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| 03-Apr-2020 10:07 |
Golden Energy
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Golden Energy new
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Golden Energy unit makes takeover bid for Stanmore Coal
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| 03-Apr-2020 09:45 |
SGX
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SGX
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Shorting on the SGX: Have full transparency on such trades, big or smallFRI, APR 03, 2020 - 5:50 AMMANY European and regional exchanges have recently banned short selling in their stock markets. SGX, however, seems to feel that bearish bets should still be allowed. We think that shorting on the SGX should be allowed only with total transparency as this is the best safeguard for all... https://www.businesstimes.com.sg/opinion/shorting-on-the-sgx-have-full-transparency-on-such-trades-big-or-small |
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| 03-Apr-2020 09:40 |
TEE Intl
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TEE International
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Tee Int' l needs to step up corporate governanceFRI, APR 03, 2020 - 5:50 AM Key figures during time of questionable transactions still hold key posts issues of internal control and risk management remain. ON MARCH 3, 2020, Tee International Limited (TIL) released a 13-page Executive Summary of the External Investigator' s Report on the questionable transactions involving its controlling shareholder and former group chief executive (GCE) and managing director (MD), Phua Chian Kin (PCK). The... https://www.businesstimes.com.sg/opinion/tee-intl-needs-to-step-up-corporate-governance |
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| 03-Apr-2020 09:35 |
DBS
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DBS
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DBS says Singapore retail Reits ' in for rough ride'THU, APR 02, 2020 - 4:04 PM DBS Group Research is expecting a tougher operating environment for retail real estate investment trusts (Reits) in Singapore, citing rising consumer risk aversion and tighter government measures amid the Covid-19 outbreak. The research team has downgraded its calls for Frasers Centrepoint Trust, CapitaLand Mall Trust and Starhill Global Reit to " hold" , while its rating for SPH Reit now stands at " fully valued" . Within the industry, its preferred picks include Mapletree Commercial Trust (MCT) which it has a " buy" call on, along with a target price of S$1.90, given its diversified exposure. The research team also has a " buy" rating on Lendlease Global Commercial Reit, with a target price of S$0.94 citing its " bombed out valuation" , DBS analysts Derek Tan and Rachel Tan wrote in a sector report released on Thursday. As at 3.39pm on Thursday, units in MCT were trading at S$1.62, down S$0.13 or 7.4 per cent, while units in Lendlease Global Commercial Reit were trading at 48.5 Singapore cents, down 3.5 cents or 6.7 per cent. " We turn cautious on the retail S-Reit (Singapore Reit) sector in view of unprecedented tightening measures introduced by the government. With a focus on conserving cash due to worsening operational outlook, we anticipate potential cuts in payout ratios (from 100 per cent to 90 per cent) for most retail S-Reits and cut our distribution per unit to the tune of 14 per cent to 27 per cent, on the back of rental rebates offered by landlords to affected tenants," the analysts noted. That said, they are also of the view that the balance sheets of these S-Reits should be able to withstand up to a 50 per cent drop in cash flows. DBS added that further tightening rules and advisories against travelling to shopping malls and suspension of entertainment outlets or tuition centres will have a significant near-term impact on retail landlords. Meanwhile, the potential release of a Covid-19 temporary measure Bill which absolves tenants of their rental obligations for up to six months will introduce further uncertainty to an already challenged retail sector, the analysts said. " The risk from the Bill is that if tenants/businesses go bust after six to 12 months even with rent deferment, landlords will be faced with a potential spike in bad debts. This is a factor we believe has yet to be addressed, to be fair to landlords who have their own obligations to fulfill," DBS noted. " While near-term cash flows may be hit, we estimate that interest coverage ratios of most retail S-Reits will remain above bank covenant levels of 1.5 to two times even if earnings before interest, taxes, depreciation and amortisation tumbles by 50 per cent," wrote DBS analysts Mr Tan and Ms Tan. https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-says-singapore-retail-reits-in-for-rough-ride |
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| 03-Apr-2020 09:30 |
DBS
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DBS
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Reits sold down as investors fret over challenges facing landlordsFRI, APR 03, 2020 - 5:50 AMDBS Research says new legislation to help tenants will introduce further uncertainty in retail sector REAL estate investment trusts took a tumble on Thursday, with retail Reits bearing the brunt of the selling after the government announced it will legislate to ensure that landlords pass on in full property tax rebates to their tenants. Among those badly hit were Frasers... https://www.businesstimes.com.sg/companies-markets/reits-sold-down-as-investors-fret-over-challenges-facing-landlords |
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| 02-Apr-2020 09:43 |
Centurion
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Centurion Corp
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Centurion delays Toh Guan dormitory redevelopment in light of new Covid-19 cluster
THU, APR 02, 2020 - 5:50 AM
Singapore MAINBOARD-LISTED housing operator Centurion Corp will be holding off redevelopment plans for its workers' dormitory at Toh Guan after the site was declared a new Covid-19 cluster on Tuesday. The reconstruction of an existing block at its Westlite Toh Guan facility into an... https://www.businesstimes.com.sg/companies-markets/centurion-delays-toh-guan-dormitory-redevelopment-in-light-of-new-covid-19-cluster |
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| 02-Apr-2020 09:40 |
OUE
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OUE
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OUE, OUE C-Reit offer relief, rebates to tenantsTHU, APR 02, 2020 - 5:50 AMSingapore PROPERTY group OUE has joined a string of landlords in Singapore offering rental reliefs to tenants amid poor business brought on by the novel coronavirus outbreak. OUE and the manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Wednesday said retail... https://www.businesstimes.com.sg/companies-markets/oue-oue-c-reit-offer-relief-rebates-to-tenants |
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| 02-Apr-2020 09:35 |
No Signboard
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Should be ?No Eye See?
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No Signboard shuts Clarke Quay restaurant for at least a month to ' control costs'WED, APR 01, 2020 - 8:50 AMIN a bid to " control costs and improve operational efficiency" , No Signboard has temporarily shuttered its seafood restaurant at The Central mall in Clarke Quay. The outlet will be closed for at least one month from April, the Catalist-listed group announced in a bourse filing on Tuesday night. " The operating environment in the local food and beverage (F& B) industry is expected to remain challenging in the next 12 months" , given the uncertain economic outlook amid the global coronavirus outbreak and travel restrictions which have dampened consumer demand, it said. As disclosed on Feb 14, the group expects the Covid-19 pandemic to have a negative impact on tourist and consumer spending from the second quarter of FY2020. No Signboard operates a chain of restaurants under different F& B brands and concepts, such as No Signboard Seafood, Little Sheep Hot Pot and Mom' s Touch Korean Chicken & Burger, as well as its beer business which distributes beer brand Draft Denmark in Singapore. https://www.businesstimes.com.sg/companies-markets/no-signboard-shuts-clarke-quay-restaurant-for-at-least-a-month-to-control-costs |
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| 02-Apr-2020 09:31 |
IPS Securex
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IPS Securex
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IPS proposes to sell Kallang factory to StorHub for S$26mWED, APR 01, 2020 - 10:00 AM PRINTING and software package specialist International Press Softcom (IPS) has proposed to sell its Kallang factory for S$26 million in cash to self-storage business StorHub, the Catalist-listed firm said on Wednesday. An independent valuer had placed the property' s open market value at S$35 million as at Oct 23, 2019, and the property was launched for sale that month with an indicative price of S$30 million. IPS on Wednesday said the deal took into account prevailing market conditions, the current market prices of nearby properties and the building' s net book value of about S$25.6 million as at Dec 31, 2019. It also considered the diminishing 60-year leasehold period which began on Feb 16, 1990. Its board said the property is under-utilised and has not been generating significant rental income. The under-utilisation would cause IPS to incur continued losses if it was not sold, it added. https://www.businesstimes.com.sg/companies-markets/ips-proposes-to-sell-kallang-factory-to-storhub-for-s26m |
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| 02-Apr-2020 09:26 |
CapitaLand
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Capitaland
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Ascott chief takes on additional remit as lodging CEO at CapitaLandWED, APR 01, 2020 - 10:38 AMCAPITALAND has appointed Kevin Goh as chief executive, lodging, effective Wednesday. He will concurrently be chief executive of The Ascott, a role he has held since January 2018. In his new role, Mr Goh' s focus will be to grow the group' s lodging business, which is one of CapitaLand' s three pillars for sustainable growth - the other two being fund management and investment/development. He will also be a key member of the senior leadership team responsible for managing and executing the group' s growth strategies, the group said in a regulatory update. Mr Goh has been with CapitaLand since May 2007. At The Ascott, he was previously chief operating officer from 2016 to 2017 and managing director of North Asia and Ascott China Fund from 2015 to 2016. CapitaLand shares closed at S$2.85 on Tuesday, up S$0.09 or 3.3 per cent. https://www.businesstimes.com.sg/companies-markets/ascott-chief-takes-on-additional-remit-as-lodging-ceo-at-capitaland |
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| 02-Apr-2020 09:16 |
CromwellReit EUR
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Cromwell European REIT
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Cromwell E-Reit manager' s chief investment officer quits WED, APR 01, 2020 - 9:40 AM THE chief investment officer (CIO) of Cromwell European Real Estate Investment Trust' s (Cromwell E-Reit) manager has resigned " to devote his time to his own entrepreneurial activities" . Thierry Leleu, 52, will leave the company on Sept 25 this year, the manager said in a bourse filing on Wednesday morning. Appointed CIO in September 2017, he was a key member of the team that took Cromwell E-Reit to its listing on the Singapore Exchange later that year. As CIO, Mr Leleu has been instrumental in Cromwell E-Reit' s post-listing success over the past two years, the manager said. His responsibilities include identifying, researching and evaluating potential acquisitions with a view to enhancing the trust' s portfolio, or divestments where a property no longer fits the portfolio' s risk-return profile. Last week, Cromwell E-Reit completed two deals - the acquisition of three light industrial/logistics properties in Germany, and the sale of 12 assets in other European countries. Units of Cromwell E-Reit lost one euro cent or 2.8 per cent to trade at 35 cents as at 9.24am on Wednesday. https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-managers-chief-investment-officer-quits |
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| 01-Apr-2020 10:12 |
Landmark REIT
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Overview of Lippo Malls Trust
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Covid-19: LMIRT to close all malls, retail spaces in Indonesia for 2 weeks
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| 01-Apr-2020 10:09 |
SATS
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Sats
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SATS issues S$200m 2.9% 5-year notesTUE, MAR 31, 2020 - 7:50 PMMAINBOARD-LISTED SATS on Tuesday said it has issued S$200 million worth of five-year notes. The notes, which mature in 2025, will have a fixed coupon rate of 2.88 per cent per annum, payable semi-annually in arrear. The Series 001 Notes are expected to be listed on the Singapore Exchange on Wednesday. The notes are in denominations of S$250,000. Net proceeds will be used for refinancing of existing borrowings and general corporate purposes, SATS said in a bourse filing on last Wednesday. The Series 001 notes will be issued under the company' s S$500 million multi-currency debt-issuance programme. DBS Bank and UOB have been appointed as joint lead managers and bookrunners. Shares of SATS closed down $0.04 or 1.25 per cent to S$3.16 on Tuesday. https://www.businesstimes.com.sg/companies-markets/sats-issues-s200m-29-5-year-notes |
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| 01-Apr-2020 10:06 |
Yanlord Land
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Yanlord just delivered a Spectacular Results
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Yanlord nets 2.8b yuan in pre-sales for Nanjing and Nantong apartments WED, APR 01, 2020 - 5:50 AM Singapore YANLORD Land Group said it achieved an estimated pre-sales total of 2.8 billion yuan (S$572.7 million) through successful weekend launches of its apartment units in Nanjing and Nantong, in China' s Jiangsu province. The real estate developer announced on Tuesday that it... https://www.businesstimes.com.sg/companies-markets/yanlord-nets-28b-yuan-in-pre-sales-for-nanjing-and-nantong-apartments-0 |
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| 01-Apr-2020 10:03 |
CapLand Ascendas RE
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Ascendasreit
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Ascendas Reit takes 25% stake in Galaxis for S$102.9mTUE, MAR 31, 2020 - 10:45 PMASCENDAS Real Estate Investment Trust (Reit) on Tuesday said it has acquired a 25 per cent equity stake in business park Galaxis for S$102.9 million. As trustee of Ascendas Reit, HSBC Institutional Trust Services (Singapore) entered into a share-purchase agreement with vendor MBK Real Estate Asia for the purchase of the equity stake. Situated in Singapore&rsquo s one-north precinct, Galaxis is expected to generate a net property income yield of approximately 6.2 per cent and 6.1 per cent pre-transaction costs and post-transaction costs respectively. The transaction cost amounts to about S$2.99 million, including stamp duty professional advisory fees and acquisition fees. William Tay, executive director and chief executive officer of Ascendas Funds Management, said: &ldquo The acquisition of the 25 per cent stake in Galaxis is accretive to Ascendas Reit&rsquo s distribution per unit and is transacted at an attractive net property income yield of 6.2 per cent, considering the allowable 30 per cent white component for the site. He added that Galaxis fits well with Ascendas' strategy to invest in well-located, high-quality business park properties in Singapore and will strengthen Ascendas Reit&rsquo s overall portfolio, he added. A 17-storey building with business park, office space, retail and F& B space, work lofts and a basement carpark, Galaxis has a gross floor area of 68,835 square metres (sq m) and a net lettable area of 60,752 sq m. The remaining lease tenure of the land is around 52 years. Completed in 2015, the building is 99.6 per cent occupied by tenants such as Canon, Oracle, and Sea (formerly Garena). Units in Ascendas Reit closed at S$2.83 on Tuesday, up 4.43 per cent or 12 Singapore cents. https://www.businesstimes.com.sg/companies-markets/ascendas-reit-takes-25-stake-in-galaxis-for-s1029m |
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| 01-Apr-2020 10:00 |
SIA
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SIA
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SIA' s massive fund raiser a call to the faithfulWED, APR 01, 2020 - 5:50 AMIT HAS been said that if the medicine tastes bad, it could be good for you. For shareholders of Singapore Airlines, belief in that maxim may be the only thing that could make the bitter prospect of a massive earnings dilution easier to swallow. To save the airline as it suffers the... https://www.businesstimes.com.sg/companies-markets/sias-massive-fund-raiser-a-call-to-the-faithful |
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| 01-Apr-2020 09:51 |
UpHealth Group
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Russian Affairs Sgx IPO 2020
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Don Agro FY19 profit falls 16.9% in first results since Catalist debutTUE, MAR 31, 2020 - 8:32 AMRUSSIAN agri and dairy firm Don Agro on Monday posted a 16.9 per cent drop in net profit to S$5.2 million for the year ended Dec 31, 2019, from S$6.4 million a year ago. The decline was mainly due to higher cost of sales and lower harvest prices compared with FY2018, said the newly listed company which made its market debut in February this year. Earnings per share was 4.17 Singapore cents versus 5.11 cents a year ago. Revenue jumped 45.3 per cent to S$35.4 million from S$24.4 million driven by an increase in sales from crop production, livestock and milk. A maiden final dividend of 0.693406 Singapore cent per share was recommended for fiscal 2019, which amounts to 20 per cent of the group' s net profit for the year. The group had previously stated in its prospectus its intention to distribute dividends of up to 20 per cent of net profit for FY2019, FY2020 and FY2021 to reward shareholders for participating in its growth. Following its initial public offering in February, the group said it plans to scale its business through the expansion of its arable land bank for its next phase of growth. Don Agro' s shares on Catalist closed up S$0.06 or 27.3 per cent to S$0.28 on Monday, before the release of its results. https://www.businesstimes.com.sg/companies-markets/don-agro-fy19-profit-falls-169-in-first-results-since-catalist-debut |
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| 01-Apr-2020 09:46 |
Golden Energy
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Golden Energy new
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Golden Energy JV completes acquisition of Australia gold mine
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| 01-Apr-2020 09:38 |
Hong Leong Asia
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Hong Leong Asia
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Hong Leong Asia posts 39.1% hike in full-year net profit to S$34.4mTUE, MAR 31, 2020 - 9:44 PM HONG Leong Asia recorded a 39.1 per cent hike in net profit to S$34.4 million for the year ended Dec 31, 2019, on account of higher business volumes and better contribution margins by its Building Materials Unit (BMU), said the industrial conglomerate on Tuesday. Other income, which comprised mainly interest income and government grants, increased 46.6 per cent to S$71.5 million from the year before, as its subsidiary Yuchai benefited from higher government grants and interest income in 2019. Selling and distribution expenses, however, rose 20.0 per cent to S$296.5 million for the same period, largely from higher warranty expenses, additional allowance for doubtful debts and higher freight costs, it said. Revenue for the same period rose 8.4 per cent, to S$4.1 billion, due to higher revenue recorded by Diesel Engines Unit Yuchai and BMU. Yuchai&rsquo s revenue increased by S$250.0 million or 7.6 per cent from the year before, having sold 376,148 engines in 2019, marginally higher than 375,731 units sold in 2018. This was due to stronger sales in industrial and agricultural engines, which were partially offset by weaker sales in the bus and truck engine segments. BMU&rsquo s revenue increased by S$77.6 million or 18.1 per cent from 2018, as both its Singapore and Malaysian operations reported higher year-on-year revenue. Earnings per share for the year was S$4.61, reversing from a loss per share of S$1.37 the year before. Shares of Hong Leong Asia closed up S$0.025 or 6.5 per cent to S$0.41 on Tuesday before the results were released. https://www.businesstimes.com.sg/companies-markets/hong-leong-asia-posts-391-hike-in-full-year-net-profit-to-s344m |
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| 31-Mar-2020 09:35 |
DBS
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DBS
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DBS takes fast lane to used-car loans, doubling its market shareTUE, MAR 31, 2020 - 5:50 AMSingapore IN JUST a year, DBS has doubled its used-car loan market share as it muscled into a space traditionally dominated by lenders like Hong Leong Finance and Maybank. The bank grabbed a chance to push into this segment on the back of regulatory changes, and plans to rev up... https://www.businesstimes.com.sg/companies-markets/dbs-takes-fast-lane-to-used-car-loans-doubling-its-market-share |
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