CGS-CIMB Research

Frasers Centrepoint Trust poised for re-rating as it enters next phase of growth

SINGAPORE (Sept 3): Units in Frasers Centrepoint Trust (FCT) have already surged more than 26% so far this year. But market watchers remain bullish on the retail REIT as it stands on the cusp of a re-rating.

For the latest 3Q19 ended June, FCT saw its income available for distribution rise 12.4% to $31.8 million, even as net property income dipped 1.1% to $34.6 million on the back of higher property expenses.

The higher expense arose from the absence of property tax refund which occurred in the same period a year ago.

CSE Global expected to power through headwinds on strong orderbook

SINGAPORE (Sept 2): Despite macroeconomic uncertainties that continue to plague the industry sectors it operates in, CSE Global says it is confident of stronger earnings performance and sustained order intake in the second half of FY19.

The group saw its earnings grow 3.9% to $4.5 million for the 2Q19 ended June on the back of higher revenue. This brings earnings for 1H19 to $10.2 million, some 1.9% higher than a year ago.

2Q19 revenue rose 8.4% to $99.9 million, led by strong growth in the Asia Pacific market.

Slowing tourist arrivals for now but new attractions, limited rooms to benefit hospitality REITs ultimately

SINGAPORE (Aug 28): In 1Q19 ended March, Singapore saw international visitor arrivals grow 1% to 4.7 million visitors while tourism receipts fell 4.8% y-o-y to $6.5 billion, according to data from the Singapore Tourism Board (STB). Meanwhile, gazetted hotel room revenue grew 4.3% to $1 billion.

Across the different components of tourism receipt, Accommodation, Food & Beverage, Shopping and Sightseeing, Entertainment & Gaming fell by 12%, 7%, 7% and 3% respectively.

Golden-Agri likely to end FY19 with losses, but can it reverse out of the red in FY20?

SINGAPORE (Aug 27): Golden-Agri Resources must be feeling an awful sense of deja vu after the 2Q19 results announcement.

Like in FY18, the palm oil plantation company now expects FY19 to end in the red after being hit by weaker fresh fruit bunch (FFB) output, lower crude palm oil (CPO) prices and higher costs.

For the 2Q19 ended June, Golden Agri reported net loss widened 65.8% to US$64.7 million ($89.8 million) from a loss of US$39.0 million in the same quarter a year ago. Revenue for the quarter fell 16.7% to US$1.5 billion from US$1.9 billion in the previous year.

Analysts cut ComfortDelGro's earnings forecasts despite positive 2Q results

SINGAPORE (Aug 15): ComfortDelGro Corporation may have posted a positive set of financial results for the 2Q19 ended June. But a peek under the hood reveals that the land transport conglomerate has not been firing on all cylinders.

The group saw its earnings grow 1.2% to $75.9 million during the quarter, even as revenue rose 4.2% to $980.8 million.

SGX shares could soon be running out of positives despite record FY19 earnings

SINGAPORE (Aug 7): On the back of its booming derivatives business, Singapore Exchange (SGX) posted its highest full-year net profit in 11 years.

For the FY19 ended June, SGX saw its earnings rise 8% year-on-year to a record $391 million, in tandem with a 8% rise in revenue to $909.8 million – the highest since its listing.

The stellar results came on the back of robust derivatives volume, as traded volume grew 21% to 240 million contracts to offset a 15% decline in equity traded value.

Will OCBC's interim dividend surprise be enough to snare investors?

SINGAPORE (Aug 6): Oversea-Chinese Banking Corporation (OCBC Bank) surprised market observers with a higher-than-expected interim dividend payout of 25 cents per share for the 1H19 ended June, 25% higher than a year ago.

OCBC’s 2Q19 earnings rose 1% to $1.22 billion – some 5% above Bloomberg consensus expectation of $1.16 billion – on the back of stronger net interest margin (NIM) and loan growth.

Lady Luck smiles on Genting Singapore in 2Q but will it be enough to turn the tables?

SINGAPORE (Aug 6): Genting Singapore (GENS) did not disappoint consensus estimates in the 2Q19 ended June. But it remains to be seen how the integrated resort and casino operator will deal with a challenging mass market business, which saw a considerable decline during the quarter.

While 2Q earnings fell 5% to $168.4 million, adjusted EBITDA rose 11% to $294.4 million on the back of a higher VIP win rate of 3.7% – some 1.1 percentage points higher than the corresponding quarter a year ago and 0.7 percentage points higher than the average of 3% in the past nine quarters.

Sheng Siong shares climb as 2Q results meet expectations on back of new store openings

SINGAPORE (July 31): Shares in Sheng Siong Group are marching higher following its 2Q results announcement on Monday, which saw the supermarket chain report earnings in line with consensus expectations.

For the 2Q19 ended June, Sheng Siong reported a 7.4% increase in earnings to $18.4 million, as revenue grew 11.8% to $238.2 million on the back of contribution from the opening of 13 new stores.

After fun at Funan, will CapitaLand Mall Trust turn its sights to Jewel Changi for added shine?

SINGAPORE (July 25): The reopening of CapitaLand Mall Trust’s (CMT) Funan shopping mall after a three-year redevelopment was met with much fanfare late last month.

Comprising a six-storey retail mall, two six-storey office blocks and a Lyf-branded serviced residence, the mixed-use development on North Bridge Road is one of 15 properties owned by CMT.

The retail portion comprises 507,000 sq ft of gross floor area and 320,000 sq ft of net lettable area, while the office component consists of 260,000 sq ft of GFA and around 210,000 sq ft of NLA.

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