SG Morning Highlights | Keppel, Petronas Units Explore Pipeline Building; Sembcorp to Study Hydrogen Production

Singapore shares opened slightly higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.10 per cent to 3,086.85 as at 9.07 am.

$Sembcorp Ind(U96.SG)$: Sembcorp Utilities announced on Tuesday that it had signed a joint development study agreement with Indonesian utility company PT PLN (Persero) to explore the feasibility of green hydrogen production in Indonesia for export to Singapore. The company said that the facility could potentially produce up to 100,000 tonnes of green hydrogen per annum in Indonesia using locally sourced renewable energy.

$Keppel(BN4.SG)$: Town gas supplier City Energy, a wholly-owned subsidiary of Keppel Infrastructure Trust and Gentari – the renewable energy arm of Petronas, will conduct a 12-month study on the feasibility of building a pipeline from Malaysia to Singapore. On Tuesday (Oct 24), City Energy and Gentari said they will “collectively determine the way forward” in executing a front-end engineering design agreement, after the study concludes.

$Mapletree Log Tr(M44U.SG)$: The manager of Mapletree Logistics Trust reported a distribution per unit (DPU) of S$0.02268 for the second quarter ended Sep 30, 2023, up 0.9 per cent from S$0.02248 in the same period a year ago. The amount distributable to unitholders in Q2 FY23/24 rose 4.2 per cent to S$112.5 million, from S$108 million previously. This was due mainly to higher revenue from existing assets, along with a divestment gain of S$8.8 million during the quarter. Gross revenue for the quarter rose 1.5 per cent to S$186.7 million, while net property income (NPI) gained 1.2 per cent to S$162 million.

$Far East HTrust(Q5T.SG)$: Far East Hospitality Trust reported a 51 per cent rise on Wednesday (Oct 25) in distributable income for the third quarter ended September, to S$22.9 million from S$15.1 million in the same quarter a year ago. Gross revenue for Q3 surged 42.5 per cent to S$30.2 million from S$21.2 million a year prior. This was led by strong contributions from the hotel segment, which recorded a 56.3 per cent increase in revenue to S$23.3 million from S$14.9 million.

$FRASERS CENTREPOINT TRUST(J69U.SG)$: Frasers Centrepoint Trust's distribution per unit (DPU) for the second half declined by 1.2 per cent to S$0.0602, from S$0.06091 in the same period last year, its manager said on Wednesday (Oct 25). This came as distributions to unitholders declined 0.7 per cent year on year to S$103.1 million from S$103.8 million. FCT retained S$1.1 million of the income available for distribution to unitholders, but also released S$3 million of distributable income retained in H1 2023, the manager said.