SG Morning Highlights | Paragon Reit H1 2023 DPU Falls 15.7% to S$0.0242
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.12%
●Paragon Reit H1 2023 DPU falls 15.7% to S$0.0242
●Stocks to watch: Paragon Reit, Lendlease Reit, Riverstone, OUE
●Latest share buy back transactions
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Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ gained 0.12 per cent to 3,313.90 as at 9.23 am.
Advancers / Decliners is 108 to 89, with 164.84 million securities worth S$168.71 million changing hands.
Breaking News
The number of property transactions in Johor Bahru – the southernmost city in Malaysia – is on the rise, as buyers hunt for deals ahead of the opening of a new railway shuttle link with Singapore in three years’ time.
The Johor Bahru-Singapore rapid transit system (RTS), as the project is called, is a 4 km cross-border service that's on track to be completed by the end of 2026, with as many as 10,000 commuters moving in both directions per hour.
Stocks to Watch
$PARAGONREIT(SK6U.SG$: Paragon Reit posted a 15.7 per cent decrease in distribution per unit (DPU) to S$0.0242 for the first half of its 2023 financial year ended Jun 30, from S$0.0287 in the same period last year.
The DPU translates to a distribution yield of 5.1 per cent, based on the real estate investment trust's (Reit) closing price of $0.96 as at June 30. The latest distribution will be paid out on Sep 22.
In a bourse filing on Monday (Aug 7), the Reit's manager said the fall in DPU was primarily due to higher finance costs amid the current high interest rate environment. The income available for distribution had shrunk by 13.8 per cent to S$70.6 million, from S$82 million in the corresponding period last year. Finance costs also hiked by S$14.7 million to S$25.5 million in H1 2023, from S$10.9 million in the year-ago period.
$Lendlease Reit(JYEU.SG$: The manager of Lendlease Global Commercial Reit (Lendlease Reit) posted a distribution per unit (DPU) of 2.25 cents for the second half of financial year 2023 ended June, down 8 per cent from 2.45 cents in the corresponding period a year earlier.
Distributable income rose 21.6 per cent to $52.2 million, from $42.9 million a year earlier, while gross revenue climbed 65.1 per cent to $103.1 million over the same period.
$Riverstone(AP4.SG$: Riverstone Holdings posted a 55.2 per cent decline in net profit to RM93.6 million (S$27.5 million) for the six months ended Jun 30, 2023, down from RM208.9 million in the corresponding period a year ago.
Revenue fell 38.7 per cent to RM462.2 million in the same period, from RM754.3 million a year earlier.
In a bourse filing on Monday (Aug 7), the company attributed the decline to a decrease in cleanroom gloves orders as end-demand for consumer electronics fell.
$OUE(LJ3.SG$: OUE reported a 54.6 per cent decrease in net profit to S$40.2 million for the half year ended Jun 30, 2023, from S$88.7 million in the corresponding period a year ago.
The decline in net profit came despite a 53.3 per cent rise in revenue to S$304.5 million, from S$198.7 million a year ago.
In a bourse filing on Monday (Aug 7), the group said that the year-on-year decline in net profit was mainly due to a lower share of results of equity-accounted investees, higher finance expenses, lower net change in fair value of investments designated at fair value through profit or loss as well as lower net change in fair value of investment properties.
$ARA HTrust USD(XZL.SG$: ARA US Hospitality Trust (ARA H-Trust) posted a distribution per stapled security (DPS) of US$0.01501 for the first half-year ended Jun 30, up 5.2 per cent from US$0.01427 in the corresponding year-ago period.
The stapled group posted a 6.8 per cent increase in distributable income to US$8.7 million in H1 2023 from US$ 8.1 million in the same period in 2022.
The growth was attributed to higher gross operating profit and net property income, led by higher revenue offset by higher property taxes, during the period, the group said on Tuesday (Aug 8).
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