Latest news with #CLCT
Business Times
2 days ago
- Business
- Business Times
Stocks to watch: Hotel Properties Ltd, Hongkong Land, Keppel Reit, CLCT, Starhill Global Reit, FEHT
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jul 30): Hotel Properties Limited (HPL) : The property group said on Tuesday it is still in discussions with parties over the redevelopment of Forum The Shopping Mall and voco Orchard Singapore. It added that there is no certainty that the discussions will result in any transaction. This came after news broke that HPL was in talks to sell its stakes in the two marquee assets along Singapore's Orchard Road shopping strip. Shares of HPL closed up 6.3 per cent or S$0.33 at S$5.54, before the company called for a trading halt at 4.30 pm on Tuesday. Hongkong Land : It posted an underlying profit of US$297 million for the six months ended Jun 30, reversing from a net loss of US$7 million in the corresponding year-ago period. Revenue for the first half of 2025 fell to US$751.2 million, down 23 per cent from US$972.4 million year on year. Underlying earnings per share for H1 2025 stood at US$0.1351, from an underlying loss per share of US$0.0031 in H1 2024. Shares of Hongkong Land closed 2.1 per cent or US$0.13 higher at US$6.39 on Tuesday, before the H1 results were announced. Keppel Real Estate Investment Trust (Reit) : On Wednesday, it reported a 2.9 per cent decline in its H1 FY2025 distribution per unit (DPU) of S$0.0272, from S$0.0280 in the corresponding year-ago period. The distribution will be paid out on Sep 15, with its record date on Aug 7. Property income rose 9.1 per cent to S$136.5 million from S$125 million in the same period a year prior. This is largely due to contribution from 255 George Street acquired in May 2024, and higher occupancy at 2 Blue Street. Units of Keppel Reit closed 1.1 per cent or S$0.01 up at S$0.95 on Tuesday. CapitaLand China Trust (CLCT) : Its DPU for the six months ended Jun 30 fell 17.3 per cent to S$0.0249, from S$0.0301 in the year-ago period. This was due to lower net property income (NPI) and a weaker yuan against the Singapore dollar, which was partially offset by savings in finance costs, its manager said on Wednesday. In actual Singapore dollar terms, NPI fell 9.7 per cent to S$106.5 million from S$117.9 million previously, while revenue declined 7.9 per cent to S$159.2 million from S$173 million. Units of CLCT ended flat on Tuesday at S$0.78. Starhill Global Reit : Its manager on Tuesday posted a net property income of S$74.5 million for the second half ended Jun 30, 2025, flat compared to the year-ago period. This was attributed to the lack of growth primarily to higher contributions from the Singapore retail properties and net movement in foreign currencies. Its revenue inched up 0.7 per cent to S$95.8 million from S$95.2 million previously. Units of Starhill Global Reit closed flat at S$0.55 on Tuesday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Far East Hospitality Trust (FEHT) : The stapled group on Wednesday posted 9.2 per cent fall in distribution per stapled security to S$0.0178 for its first half ended June, down from S$0.0196 in the previous corresponding period. Distribution to stapled security holders dropped 8.7 per cent to S$36 million from S$39.5 million in the year-ago period. Stapled securities of FEHT finished on Tuesday 0.8 per cent or S$0.005 lower at S$0.61. CDL Hospitality Trusts (CDLHT) : On Wednesday, it reported an 11.9 per cent decline in its H1 FY2025 NPI of S$0.0272, from S$66.5 million in the year-ago period. Its S$7.2 million net NPI decline was largely driven by ongoing room renovations at the W Hotel, which accounted for a S$3.2 million drop. The group's core Singapore market NPI fell 20.9 per cent to S$30.2 million, from S$38.3 million in H1 of FY2024. This came alongside lower RevPAR, which fell 14.2 per cent to S$165 from S$193. Stapled securities of CDLHT closed on Tuesday 0.6 per cent or S$0.005 lower at S$0.85. First Reit : Its H1 distribution per unit fell 5.8 per cent to S$0.0113 from S$0.012 in the year-ago period, the manager said on Tuesday. Rental and other income for the half-year fell 2.9 per cent to S$50.5 million from S$52 million previously, mainly driven by the depreciation of the rupiah and yen against the Singapore dollar. Net property and other income fell in tandem, down 2.7 per cent to S$48.9 million from S$50.3 million. Units of First Reit closed unchanged at S$0.28 on Tuesday. Trading halt: Marine and energy player Seatrium called for a trading halt before the market opened on Wednesday morning. It closed on Tuesday 1.7 per cent or S$0.04 lower at S$2.38.
Business Times
2 days ago
- Business
- Business Times
CapitaLand China Trust H1 DPU falls 17.3% to S$0.0249
[SINGAPORE] CapitaLand China Trust's (CLCT) distribution per unit (DPU) for the six months ended Jun 30 fell 17.3 per cent to S$0.0249, from S$0.0301 in the year-ago period. This was due to lower net property income (NPI) and a weaker renminbi against the Singapore dollar, which was partially offset by savings in finance costs. Including contributions from CapitaMall Yuhuating, which were retained in view of its divestment to CapitaLand Commercial C-Reit as a seed asset, DPU would have been S$0.0259, said the manager on Wednesday (Jul 30). In actual Singapore dollar terms, NPI fell 9.7 per cent to S$106.5 million from S$117.9 million previously on lower revenue, which was partially offset by cost savings of 2.5 per cent year on year. Revenue for H1 declined 7.9 per cent to S$159.2 million from S$173 million in actual Singapore dollar terms due to a drop in retail revenue and business park revenue. CLCT's retail portfolio was largely affected by ongoing supermarket upgrades at three malls, while its business park portfolio recorded lower occupancy. Retail revenue was down 3.3 per cent year on year, while business park revenue fell 10.1 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, this was partially offset by a stronger performance in CLCT's logistics parks portfolio, which increased 2 per cent year on year. In actual Singapore dollar terms, the amount available for distribution to unitholders was down 11.9 per cent at S$45.2 million, from S$51.3 million in the year-ago period. The payment date for CLCT's H1 DPU is Sep 24, after the record date for income distribution on Aug 7. Units of CLCT ended flat on Tuesday at S$0.78.
Business Times
2 days ago
- Business
- Business Times
Stocks to watch: Hotel Properties Limited, Hongkong Land, Keppel Reit, CLCT, Starhill Global Reit, FEHT
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jul 30): Hotel Properties Limited (HPL) : The property group clarified on Tuesday that it is still in discussions with parties over the redevelopment of Forum The Shopping Mall and voco Orchard Singapore. It added that there is no certainty that the discussions will result in any transaction. This came after news broke that HPL was in talks to sell its stakes in the two marquee assets along Singapore's Orchard Road shopping strip. Shares of HPL closed up 6.3 per cent or S$0.33 at S$5.54, before the company called for a trading halt at 4.30 pm on Tuesday. Hongkong Land : It posted an underlying profit of US$297 million for the six months ended Jun 30, reversing from a net loss of US$7 million in the corresponding year-ago period. Revenue for the first half of 2025 fell to US$751.2 million, down 23 per cent from US$972.4 million year on year. Underlying earnings per share for H1 2025 stood at US$0.1351, from an underlying loss per share of US$0.0031 in H1 2024. Shares of Hongkong Land closed 2.1 per cent or US$0.13 higher at US$6.39 on Tuesday, before the H1 results were announced. Keppel Real Estate Investment Trust (Reit) : On Wednesday, it reported a 2.9 per cent decline in its H1 FY2025 distribution per unit (DPU) of S$0.0272, from S$0.0280 in the corresponding year-ago period. The distribution will be paid out on Sep 15, with its record date on Aug 7. Property income rose 9.1 per cent to S$136.5 million from S$125 million in the same period a year prior. This is largely due to contribution from 255 George Street acquired in May 2024, and higher occupancy at 2 Blue Street. Units of Keppel Reit closed 1 per cent or S$0.01 up at S$0.95 on Tuesday. CapitaLand China Trust (CLCT) : Its DPU for the six months ended Jun 30 fell 14 per cent to S$0.0259, from S$0.0301 in the year-ago period. This was due to lower net property income (NPI) and a weaker yuan against the Singapore dollar, which was partially offset by savings in finance costs, its manager said on Wednesday. NPI fell 8.1 per cent year on year to 580.3 million yuan (S$104.2 million) from 631.3 million yuan, while revenue for H1 declined 6.3 per cent year on year to 867.6 million yuan from 925.9 million yuan. Units of CLCT ended flat on Tuesday at S$0.78. Starhill Global Reit : Its manager on Tuesday posted a net property income of S$74.5 million for the second half ended Jun 30, 2025, flat compared to the year-ago period. This was attributed to the lack of growth primarily to higher contributions from the Singapore retail properties and net movement in foreign currencies. Its revenue inched up 0.7 per cent to S$95.8 million from S$95.2 million previously. Units of Starhill Global Reit closed flat at S$0.55 on Tuesday. Far East Hospitality Trust (FEHT) : The stapled group on Wednesday posted 9.2 per cent fall in distribution per stapled security to S$0.0178 for its first half ended June, down from S$0.0196 in the previous corresponding period. Distribution to stapled security holders dropped 8.7 per cent to S$36 million from S$39.5 million in the year-ago period. Stapled securities of FEHT finished on Tuesday 0.8 per cent or S$0.005 lower at S$0.61. CDL Hospitality Trusts (CDLHT) : On Wednesday, it reported an 11.9 per cent decline in its H1 FY2025 NPI of S$0.0272, from S$66.5 million in the year-ago period. Its S$7.2 million net NPI decline was largely driven by ongoing room renovations at the W Hotel, which accounted for a S$3.2 million drop. The group's core Singapore market NPI fell 20.9 per cent to S$30.2 million, from S$38.3 million in H1 of FY2024. This came alongside lower RevPAR, which fell 14.2 per cent to S$165 from S$193. Stapled securities of CDLHT closed on Tuesday 0.59 per cent or S$0.005 high lower at S$0.85.
Business Times
12-06-2025
- Business
- Business Times
CapitaLand China Trust to divest retail property for 748 million yuan
[SINGAPORE] CapitaLand China Trust (CLCT) , a CapitaLand Investment subsidiary, is set to raise up to 748 million yuan (S$134.9 million) through the divestment of CapitaMall Yuhuating, a mature retail asset in Changsha. This is part of its participation in the proposed listing of CapitaLand Commercial C-Reit (CLCR) on the Shanghai Stock Exchange. CLCT will dispose of its entire interest in CapitaMalls Hunan Commercial Property, the entity that owns CapitaMall Yuhuating, to Changsha Kaiting Consulting & Management. The trust will sell the asset at a floor price of 748 million yuan, based on independent valuations. Gross proceeds from the transaction are expected to reach 738.5 million yuan, with net proceeds of about 595.3 million yuan after deducting transaction costs and the subscription amount. From the gross proceeds, CLCT intends to allocate around S$20.7 million to subscribe for 5 per cent of the commercial real estate investment trust's (C-Reit) initial public offering (IPO) units. The subscription will be subject to a five-year lock-up period. The manager noted on Thursday (Jun 12) that if CapitaMall Yuhuating is divested at the floor price, the exit net property income yield would be 6.8 per cent. Assuming the net proceeds are used to reduce debt and buy back units, the distribution per unit accretion is projected at 0.4 per cent. CLCT's manager views the transaction as a key step in realising value from a mature asset, while continuing to maintain exposure to China's retail sector through its stake in CLCR. The move is also expected to strengthen its balance sheet, potentially reducing aggregate leverage from 42.6 per cent to 41.4 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In addition to improving financial flexibility – through the use of the proceeds for debt repayment, unit buybacks or working capital – CLCT's participation in CLCR gives it a new platform for future asset recycling, as well as access to China's onshore capital markets and a broader investor base. The manager also noted that the C-Reit market in China has been gaining momentum. 'As at Jun 10, there are currently 66 listed C-Reits with total market capitalisation of approximately 201.7 billion yuan.' This is due to the Chinese government ramping up efforts to boost consumer spending. Consumption-related C-Reits have achieved strong post-IPO average unit price increases of more than 50 per cent, demonstrating the potential for capital appreciation, added the manager. As at 9.53 am on Thursday, units of CLCT were flat at S$0.695.
Business Times
12-06-2025
- Business
- Business Times
CapitaLand China Trust to raise 748 million yuan via divestment for C-Reit listing
[SINGAPORE] CapitaLand China Trust (CLCT) , a CapitaLand Investment subsidiary, is set to raise up to 748 million yuan (S$134.9 million) through the divestment of CapitaMall Yuhuating, a mature retail asset in Changsha. This is part of its participation in the proposed listing of CapitaLand Commercial C-Reit (CLCR) on the Shanghai Stock Exchange. As part of this move, CLCT will divest its entire interest in CapitaMalls Hunan Commercial Property, the entity that owns CapitaMall Yuhuating, to Changsha Kaiting Consulting & Management. The trust will sell the asset at a minimum floor price of 748 million yuan, which has been valued by independent valuers. Gross proceeds from the transaction are expected to reach 738.5 million yuan, with net proceeds of about 595.3 million yuan after deducting transaction costs and the subscription amount. From the gross proceeds, CLCT intends to allocate around S$20.7 million to subscribe for 5 per cent of CLCR's initial public offering (IPO) units. The subscription will be subject to a five-year lock-up period. The manager noted on Thursday (Jun 12) that if CapitaMall Yuhuating is divested at the minimum floor price, the exit net property income yield would be 6.8 per cent. Assuming the net proceeds are used to reduce debt and buy back units, the distribution per unit accretion is projected at 0.4 per cent. CLCT views the transaction as a key step in realising value from a mature asset while continuing to maintain exposure to China's retail sector through its stake in CLCR. The move is also expected to strengthen its balance sheet, potentially reducing aggregate leverage from 42.6 per cent to 41.4 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In addition to improving financial flexibility – through the use of proceeds for debt repayment, unit buybacks or working capital – CLCT's participation in CLCR gives it a new platform for future asset-recycling and access to China's onshore capital markets and broader investor base. The manager of the Reit noted that the C-Reit market in China has been gaining momentum. 'As at Jun 10, there are currently 66 listed C-Reits with total market capitalisation of approximately 201.7 billion yuan,' it added. This is due to the Chinese government ramping up efforts to boost consumer spending. Consumption-related C-Reits have achieved strong post-IPO average share price increases of more than 50 per cent, demonstrating the potential for capital appreciation, the manager noted. As at 9.53 am on Thursday, shares of CLCT were flat at S$0.695.
