Singapore companies in focus on Friday, 29 October 2021:
- Temasek’s Mapletree Investments forms consortium to bid against Temasek-tied Keppel for Temasek-linked SPH
- Keppel swings to 9M21 net profit from year-earlier loss
- Mapletree North Asia Commercial Trust posts fiscal 1H net property income rose 16 percent
- Starhill Global REIT posts fiscal 1Q net property income rose 15 percent on lower rental assistance
Others: Sheng Siong, ST Telemedia, Ho Bee Land, AEM Holdings and Aberdeen Asset Management, CSE Global, Ezion Holdings, Tung Lok Restaurants, OTS Holdings, Duty Free International, New Silkroutes Group, Advanced Holdings, ISOTeam, Sunrise Shares Holdings and Lion Asiapac.
This item was originally published on Friday, 29 October 2021 at 2:11 a.m. SGT; it has since been updated to include an item on Temasek Holdings, SPH, SPH REIT, Keppel Corp., Hotel Properties and Mapletree Investments. Frasers Hospitality Trust and CDL Hospitality Trusts have also been added.
Temasek, Mapletree Investments, SPH, SPH REIT, Hotel Properties and Keppel Corp.
Mapletree Investments, which is wholly owned by Singapore state-owned investment company Temasek Holdings, has formed a consortium to bid against Keppel Corp., which counts Temasek as its largest shareholder, for SPH, which is also tied to Temasek.
The consortium’s offer only slightly pips Keppel’s bid, leading to speculation a bidding war might emerge, although that would look like a Temasek vs. Temasek bout with a Temasek-tied prize.
Keppel Corp. reported Thursday it swung to a net profit for the January-to-September period, from a year-earlier net loss, with a “significant improvement” even when compared with pre-Covid results, and when excluding revaluations, major impairments and divestments.
Mapletree North Asia Commercial Trust
Mapletree North Asia Commercial Trust reported Thursday its fiscal first half net property income increased 15.8 percent on-year to S$161.88 million on lower rental relief to retail tenants as footfall and retail sales at Festival Walk mall grew, and on contributions from acquisitions in Japan and South Korea.
Starhill Global REIT
Starhill Global REIT reported Thursday its fiscal first quarter net property income increased 15.1 percent on-year to S$34.3 million, mainly on lower rental assistance for the portfolio and lower expenses.
CDL Hospitality Trusts
CDL Hospitality Trusts reported Friday its third quarter net property income (NPI) increased 34.8 percent on-year to S$20.5 million on an ongoing recovery from the impact of the Covid-19 pandemic.
Supermarket operator Sheng Siong Group reported Thursday its third quarter net profit rose 8.3 percent on-year to S$34.4 million as tighter Covid-19 restrictions in Singapore boosted revenue. Singapore has imposed restrictions on dining-in at food and beverage outlets.
ST Telemedia said Thursday it has priced S$500 million in subordinated perpetual securities at 4.20 percent.
DBS Bank, UOB, Credit Suisse (Singapore) an HSBC were appointed as joint lead managers and bookrunners, ST Telemedia said in a filing to SGX.
Frasers Hospitality Trust
Frasers Hospitality Trust has entered a deal to divest the Sofitel Sydney Wentworth for A$315 million to an unrelated third party, the trust said in a filing to SGX Friday.
Frasers Hospitality Trust
Frasers Hospitality Trust reported Friday its fiscal second half net property income more than doubled to S$30.9 million from S$14.6 million in the year-ago period as the operating environment improved from the initial impact of the Covid-19 pandemic in 2020, which caused major global travel disruptions.
Ho Bee Land
Ho Bee Land said Thursday two wholly owned Australian subsidiaries have entered separate deals to acquire three residential development sites in Australia for an aggregate A$115 million.
AEM Holdings and Aberdeen Asset Management
Aberdeen Asset Management increased its deemed interest in AEM Holdings to 6.049 percent from 5.96 percent after the purchase of 274,800 shares in the market for S$1.15 million, according to a filing to SGX. Aberdeen Asset Management is the parent company of subsidiaries which act as investment managers for clients and funds and can exercise control over the securities, the filing said, adding the registered holder of the securities in the client’s or fund’s custodian.
Aberdeen Asset Management’s parent abrdn plc and its wholly owned subsidiary abrdn Asia are also deemed interested in the shares, the filing said.
Duty Free International
Duty Free International said Thursday the Learned Magistrate in Malaysia had issued an order discharging the company and its directors without acquitting them in a case over allegations subsidiary Seruntun Maju Sdn. Bhd. (SMSB) and its officers had breached the conditions of its duty free license.
“The order discharging the proceedings was made on the grounds that there were significant administrative defects in the charges and the filing of proposed amended charges by the Customs. The magistrate specifically noted that the Customs is at liberty to issue fresh charges against the company and its directors,” Duty Free International said in the statement.
In an update on its restructuring and cost-cutting plans Thursday, Ezion Holdings said it is continuing its disposal plans and discussions with potential investors to recapitalize the group and/or realize the value of the company’s listed status.
The company said it plans to reduce its headcount by 71 percent, and the CEO, chief financial officer and the chief business development officer will all take a further 25 percent pay reduction after the 40 percent cut since July 2020.
CSE Global said Thursday it secured S$120.3 million in new orders during the third quarter, up 32.2 percent on-year. Orders for the energy segment rose 52.3 percent on-year to S$73.8 million on higher flow work and newly awarded power and electrification projects, CSE Global said in a filing to SGX.
OTS Holdings said Thursday it remains on track to launch its plant-based canned luncheon meat products in early 2022. The company is currently developing the taste profile and texture of the product, the company said in a filing to SGX answering questions from shareholdings and SIAS.
In addition, the company said it expects to begin operations in the Philippines in the first half of the financial year ending 30 June 2022.
Tung Lok Restaurants
Tung Lok Restaurants said Thursday its indirect wholly owned subsidiary, Tung Lok Central Restaurant, has obtained new credit facilities of S$1 million with a loan tenure of five years from UOB for general working capital purposes.
Sunrise Shares Holdings
Sunrise Shares Holdings said Thursday its wholly owned subsidiary Sunrise Industrial (Singapore) entered a one-year agreement to provide consultancy management services to New Zealand Nan Fang Investment for S$480,000 a year.
ISOTeam said Thursday has obtained S$22.3 million in new projects, boosting its orderbook, which stood at S$165.2 million at end-June.
“Due to the pandemic, there is a substantial contract backlog situation across most of the Town Councils, mainly pertaining to upgrading works like Repairs & Redecoration or Neighbourhood Renewal projects. We believe that it can only get better from here and foresee that more contracts or tenders will be called when the Covid-19 situation in Singapore further stabilises, giving us opportunities to grow our order book,” Anthony Koh, group executive director and CEO, said in the statement.
New Silkroutes Group
New Silkroutes Group said Thursday it believes it can continue as a going concern despite receiving letters of demand alleging it is a corporate guarantor to a loan and a lease financing arrangement.
In responses to shareholder questions which were filed to SGX, New Silkroutes Group said its healthcare operations generate sufficient operating cash flows to meet working capital requirements.
Advanced Holdings said Thursday its listing would be transferred to the Catalist board from the main board of SGX, effective Monday.
Lion Asiapac said Thursday it expected to report a loss for the fiscal first quarter ended 30 September, mainly on a decline in the fair value of an equity instrument.