SG Morning Highlights | UOB Posts 1% Lower Q3 Net Profit of S$1.4 Billion on Acquisition Expenses

Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG)$ lost 0.20 per cent to 3,072.52 as at 9.15 am.

$UOB(U11.SG)$: UOB reported net profit of S$1.38 billion for the third quarter ended September, down 1 per cent from S$1.4 billion in Q3 FY2022, after accounting for one-off expenses related to the acquisition of Citigroup’s Malaysia, Thailand and Vietnam consumer banking business. On Thursday (Oct 26), the bank said notwithstanding the one-off expenses, core net profit was S$1.5 billion or 5 per cent higher, in line with Bloomberg consensus estimates. Annualised earnings per share for the quarter stood at S$3.23, down from S$3.30 in the same period a year earlier.

$CapLand IntCom T(C38U.SG)$: Capitaland Integrated Commercial Trust's (CICT) net property income (NPI) grew a slight 0.6 per cent on year to S$275 million for the third quarter ended September. Gross revenue for the quarter rose 4.6 per cent to S$391.3 million, said the manager in a business update on Thursday (Oct 26). For the three quarters ended September, gross revenue increased 9.8 per cent to S$1.2 billion and NPI rose 6.8 per cent to S$827.3 million.

$Mapletree Log Tr(M44U.SG)$: Mapletree Logistics Trust (MLT) expects to make between S$200 million and S$300 million in acquisitions in its current financial year in countries such as Malaysia, Vietnam and India, the real estate investment trust’s (Reit) manager said on Wednesday (Oct 25).“We will be buying some more. Before the year end, you should hear us buying some more,” said Ng Kiat, chief executive of the manager, at a briefing delivered to analysts on the Reit’s first-half results.

$Mapletree Ind Tr(ME8U.SG)$: Mapletree Industrial Trust(MIT) reported a distribution per unit (DPU) of S$0.0332 for the second quarter ended Sep 30, down 1.2 per cent from S$0.0336 in the same period a year prior. The decline in DPU was due to an enlarged unit base, MIT’s manager said in a bourse filing on Wednesday (Oct 25). The amount distributable to unitholders in Q2 FY23/24 rose 3.5 per cent to S$94.1 million, from S$90.9 million previously. It included compensation for the compulsory acquisition of land at 2 and 4 Loyang Lane, and net divestment gains from the sale of 65 Tech Park Crescent, the manager said.