Inphyy Corner

Ascendas REIT's net property income up 3.7% to $108.6m
Distributable income also rose 4.9%

According to OCBC Investment Research, Ascendas REIT (A-REIT) reported 3QFY14 NPI of S$108.6m and distributable income of S$85.1m, up 3.7% and 4.9% YoY respectively.

Here's more:

The growth was mainly due to higher rental income from The Galen, contribution from Nexus@one-north and A-REIT City@Jinqiao, and tax-exempt finance lease income received from a tenant.

DPU for the quarter eased 2.2% YoY to 3.54 S cents due to a larger unit base, but was within our expectations given that 9MFY14 DPU of 10.69 S cents formed 75.6% of our full-year DPU forecast (75.3% of consensus).

Leasing activities remained healthy

As management has previously guided, the portfolio occupancy fell marginally from 90.1% in Sep 2013 to 89.7% due to non-renewal of tenants and a 1.7% increase in NLA following the completion of asset enhancement initiatives (AEIs) at 1 Changi Business Park Ave 1 and Techplace II.
Nevertheless, leasing demand remained in the positive territory in our view, as A-REIT has continued to reduce its lease expiries (5.3% of FY14 rental income left for renewal vs. 10.5% a quarter ago). In addition, positive rental reversion averaging 9.7% was still achieved for the quarter.

While there could be further transitory occupancy pressure for the rest of FY14, A-REIT maintains that positive reversions are still expected, while upside in NPI is possible as the vacant spaces are leased out in due course.

Maintain BUY

A-REIT also proposed some changes to its fee structure – a move we view positively as it would reduce the fee payable to the REIT Manager in favour of unitholders with effect from FY15.

In addition, A-REIT will make distributions on a semi-annual basis to align with the payout from its China properties (currently on semi-annual distribution) and reduce the volatility seen in its quarterly DPU. For the quarter, A-REIT announced one new AEI - S$44.6m rejuvenation work at The Alpha.

Aggregate leverage is expected to remain healthy at 30.7% after funding the committed investments. We are keeping our FY14 forecasts unchanged as the results were within view.

Ascendas REIT - Buffered for downside

research.maybank-ib.com/pdf/document/Asc...REIT_200114_5642.pdf

Yoma Strategic Holdings: A transitional year ahead – Upgrade to BUY

www.ocbcresearch.com/pdf_reports/company/YOMA-140120-OIR.pdf

PRESENTATION SLIDES: CREDIT SUISSE EXPLORATION & PRODUCTION AND OFFSHORE & MARINE CORPORATE DAY - 21 & 22 JANUARY 2014

REX_Presentation
infopub.sgx.com/Apps?A=COW_CorporateAnno...sentation_CSConf.pdf

SponsorStatement
infopub.sgx.com/Apps?A=COW_CorporateAnno...SponsorStatement.pdf

TA Corp: Investment In An Associate, Soon Zhou Investments Pte. Ltd..

20 Jan 2014 17:49

The Board of Directors of TA Corporation Ltd ("the Company", and together with its subsidiaries, the "Group") wishes to announce that a wholly-owned subsidiary of the Company, Sino Holdings (S'pore) Pte Ltd, had subscribed for 500 ordinary shares for S$500 in Soon Zhou Investments Pte. Ltd. ("Soon Zhou") representing a 50% shareholding, hence Soon Zhou is an associate of the Group. Soon Zhou is a company incorporated in Singapore with an issued and paid up capital of 1,000 ordinary shares of S$1,000. Its principal activities are that of investment holding and dealings in real estate...

repository.shareinvestor.com/rpt_view.pl...af03d62/type/si_news

Advanced: Memorandum Of Understanding For The Acquisition Of The Entire Share Capital Of BD Crane & Engineering Pte Ltd.

20 Jan 2014 17:09

The Board of Directors (the "Board") of Advanced Holdings Ltd. (the "Company", and collectively with its subsidiaries, the "Group") is pleased to announce that the Company has on 17 January 2014 entered into a memorandum of understanding ("MOU") with BD Cranetech Pte Ltd (the "Vendor"), pursuant to which it is proposed that the Company shall acquire the entire share capital of BD Crane & Engineering Pte Ltd ("BDCE") (the "Proposed Acquisition"). The Company understands that Mr Lim Pang Hern, Mr Ng Kok Teck and Ms See Mei Li (Mr Ng Kok Teck's spouse), who are substantial shareholders of the Company, hold 55%, 35% and 10% interest in the Vendor respectively...

advanced.listedcompany.com/newsroom/2014...257C63000E2B24.1.pdf