SG Morning Highlights | Manufacturing Output Grows 10.7% MoM in September

Singapore shares opened higher on Friday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.11 per cent to 3,074.82 as at 9.08 am.

$Wilmar Intl(F34.SG)$: Wilmar International's net profit for the third quarter ended Sep 30, 2023 fell 59 per cent to US$313.9 million, from US$766.2 million in the year-ago period. Its core net profit also fell by similar margins, due to compressed refining margins from the tropical oils business and weaker performance by its fertiliser operations, it said in a bourse announcement on Thursday (Oct 26). This was partially offset by continued strong performance from its sugar milling and merchandising businesses and improved crushing margins arising from tightness in soybean availability in China, it added.

$Mapletree PanAsia Com Tr(N2IU.SG)$: The manager of Mapletree Pan Asia Commercial Trust (MPACT) reported a distribution per unit (DPU) of S$0.0224 for the second quarter ended Sep 30, 2023, down 8.2 per cent from S$0.0244 a year earlier. This was due primarily to higher interest rates, the manager said in a bourse filing on Thursday (Oct 26). Contributions from the trust’s overseas assets were also weighed down by foreign exchange effects resulting from a stronger Singapore dollar during the quarter. The amount distributable to unitholders in Q2 FY23/24 rose 0.3 per cent year on year to S$118 million, from S$117.7 million.

$Sheng Siong(OV8.SG)$: Grocer group Sheng Siong on Thursday (Oct 26) posted a third-quarter net profit of S$34.8 million, up 5.7 per cent from the S$32.9 million posted the year before. Revenue in Q3 rose 3.7 per cent to S$345.8 million, from S$333.5 million last year. Sheng Siong said that sales contribution from its six new stores rose by 2.2 per cent, which is more than the 1.8 per cent growth logged in its other comparable stores.

$CapLand China T(AU8U.SG)$: CapitaLand China Trust (CLCT) posted net property income (NPI) of 316.4 million yuan for the third quarter ended September, up 1.2 per cent from 312.5 million yuan a year prior. NPI in Singapore dollar terms, however, fell 8.4 per cent to S$58.9 million from S$64.3 million previously, due to a 10.5 per cent year-on-year depreciation of the yuan against the Singapore dollar. CLCT's manager on Friday (Oct 27) attributed overall NPI growth, in yuan terms, to a general recovery across its retail portfolio, excluding CapitaMall Qibao and CapitaMall Shuangjing.

$CDL HTrust(J85.SG)$: CDL Hospitality Trusts (CDLHT) has reported total revenue of $70.1 million for the 3QFY2023 ended Sept 30, 19.7% higher y-o-y. The surge comes as the trust’s master leases and managed hotels saw y-o-y growth across the board with the exception of its managed hotels in Australia. Net property income (NPI) rose by 23.3% y-o-y to $39.0 million with broad-based growths except its Australian portfolio. The decline in CDLHT’s Australian portfolio was attributed to the weaker demand during this low season period.

$ESR-LOGOS REIT(J91U.SG)$: ESR-Logos Reit's net property income (NPI) for the third quarter grew 19.4 per cent year on year to S$206.1 million, its manager said on Thursday (Oct 26). Gross revenue, meanwhile, rose by 19.2 per cent on the year to S$290.7 million for the three months ended Sep 30, 2023.