Singapore stocks to watch Tuesday: Yoma Strategic, Hutchison Port, Ascott Residence Trust

Yoma Strategic Holdings

Myanmar-focused Yoma Strategic Holdings on Tuesday reported a net loss of S$15.9 million for its fiscal first quarter ended 30 June due to currency translation losses from its US dollar borrowings.

The company had achieved a net profit of S$2.8 million in the same period a year ago.

Yoma’s revenue for the quarter increased by 13.9 percent year-on-year to S$29.4 million, as higher contributions from its land, food and beverage, and financial services businesses offset a slower performance in the motor vehicle distribution business.

Total group borrowings at the end of June was S$307.2 million compared to S$243.5 million as at end-March 2018, with the increase substantially due to the first S$46.2 million drawdown under a loan facility led by the Asian Development Bank and International Finance Corporation.

“Yoma Land’s revenue growth points to a stabilising property market. Whilst Yoma F&B and Yoma Financial Services continue to grow steadily,” CEO Melvyn Pun said in a statement.

Hutchison Port Holdings Trust

Hutchison Port Holdings Trust, or HPHT, reported on Monday that its second-quarter profit attributable to unit holders tumbled 36.8 percent on-year to HK$170 million and it issued a cautious outlook statement amid continued global trade tensions.

Revenue for the quarter ended 30 June slipped 3.6 percent on-year to HK$2.79 billion, the trust manager said in a filing after the market close on Monday.

Interest and other finance costs for the quarter rose 20.1 percent on-year to HK$252 million, mainly on higher HIBOR/ LIBOR applied on the bank loans’ interest rates, it said.

Mapletree Logistics Trust

Mapletree Logistics Trust reported that net property income for its fiscal first quarter climbed 11.1 percent on-year to S$89.80 million, as the number of properties it held grew.

The fiscal first quarter ended 30 June started with 124 properties and ended with 134 properties, including a 50 percent interest in 11 properties, compared with 127 properties for the year-earlier quarter, the trust manager said in an SGX filing after the market close on Monday.

“These results reflect improved performance  from MLT’s existing portfolio as well as contributions from the recent two acquisitions in Hong Kong. Overall growth was partially offset by the absence of revenue from four divestments completed in FY17/18 and one divestment during the quarter,” it said.

Ascott Residence Trust

Ascott Residence Trust reported on Tuesday higher revenues and profits for the second quarter but distribution per unit (DPU) remained unchanged due to a lack of one-time gains.

Ascott, which owns serviced residences around the world, said revenue grew 6 percent on-year to S$130.5 million, lifted by its acquisitions in 2017. Gross profit increased 7 percent to S$63.1 million, while revenue per available unit (RevPAU) rose 6 percent to S$155 on the back of stronger demand and better operating performance at its properties in Belgium, China and the United Kingdom.

DPU remained at 1.84 cents, unchanged from a year ago. The CapitaLand managed trust said DPU for second quarter 2018 would have increased by 13 percent if a one-off exchange gain of S$11.9 million for second quarter 2017 was excluded.

Looking ahead, Ascott said it will take a disciplined and prudent approach towards capital management.

“While the International Monetary Fund has forecasted the global economy to grow 3.9 percent for 2018, the tightening of financial conditions and trade tensions around the world have introduced uncertainties to global growth. The U.S. Federal Reserve increased interest rates for the second time in June 2018, and further hikes are expected,” it said in its press release.

Raffles Medical Group

Raffles Healthinsurance (RHI), a unit of Raffles Medical Group, has formed a strategic partnership with insurer NTUC Income whereby the Raffles Medical unit will provide NTUC Income’s IncomeShield policyholders access to over 200 medical specialists.

RHI will also extend clinical indicator assessment to NTUC Income as part of the partnership, Raffles Medical said in a statement on Tuesday. The company did not provide any revenue projections.

Raffles Medical recently announced plans to offer so-called Integrated Shield Plans that provide addition benefits to people who are on the national health insurance plan administered by the government’s Central Provident Fund Board.

Singapore Exchange

Singapore Exchange will allow the listing of mineral, oil and gas companies in the early stage of development, following rule changes that will take effect from Aug 28.