UPDATE: Singapore stocks to watch Wednesday: Starhill Global REIT, Suntec REIT, OUE Hospitality, SGX

Signage at the SGX building on Shenton Way in Singapore; taken October 2018.Signage at the SGX building on Shenton Way in Singapore; taken October 2018.

These are Singapore stocks which may be in focus on Wednesday, 30 January 2019:

Starhill Global REIT

Starhill Global REIT reported net property income for its fiscal second quarter fell 2.4 percent on-year to S$39.5 million as higher contributions from the Singapore offices were offset by declines in the Singapore retail portfolio’s contributions and the depreciation of the Australian dollar.

Read more: Starhill Global REIT fiscal 2Q net property income falls, missing Daiwa forecast

Suntec REIT

Suntec REIT MTN (SRMTN), which is Suntec REIT’s trustee, launched and priced S$100 million 3.355 percent notes due 2025, which will be issued under its US$1.5 billion euro medium term note program, it said in a filing to SGX on Tuesday.

Read more: Suntec REIT to issue S$100 million notes due 2025

Ascendas Hospitality Trust

Ascendas Hospitality Trust reported on Tuesday that its net property income for the fiscal third quarter was flat on-year at S$23.2 million, when excluding year-earlier contributions from divested China properties.

Contributions from the newly acquired hotels made up for the loss of income from the sale of the hotels in China, but the income from the Australia properties was hurt by the Australian dollar’s fall against the Singapore dollar, it said.

Read more: Ascendas Hospitality Trust reports flat fiscal 3Q net property income

OUE Hospitality Trust

OUE Hospitality Trust reported on Tuesday its fourth quarter net property income fell 1 percent on-year to S$28.90 million as revenue from both its hospitality and retail properties declined.

Read more: OUE Hospitality Trust 4Q18 net property income fell 1 percent on lower hotel, retail revenue

Singapore Exchange

Singapore Exchange’s wholly owned subsidiary Asian Gateway Investments (AGI) has set up a 50:50 joint venture company with Shanghai Ganglian E-Commerce Holdings to create indexes to measure prices of iron ore, steel and other ferrous metals, it said in a filing to SGX after the market close on Tuesday.

The joint venture, SGX MySteel Index Co., will license the indexes for data distribution, research, analysis and for creating derivative products, the filing said. It will have issued share capital of S$200,000, comprising 200,000 shares, the filing said. The deal was announced in November.

Read more: SGX sets joint venture with Shanghai Ganglian E-Commerce

ST Engineering

ST Engineering said on Tuesday its aerospace arm injected its pro rata share of S$3.375 million into its 90 percent owned joint venture ST Aerospace Aircraft Seats, bringing its total investment to S$20.158 million.

The remaining 10 percent of the joint venture is held by Tenryu Holdings, it said in a filing to SGX after the market close on Tuesday.

Singapore-based ST Aerospace Aircraft Seats provides design and manufacturing services for aircraft seats, including a proprietry economy aircraft seat called SPACElite, the filing said.

SIA Engineering

SIA Engineering said on Tuesday it sold its entire 20 percent stake in joint venture Jamco Singapore, or JS, to JAMCO for S$3.97 million in cash.

The joint venture, which manufactures aircraft galleys, seats and cabin parts, was with JAMCO, which held 75 percent, and Itochu Corp., which held the remaining 5 percent, it said in a filing to SGX after the market close on Tuesday.

Based on JS’s audited financial statements for the year ended 31 March 2018, the net asset value of the 20 percent stake was S$2.77 million, the filing said.

“SIAEC has been reviewing its portfolio of joint ventures for consolidation and growth and this transaction is part of its restructuring initiatives to focus on core competencies,” the filing said.

Cromwell European REIT

Cerberus Singapore Investor ceased to be a substantial shareholder in Cromwell European REIT, disposing of its entire 9.98 percent stake for 98,.05 million euros (S$151.52 million) in a market transaction, it said in a filing to SGX after the market close on Tuesday.

In a separate filing, it said spouses Gordon Tang and Celine Tang increased their jointly held direct stake in the REIT to 16.78 percent from 13.8 percent after acquiring 65 million units at 0.455 euro each, totaling 29.58 million euros.

Japan Foods

Japan Foods said on Tuesday that it has incorporated a 50:50 joint venture, called Dining Collective, with Minor Food Group (Singapore) for developing, managing and operating restaurants specializing in Japanese cuisine in Thailand and China, and for restaurants specializing in Thai cuisine in Japan.

Under the deal, Dining Collective will not start or operate any restaurant selling or specializing in ramen in China, it said in a filing to SGX after the market close on Tuesday.

The joint venture, which will have an issued and paid-up share capital of S$200,000 divided into 200,000 shares, was

Read more: Japan Foods signs memorandum of understanding with Minor Food Group (Singapore)

This article was originally published on Wednesday, 30 January 2019 at 7:30 A.M. SGT; it has since been updated to include an item on Ascendas Hospitality Trust.


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