The Trading Floor - 2019

Discussion in 'The Trading Floor' started by Amator, Jan 1, 2019.


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  1. plutus2

    plutus2 Well-Known Member

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  2. Amator

    Amator Well-Known Member

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    ohh .... shd be 5.02c for 2 qtr .... 4.4 + 0.62 ....
     
  3. nottibird

    nottibird Moderator

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    Dai Lole,

    CCT's dividends.
    4.4 cts or 5.6 cts ?
    See Bro Kendolah's post.
    Please check and confirm hor.
    Thanks.
     
  4. nottibird

    nottibird Moderator

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  5. Amator

    Amator Well-Known Member

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    SINGAPORE (July 18): Keppel Corporation reported a 38.4% drop in 2Q earnings ended June to $153.4 million, or 8.4 cents per share, from $249 million a year ago due mainly to the absence of en-bloc sales of development projects.

    For 1H19, Keppel reported earnings of $356.3 million, 39.3% lower than a year ago. The board has approved an interim dividend of 8.0 cents per share for 1H19, which will be paid out on Aug 6.

    Group revenue for 2Q19 increased 17% to $1.78 billion from the previous year – bolstered by strong performances from the investments division and the infrastructure division.

    Revenue from the investments division surged 12.2 times to $306 million due mainly to the consolidation of M1 and higher revenue from the asset management business.

    Revenue from the infrastructure division grew 12.2% to $726 million as a result of higher sales in the power and gas businesses as well as progressive revenue recognition from the Hong Kong Integrated Waste Management Facility project.


    Revenue from the property division increased 11% to $271 million due mainly to higher revenue from China trading projects, partly offset by lower revenue from Singapore trading projects.

    The property division sold about 2,100 homes with a total sales value of about $1.2 billion in the first half of 2019, higher than the 1,385 units in the same period last year. These include about 110 homes in Singapore, 1,140 in China, 610 in Vietnam, 50 in Indonesia and 190 in India.

    Group pre-tax profit of $206 million was 31% lower than that of the corresponding quarter in 2018. Pre-tax profit of the property division decreased by $99 million to $161 million while pre-tax profit of the infrastructure division grew by $7 million to $51 million.

    Group net debt increased by $3.9 billion at Dec 31 2018 to $9.47 billion as at June 30 while group net gearing ratio increased from 48% to 82% in the same period.

    This was mainly due to $273 million of cash paid to shareholders in May as the final dividend for FY18, as well as $224 million incurred for the privatisation of Keppel T&T.

    As at end June, cash and cash equivalents dropped 19.5% to $1.76 billion from a year ago.

    In its outlook statement, Keppel says trade tensions so far have had a limited impact on the group. However, if tensions were to worsen, and the international supply chain and technology access threaten to bifurcate, this could have a significant impact on the international economic and operating environment and the group.

    Says CEO Loh Chin Hua, “Against the backdrop of a volatile macro environment, Keppel has remained resilient, underpinned by our multi-business model and diversification across sectors and geographies. As we execute our businesses, we have continued to seek new opportunities and growth platforms, whether in renewables or cleaner fossil fuels such as LNG, or expanding our property business in high-growth cities such as Nanjing in China, or Ho Chi Minh City in Vietnam.”

    upload_2019-7-18_19-58-46.png
     
  6. Amator

    Amator Well-Known Member

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    SINGAPORE (July 18): CapitaLand Commercial Trust has closed the book of orders for the private placement agreement signed and launched on Wednesday.

    CCT’s manager says the placement managed to raise $220 million from the issue of some 105 million new units at $2.095 each.

    The issue price represents a discount of 3.7% to the volume weighted average price (VWAP) of $2.1762 per unit for trades done on Wednesday.

    It is also at the middle of the $2.043-$2.105 price range set out in the placement agreement.

    The private placement was also five times covered and drew strong demand from new and existing institutional, accredited and other investors, it adds.


    About $216.7 million will be used to partially finance the acquisition of the 94.9% stake in MAC Property Company B.V. and MAC Car Park Company B.V. which holds a 100% stake in the property known as Main Airport Center.

    DBS Bank and J.P. Morgan (S.E.A.) were joint bookrunners and underwriters for the placement.
     
  7. plutus2

    plutus2 Well-Known Member

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  8. nottibird

    nottibird Moderator

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  9. Amator

    Amator Well-Known Member

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    SINGAPORE (July 17): CapitaLand Commercial Trust (CCT) is acquiring a 94.9% stake in Main Airport Center (MAC) in Frankfurt, Germany, for €251.5 million ($387.1 million).

    The acquisition marks CCT’s second asset acquisition in Frankfurt and increase CCT’s overseas exposure from 5% to 8% of its portfolio property value.

    Located close to Frankfurt Airport and a 20-minute drive to Frankfurt’s Central Business District, MAC is a freehold multi-tenanted office building with a total net lettable area (NLA) of 60,200 sqm.

    Of this, 53,900 sqm is high-specification office space and the remaining 6,300 sqm is ancillary space housing a conference hall, meeting rooms and 1,510 car park lots. The committed occupancy of the property was 90% as at June 30.


    The acquisition is conditional upon CCT’s unitholders’ approval, which is expected to be obtained in September.

    The transaction is also expected to be DPU accretive in the range of 1.0% to 2.5%, based on pro forma 1H 2019 DPU.

    The proposed transaction is based on an agreed property value of €265.0 million ($407.8 million) for MAC on a 100% basis, which translates to $387.1 million for the 94.9% interest. Including acquisition-related expenses, CCT’s total acquisition outlay is estimated at $390 million.

    The acquisition is considered an interested party transaction as CapitaLand Commercial Trust Management Limited (CCTML), the manager of CCT, had entered into the agreement with parent company CapitaLand and the property's other owner Lum Chang Holdings.

    CapitaLand will continue to hold a 5.1% interest in the holding companies post-transaction.

    CCT will fund the acquisition fully with Euro debt facilities or a combination of equity and Euro debt facilities.

    The resultant pro forma aggregate leverage for CCT would be 35.0% to 37.0% as at 30 June 2019.

    Kevin Chee, CEO of CCTML, says, “Offering income stability with a quality and diverse tenant base, the acquisition of MAC delivers an attractive net property income yield of 4.0%. Post-acquisition, CCT’s portfolio property value will increase from $10.7 billion to $11.1 billion.”
     
  10. Amator

    Amator Well-Known Member

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    SINGAPORE (July 17): The manager of CapitaLand Commercial Trust (CCT) has reported a distribution per unit (DPU) of 2.20 cents for 2Q19 ended June 30.

    This translates into a 1.9% increase from the 2Q18 DPU figure of 2.16 cents.

    Both gross revenue and net property income increased by 3.0% and 0.8% to $100.9 million and $78.4 million respectively.

    Consequently, CCT’s distributable income figure rose 3.8% y-o-y, to $82.4 million.

    The improved figures were largely attributable to the acquisition of Gallileo and higher revenue from 21 Collyer Quay, Asia Square Tower 2 and Capital Tower.

    They were also offset by the divestment of Twenty Anson, and lower revenue from Bugis Village and Six Battery Road.

    Cash and cash equivalents increased 21% from 2Q18 to $201.2 million.

    Portfolio occupancy remains resilient at 98.6% as at June 30 2019 -- above the market average of 95.8%.

    As at June 30, CCT’s total deposited property value was $11.3 billion. Net asset value per unit was $1.81, after adjusting for 1H19 distributable income.

    In its outlook, CCT’s manager notes that Singapore’s average monthly Grade A office market rent increased by 11.9% year-on-year in 2Q19 to $11.30 psf, and expects Singapore’s office market rent to see continued growth in 2019.

    As part of the proactive management of existing operational assets, the manager plans to start refurbishment and asset repositioning for 21 Collyer Quay and Six Battery Road respectively in 2020. The manager this morning also announced CCT’s proposed acquisition of a 94.9% stake in Main Airport Center in Frankfurt, Germany, for EUR 251.5 million ($387.1 million).


    upload_2019-7-17_9-16-59.png

    total div 4.4c
     
  11. nottibird

    nottibird Moderator

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    Good Morn Bro Plutus and Sis Sotong.
    Hope the market has been good to you guys.

    Dai Lole.... CCT results?
    Thanks hor.
     
  12. plutus2

    plutus2 Well-Known Member

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    good the morning
     
  13. sotong11

    sotong11 Well-Known Member

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    morning sniper
     
  14. nottibird

    nottibird Moderator

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  15. Amator

    Amator Well-Known Member

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    SINGAPORE (July 16): Keppel Offshore & Marine announced that its wholly-owned subsidiaries Keppel FELS and Keppel Shipyard have secured contracts from repeat customers worth about $130 million for a newbuild dredger and the modification of a Floating Production Storage and Offloading vessel (FPSO).

    The first contract was awarded to Keppel FELS by Van Oord to build a high-specification Trailing Suction Hopper Dredger (TSHD). This follows from an option granted to Van Oord based on earlier contracts entered in May 2018 for two similar dredgers.

    The dredger will be built to the requirements of classification society Bureau Veritas (BV) and will be LNG ready. It will also be certified with the BV Green Passport and Clean Ship notations.

    This project is expected to be completed in 1Q22.

    The second contract was awarded to Keppel Shipyard by Yinson Nepeta Production, a wholly-owned subsidiary of Yinson Production, for the fast-track modification and upgrading of FPSO Allan.


    In this project, Keppel shipyard will be responsible for the refurbishment and life extension works, fabrication and installation of a new riser balcony, spread mooring system and helideck, as well as modification of the vessel’s topsides and marine systems.

    This project is scheduled to start in 3Q19 and expected to be delivered in 1Q20.

    Upon completion, the FPSO will have a storage capacity of 700,000 barrels of oil and a processing capacity of 60,000 barrels of oil per day. It will be deployed in the Anyala and Madu fields, offshore Nigeria for First Exploration and Petroleum Development.

    Chris Ong, CEO of Keppel O&M, says, “We are pleased to secure these contracts from repeat customers as it reflects the market’s confidence in Keppel O&M’s customised solutions for newbuild vessels and FPSO conversions. This is the third newbuild dredger for Van Oord and the third FPSO project for Yinson. We are able to leverage the experience of working closely with our customers as well as our engineering and construction expertise to further improve productivity on their projects.”
     
  16. nottibird

    nottibird Moderator

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  17. Amator

    Amator Well-Known Member

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    SINGAPORE (July 15): Suntec REIT is acquiring a freehold Grade A office building in Adelaide’s CBD.

    The 12-storey property located at 55 Currie Street, Adelaide, South Australia, has an approximate net lettable area of 282,000 sf and a weighted average lease expiry (WALE) of 4.4 years.

    It also has a committed occupancy of 91.6% with key tenants such as the Commonwealth Government, South Australian Government, Allianz and Data Action.

    Manager ARA Trust Management (Suntec) entered into the sale and purchase contract worth A$148.3 million ($141 million) with AEP Currie for the acquisition.

    In the recent asset enhancement exercise completed in 2018, the lift system, chillers and building management system were upgraded. Solar panels were also installed to improve the sustainability of the building.

    ARA Trust Management (Suntec) says the initial net property income yield of 8.0% will provide immediate DPU accretion upon completion of the acquisition by end August.

    Chong Kee Hiong, CEO of the manager of ARA Trust Management (Suntec), says, “The acquisition of 55 Currie Street further enhances the stability of the REIT’s income. Together with the completion of the existing projects under development and the recent acquisition of 21 Harris Street in Pyrmont, Sydney, approximately 17% of Suntec REIT’s assets under management and approximately 23% of the income contribution will be from Australia.”
     
  18. nottibird

    nottibird Moderator

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  19. Amator

    Amator Well-Known Member

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    SINGAPORE (July 12): Singapore Press Holdings (SPH) saw its earnings fall 44.1% to $26.2 million for the 3Q19 ended May, compared to $46.9 million a year ago.

    Earnings per share (EPS) fell to 2 cents for 3Q19, from 3 cents in 3Q18.

    Total revenue for the quarter came in at $249.6 million, 2.1% lower than $254.9 million in the previous year.

    The decline was led by lower operating revenue, which fell 1.6% to $246.1 million on the back of a 16.7% drop in print advertisement revenue, a 7.3% decline in circulation revenue, and the absence of contribution from Shareinvestor.com which was divested in November 2018.

    The decline in operating revenue was cushioned by higher rental revenue from its Purpose-Built Student Accommodation (PBSA) portfolio and contribution from SPH REIT’s Figtree Grove Shopping Centre in Australia.


    Overall, total costs grew 5.5% to $220.4 million in 3Q19, led by a 21.9% rise in other operating expenses to $37.8 million and a 27.0% increase in premises costs to $21.4 million.

    Finance costs rose 37.3% to $13.3 million, due to interest costs on loan facilities taken up to fund the acquisition of the PBSA portfolio and Figtree.

    The group saw a surge in share of results of associates and joint ventures to $10.8 million in 3Q19, from $0.3 million in 3Q18, due to a $10.4 million share of property divestment gain recognised by an associate, Perennial Chinatown Point.

    However, net income from investments fell 81.9% to $4.0 million during the quarter, from $21.9 million a year ago.

    This was mainly due to the absence of gain from the share exchange and capital reduction of Qoo10 and dividend income from M1, which were recognised in 3Q18.

    As at end May, cash and cash equivalents stood at $206.0 million.

    “The media business continues to be challenged on various fronts including the ongoing trade tensions and the slowing of the Singapore economy, but we remain focused on our digital transformation strategy,” says Ng Yat Chung, CEO of SPH.

    SPH says the digital side of its media business remains on the upswing, with newspaper digital ad revenue rising 11% y-o-y.

    “We see improved recurring income from the property segment which has expanded its portfolio following recent acquisitions,” Ng adds. “With our recent issuance of perpetual securities, we are well-placed to take advantage of growth opportunities.”

    The group’s property segment, which saw revenue growing 21.4% to $220.7 million boosted by additions to the UK student accommodation portfolio, now accounts for around 80% of the group’s profits.
     
  20. nottibird

    nottibird Moderator

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