 9.5 per cent to S$48.3 million from S$44.1 million a year ago. The quarter' s revenue and Ebitda were mainly driven by higher non-subscription revenue generated from airtime advertising sales and others, the trustee-manager of APTT said. Separately, the trustee-manager has proposed a renounceable non-underwritten rights issue to raise gross proceeds of about S$46.2 million. Some S$45 million of the net proceeds would be used to pare APTT' s offshore debt, enabling the trust to save about S$2.9 million in annual interest cost and strengthen its financial position. The remaining S$0.1 million of the net proceeds would be used for working capital, the trustee-manager added. A total of about 361.3 million rights units would be issued at 12.8 Singapore cents each, on the basis of one rights unit for every four existing units held by unitholders as at a record date to be determined. The issue price is at a discount of about 3.8 per cent to APTT' s last traded price of 13.3 Singapore cents on Monday, when it closed up 0.1 cent or 0.8 per cent. APTT' s trustee-manager, in its personal capacity, and three other unitholders have each given an irrevocable undertaking to subscribe for their entitlements and to apply for any excess rights units. The total commitments under the irrevocable undertakings would be equal to the total number of rights units available under the rights issue. The three unitholders are Araedis Investment, Hsiao Han Shen and Lu Fang Ming. Mr Lu is a director and current majority owner of the trustee-manager, while Araedis Investment' s parent firm Araedis Global Investment owns Da Da Digital Convergence, the proposed future majority owner of the trustee-manager. Da Da Digital is controlled by Dai Yung Huei, the founder of Taiwan-listed Dafeng TV. In February 2020, Da Da Digital had entered into a sale-and-purchase agreement (SPA) with Gear Rise, the parent firm of the trustee-manager' s sole shareholder, Dynami Vision, to acquire a 65 per cent stake in Dynami. The SPA is subject to, among others, approvals from regulatory bodies in Taiwan and lenders of APTT and Taiwan Broadband Communications Group. The rights issue is subject to approval in-principle from the Singapore Exchange for the listing of and quotation for the rights units on the bourse' s mainboard. https://www.businesstimes.com.sg/companies-markets/aptt-declares-03-s-cent-dpu-for-q1-proposes-1-for-4-rights-issue-to-pare-debt |
| Good Post Bad Post | |
| 29-Apr-2020 10:02 |
Mapletree Ind Tr
/
MAPLETREE Industrial Trust (MIT)
Go to Message
|
|
x 0
x 0
|
Broker' s take: DBS says Mapletree Industrial Trust becoming ' alternative data centre play'TUE, APR 28, 2020 - 2:43 PM DBS Group Research on Tuesday said Mapletree Industrial Trust (MIT) is fast becoming an alternative data centre play and has ample capacity for strategic acquisitions in the US. It maintained its " buy" call on the real estate investment trust (Reit) with a target price of S$2.70. MIT units were up S$0.03 or 1.2 per cent to S$2.47 as at 2.15pm on Tuesday. It noted MIT&rsquo s manager has proactively offered its tenants a rental relief package, ranging from two weeks to one-and-a-half months of rent - in line with market practice. Additionally, the manager has turned cautious in the face of an economic recession. That said, MIT' s asset diversity and contributions from its recently acquired portfolio of 13 US data centres should push distributions higher, DBS added. Meanwhile, MIT could " surprise on the upside" in terms of net asset value (NAV) and acquisitions in the medium term, DBS opined. The development of its landbank of older factories like the Kolam Ayer cluster should help to increase the gross floor area of its portfolio and drive medium-term growth in distributions and NAV. " These should continue to keep valuations at a premium," DBS analysts said. At the same time, MIT' s low gearing allows for opportunistic acquisitions and developments. Gearing is projected to rise to about 33 per cent in FY2021/2022, which implies the manager may look to restart its dividend reinvestment scheme to pare it down over time, DBS said. Better-than-expected rental reversions and/or acquisitions would boost MIT' s earnings and share price while potential rising interest rates would be a key risk for the Reit. However, MIT has minimised the impact of increased interest rates as about 73 per cent of its interest cost is fixed, DBS said. https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-says-mapletree-industrial-trust-becoming-alternative-data-centre |
| Good Post Bad Post | |
| 29-Apr-2020 09:59 |
Keppel DC Reit
/
Keppel DC Reit moving up soon
Go to Message
|
|
x 0
x 0
|
Keppel T& T pares stake in Keppel DC Reit for S$2.42 per unitTUE, APR 28, 2020 - 9:15 AMKEPPEL DC Reit' s sponsor Keppel Telecommunications & Transportation (Keppel T& T) has agreed to sell 38 million units in the data-centre real estate investment trust, representing a 2.33 per cent stake, for S$2.42 apiece. The Keppel Corp subsidiary on Monday inked a sale-and-purchase agreement with Credit Suisse (Singapore) as the placement agent. Credit Suisse will procure the purchase of or, failing which, will purchase the sale units. Post-transaction, Keppel T& T will continue to be the single largest unitholder of the real estate investment trust with a 20.58 per cent stake, Keppel Corp said on Tuesday morning. The total cash consideration is about S$92 million, before deducting the underwriting and selling commission and other estimated fees and expenses incurred. A Keppel T& T spokesperson said the divestment " is an opportune move to realise profits, and the funds released can be redeployed to capture new opportunities" , which is in line with the Keppel group' s capital recycling strategy. " Keppel T& T is committed to the long-term growth of Keppel DC Reit and will continue to maintain a strategic presence in the Reit, both as the single largest unitholder and its sponsor," the spokesperson added. The sale price of S$2.42 per unit was arrived at after taking into account Keppel DC Reit' s last transacted price of S$2.52 per unit on the Singapore Exchange as at April 27, and the volume-weighted average price of S$2.4979 apiece for the full market day on April 27. The book value and net tangible asset value per sale unit were both S$1.14 as at Dec 31, 2019. The sale is expected to complete on April 30, 2020. Upon completion, Keppel Corp' s indirect interest in Keppel DC Reit will decrease to 20.93 per cent (about 341.8 million units), from 23.26 per cent (about 379.8 million units). Keppel Corp said the gain on disposal is estimated at S$46 million, based on the sale price of S$2.42 per unit. Shares of Keppel Corp closed at S$5.81 on Monday, up S$0.12 or 2.1 per cent, while units in Keppel DC Reit finished at S$2.52, up S$0.10 or 4.1 per cent. https://www.businesstimes.com.sg/companies-markets/keppel-tt-pares-stake-in-keppel-dc-reit-for-s242-per-unit |
| Good Post Bad Post | |
| 29-Apr-2020 09:57 |
First Sponsor
/
Go to Message
|
|
x 0
x 0
|
First Sponsor Q1 profit rises 4.8% to S$24.9mTUE, APR 28, 2020 - 9:17 AMMAINBOARD-LISTED First Sponsor Group posted a 4.8 per cent rise in net profit to S$24.9 million for its first quarter ended March 31, 2020, from S$23.8 million a year ago. This comes as the property developer recorded a rise in revenue from property financing, according to its voluntary interim update on Tuesday. Earnings per share stood at 2.94 Singapore cents for the quarter, down from 3.43 cents a year ago. Revenue for Q1 rose 1.1 per cent to S$45.8 million, from S$45.3 million a year ago, driven mainly by revenue from property financing. Property financing revenue rose to S$26.7 million from S$23.5 million a year ago due to a one-off establishment fee from the provision of a A$370 million (S$339.2 million) construction facility to fund the redevelopment of City Tattersalls Club in Sydney. No dividend was declared for the quarter, unchanged from a year ago. First Sponsor said in its update that it successfully issued five-year S$100 million medium-term notes at a coupon rate of 3.29 per cent per annum during the quarter. The group completed the refinancing of its committed revolving credit facilities with two banks for a total amount of S$193.3 million in April 2020, with a higher gearing loan covenant which further extended the group' s debt maturity profile. First Sponsor said these committed bank lines with a less restrictive loan covenant, along with a strong balance sheet, will help the group weather the period of uncertainty amid the Covid-19 pandemic, and allow it to capitalise on good business opportunities when they arise. Operations were temporarily suspended for 13 out of the 16 hotels the group owns and operates. These include Holiday Inn Express Wenjiang Chengdu Hotel, Bilderberg Bellevue Hotel Dresden in Germany and the 11 hotels in the Dutch Bilderberg hotel portfolio. Crowne Plaza Chengdu Wenjiang Hotel, Hilton Rotterdam and Hampton by Hilton Utrecht Centraal Station remain open with low occupancy rates. First Sponsor said it would apply to the Dutch and German authorities under relevant wage subsidy programmes to mitigate operating losses of its Dutch and German hospitality operations respectively. The group said it has received requests for rental concessions from some tenants of its European property portfolio. It added different business plans have been adopted to help certain tenants, depending on previous business conduct and circumstances. On its outlook, the group said the full extent of the Covid-19 crisis' impact on its financial performance for the next few quarters - especially regarding its hospitality operations, cannot be determined at this junction. However, the group is " cautiously optimistic" that the novel coronavirus situation may also create new deal opportunities, whether during or in the aftermath of the crisis. The group said it may raise additional cash by tapping the debt and equity capital markets to allow it to take advantage of such opportunities when they arise. First Sponsor further disclosed that its proposed final dividend of 1.6 Singapore cents per share for fiscal 2019 will be tabled for approval by shareholders at the group' s annual general meeting on May 20. First Sponsor shares closed flat at S$1.12 on Monday. https://www.businesstimes.com.sg/companies-markets/first-sponsor-q1-profit-rises-48-to-s249m |
| Good Post Bad Post | |
| 29-Apr-2020 09:55 |
China Everbright
/
China Everbright
Go to Message
|
|
x 0
x 0
|
China Everbright' s proposed 3b yuan note issue gets regulatory nodTUE, APR 28, 2020 - 9:41 AMCHINA' S interbank market regulator has given the green light for China Everbright Water' s proposed issuance of three billion yuan (S$600.9 million) worth of medium-term notes. The mainboard-listed firm on Tuesday said it has received a notice of registration acceptance from the National Association of Financial Market Institutional Investors, which regulates medium-term notes, short-term commercial paper and private placement bonds in China' s interbank market. China Everbright is looking to issue the notes in single or multiple tranches to institutional investors in the interbank bond market in mainland China. The registered principal amount of three billion yuan will be valid for two years from April 24, which is the date of the notice of registration acceptance. China Everbright announced the potential deal in January, saying that the maturity of the notes will be no more than five years per tranche, while the coupon has not been decided. The first tranche' s size will be 800 million yuan. The company plans to use the proceeds to " replenish working capital within a reasonable time and allow the group to optimise its financing structure" . On Tuesday, China Everbright noted that the proposed issuance remains subject to prevailing market conditions, among other things. Accordingly, the company may or may not proceed with it. China Everbright shares were trading flat at S$0.21 as at 9.13am on Tuesday. https://www.businesstimes.com.sg/companies-markets/china-everbrights-proposed-3b-yuan-note-issue-gets-regulatory-nod |
| Good Post Bad Post | |
| 29-Apr-2020 09:52 |
Sheng Siong
/
Sheng Siong
Go to Message
|
|
x 0
x 0
|
TUE, APR 28, 2020 - 6:24 PM Sheng Siong' s Q1 profit up 49.9% staff to get additional month of salary SUPERMARKET operator Sheng Siong posted a net profit of S$29 million for its first quarter ended March 31, up 49.9 per cent from a year ago on the back of its revenue jump, better gross margin, higher other income and a less-than-proportional increase in operating expenses relative to the increase in revenue. Revenue went up 30.7 per cent to S$328.7 million, attributed mostly to the impact of Covid-19 and better-than-expected Chinese New Year sales. Earnings per share in Q1 was 1.91 cents, compared with 1.29 cents in Q1 2019. No dividend was declared this time, as was the case for the corresponding period a year ago. However, with its strong Q1 results in the bag, Sheng Siong announced that staff, excluding directors, will be rewarded with an additional month of salary for working hard during the period of elevated demand in Q1. The group noted that demand and sales rose when the government, responding to the pandemic, moved the country from Dorscon yellow to orange on Feb 7 more people began having meals at home and &ldquo loading up their pantry as well&rdquo . (Dorscon stands for Disease Outbreak Response System Condition.) Prior to that, its first quarter had started with better Chinese New Year sales than a year ago because of recovering consumer sentiment and the low base effect in 2019, added the group. Gross margin improved to 27 per cent in Q1 from 26.1 per cent a year ago, with the gains coming mainly from increased sales of its house brands. The biggest gain came from non-fresh products, with sourcing having been diversified to cope with the sudden surge in demand. The ratio of fresh to non-fresh products remained about the same in Q1, compared to Q1 last year. The group also said that it did not experience major disruptions in its supply chain in the first quarter. &ldquo In hindsight, our move to increase our stockholding since the end of Q4 2019 prevented serious stock-out situations, although certain heavily demanded items were depleted immediately after the first round of elevated buying,&rdquo the group said in the update. It added that it will continue to look for retail space in areas where it does not have a presence. Before the circuit-breaker measures threw a spanner in the works, Sheng Siong was to have opened five outlets this year, bringing its network to 64 outlets and its retail area to approximately 575,160 sq ft. The group acknowledged that competition is likely to remain keen between brick-and-mortar and online players, with some international food companies warning of future disruptions to the supply chain and an increase in prices because of the lockdowns imposed in many countries as a result of Covid-19. When the pandemic situation normalises, the group expects revenue to taper off from the current elevated levels as buffer stocks kept by households are consumed. &ldquo In the meanwhile, we will continue to hold a higher-than-normal level of inventory as a hedge against potential disruption to the supply chain,&rdquo said the group. https://www.businesstimes.com.sg/companies-markets/sheng-siongs-q1-profit-up-499-staff-to-get-additional-month-of-salary |
| Good Post Bad Post | |
| 29-Apr-2020 09:49 |
MMP Resources
/
next micro-penny to rally to 1cents
Go to Message
|
|
x 0
x 0
|
MMP Resources in $118 million RTO deal
The Edge Singapore 28/04/2020, 9:24pm SINGAPORE (Apr 28): MMP Resources has announced a $118 million reverse takeover deal of a Tokyo-based company called GCM. The company plans to pay for this acquisition by issuing 39.3 billion new shares at 0.3 cent each, which will increase MMPR Resources&rsquo share base from just over 2.3 billion to nearly 41.7 billion. The seller is one Toshiyuki Takada, introduced to the company by Blue Pegasus Capital, one of its shareholders. According to MMP Resources in an SGX announcement on April 28, GCM, which has been operating since 2005, provides financial and real estate services, and has plans to acquire properties as part of a smart city development in Japan. For the financial year ended March 31 2020, the privately-held GCM reported earnings of US$21.1 million ($29.9 million) &ndash a surge from US$2.1 million reported for FY2019 and itself a big jump from US$455,000 reported for FY2018. As at March 31 2020, GCM has a net tangible asset value of US$105.9 million. MMP Resources explains that the RTO deal will &ldquo finally&rdquo give the company a &ldquo strong balance sheet&rdquo , and grow and diversify its businesses and operations in a more consistent manner. The company&rsquo s existing revenue-generating businesses are some ski resorts in Japan, which it says lacks scale and faces growth challenges. &ldquo This deal will open up the real estate and financial services businesses, via an established Japanese company, and enjoy a more consistent and growing revenue stream,&rdquo MMP Resources says. GCM now has no assets of presence in Southeast Asia but with the weaker economic conditions caused by the Covid-19 outbreak, there may be &ldquo ample opportunities&rdquo for it to invest or acquire distressed real estate assets across the region. Up till 2015, MMP Resources was known as Sino Construction, until a new group of shareholders and board took over. As Sino Construction, the company was linked to John Soh, who is now on trial for his role in a market manipulation episode that culminated in the Oct 2013 crash of three penny stocks. ENDS https://www.theedgesingapore.com/news/corporate-moves/mmp-resources-118-million-rto-deal |
| Good Post Bad Post | |
| 29-Apr-2020 09:44 |
Shen Yao
/
ThinkEnv name change to Liongold Corp
Go to Message
|
|
x 0
x 0
|
LionGold' s group CEO Raymond Tan resignsTUE, APR 28, 2020 - 9:13 PMLIONGOLD' S group chief executive and executive director Raymond Tan Soo Khoon has resigned from his posts, with the resignation taking effect on April 30. He will remain with the company as a consultant, according to a filing on the Singapore Exchange late on Tuesday. The filing said he resigned to facilitate board renewal. He held the role since October 2012. It is not known who his successor is. It was also announced that Sun Shu will be appointed lead independent director, also with effect from April 30. He is currently a non-executive independent director and member of the Audit Committee, Nominating Committee and Remuneration Committee, having held these appointments since Jan 22 this year. As the lead independent director of the company, he will be available to shareholders of the company if they have concerns and if their contact through the normal channels of the chairman or the financial controller of the company has failed to resolve the issue. The Catalist-listed group was one of the firms involved in the penny stock crash of 2013. https://www.businesstimes.com.sg/companies-markets/liongolds-group-ceo-raymond-tan-resigns |
| Good Post Bad Post | |
| 28-Apr-2020 10:31 |
DBS
/
DBS
Go to Message
|
|
x 0
x 0
|
Coronavirus: DBS expects Singapore' s GDP to shrink by 5.7% this yearSingapore' s decision to keep a large segment of its economy closed and many of its residents at home for another month will lower economic growth and raise job losses, said analysts. DBS Bank became the latest to cut its estimates of how Singapore' s gross domestic product and employment would pan out this year, after earlier downgrades by OCBC Bank, UOB Group and Maybank. DBS now expects the economy to shrink 5.7 per cent this year, a far steeper fall than the 2.8 per cent drop it had predicted earlier. Retrenchments may spike to 45,600, far higher than in any of the past recessions, while the resident unemployment rate could rise to a seasonally adjusted 4.2 per cent, said the bank. Should Singapore fail to contain the outbreak by the end of the circuit breaker on June 1, GDP could shrink by as much as 7.8 per cent, said the bank' s senior economist Irvin Seah in a report yesterday. The circuit breaker was extended after a spike in infections at dormitories housing foreign workers, pushing the number of Covid-19 cases in Singapore to the highest in South-east Asia. The tighter new measures will take a heavier toll on businesses already struggling with poor earnings and weak cash flows, DBS said. The Government has offered more help to businesses and their employees, taking the total fiscal response to the pandemic to $63.7 billion. Without government help, the economic pain could have been even more acute, Mr Seah noted, adding that services and construction are two sectors that will be hardest hit by the circuit breaker extension. " The extension to June 1, though necessary to contain the outbreak, will be a nail in the coffin for many locally oriented industries, for example, construction, retail, F& B, business services." The relief measures will help, but some businesses on a weaker financial footing may not survive this crisis - implying a spike in companies folding up, bankruptcies and job losses ahead, Mr Seah said. Though resident workers account for about 62 per cent of the total workforce, DBS senior economist Irvin Seah said, proportionately fewer local workers are likely to be retrenched on account of policy measures aimed at safeguarding their jobs. Companies may have to shed more headcount to bring manpower costs in line with the fall in earnings, he added. Though resident workers account for about 62 per cent of the total workforce, he said, proportionately fewer local workers are likely to be retrenched on account of policy measures aimed at safeguarding their jobs. He added that while foreign workers will account for the bulk of the retrenchments, resident unemployment will still rise. DBS Bank' s GDP growth estimates for the year are now lower than government guidance of minus 4 per cent to minus 1 per cent. As for other banks' GDP predictions, some are more dire than DBS' while others are rosier. OCBC expects Singapore to suffer an even more severe recession. Ms Selena Ling, its head of research and strategy, said a contraction of 6 per cent to 10 per cent cannot be ruled out. The bleaker end of the range assumes that a recovery may be delayed as business and consumer confidence remains dented into the third quarter and any second-half stabilisation is even more subdued than earlier expected, she said. UOB economist Barnabas Gan downgraded Singapore' s growth to minus 4 per cent, down from a previous estimate of minus 2.5 per cent. Maybank has cut its GDP forecast for this year to minus 7 per cent, from minus 6 per cent, due to the extension of the circuit breaker. It sees a much larger impact on employment, with job losses expected to reach 200,000. More than half of those losses will be borne by foreigners, Maybank analyst Chua Hak Bin said last week. https://www.straitstimes.com/business/economy/dbs-expects-singapores-gdp-to-shrink-by-57-this-year |
| Good Post Bad Post | |
| First < Newer 14381-14400 of 14639 Older> Last |