Couche-Tard signs NDA with 7-Eleven
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
4 hours ago
- Business Times
Stocks to watch: OCBC, FLCT, Clas, Jardine Matheson, Keppel Reit, NetLink, Del Monte Pacific
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Aug 1): OCBC : The local bank's net profit for Q2 FY2025 fell 7 per cent as interest rates decline , coming in at S$1.82 billion for the three months ended Jun 30, compared with S$1.94 billion a year earlier. This beat the S$1.79 billion earnings consensus forecast from a Bloomberg poll of six analysts. OCBC declared an interim dividend of S$0.41 per share, down from S$0.44 per share a year before. Shares of OCBC closed 1 per cent or S$0.17 lower at S$16.87 on Thursday before the results were released. Frasers Logistics & Commercial Trust (FLCT) : It reported a lower portfolio occupancy of 92.5 per cent for Q3 , a drop of 1.4 percentage points from 93.9 per cent a quarter earlier. The real estate investment trust (Reit) leased around 100,707 square metres in the quarter ended Jun 30. The Reit's rental reversion was 43.3 per cent on an average-versus-average basis across its 114 properties in Singapore, Australia, Germany, the Netherlands and the UK. The counter closed 1.7 per cent or S$0.015 lower at S$0.88 on Thursday prior to the business update. CapitaLand Ascott Trust (Clas): The stapled group has proposed divesting Citadines Central Shinjuku Tokyo for 25 billion yen (S$222.7 million) . The transaction is expected to be completed by the fourth quarter of 2025. The buyer is ML Estate, an unrelated, third-party purchaser, which is a wholly owned subsidiary of Japanese company Mizuho Leasing. The managers said on Thursday the proposed divestment price represents a premium of around 100 per cent over the property's book value, and around 40.4 per cent above the average of two independent valuations. The counter closed 1.1 per cent or S$0.01 lower at S$0.895 on Thursday. Jardine Matheson Holdings (JMH): The multinational conglomerate reported on Thursday a 45 per cent growth in underlying profit for the first half of FY2025 to US$798 million from US$550 million in the same period a year earlier. This increase was driven by most of its companies, but partially offset by conglomerate Astra International's lower contribution. Revenue for the period inched down 1 per cent at US$17.1 billion from US$17.3 billion in H1 FY2024. Shares of JMH closed 4.2 per cent or US$2.37 lower at US$54.53 before the news. Keppel Reit : It announced on Friday its offering of S$300 million worth of subordinated perpetual securities, priced at 3.78 per cent. The offering, at an issue price of 100 per cent of the principal amount, will be in denominations of S$250,000. Set to be issued on Aug 11, it will be perpetual with no fixed final redemption date. Net proceeds from the issuance, after deducting related expenses, will refinance the Reit's borrowings and those of its subsidiaries. Units of Keppel Reit closed on Thursday 2.1 per cent or S$0.02 lower at S$0.95 before the news. 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 NetLink NBN Trust : The manager of the trust on Thursday posted a 9.2 per cent decline in its Q1 FY2026 earnings to S$23.3 million , from S$25.7 million in the same period a year prior. Revenue for the period rose 1.9 per cent to S$102.8 million from S$100.9 million the year before. This was driven by higher ancillary project and installation-related revenue. Units of NetLink Trust closed 0.6 per cent or S$0.005 down at S$0.895 on Thursday. Del Monte Pacific : The dual-listed counter on the Singapore Exchange and Philippine Stock Exchange on Thursday reported a net loss of US$742.2 million for its fourth quarter ended Apr 30 , such that its full-year net loss for FY2025 is US$834.4 million. This came on the back of US$787.8 million in losses booked from the group's discontinued operations, including a full impairment of related current and long-term assets of US$703.5 million from its failed US subsidiary, Del Monte Foods. Its shares closed S$0.004 or 4.3 per cent lower at S$0.089 on Thursday, prior to the group's bourse filing. Aoxin Q&M : The group announced on Thursday that it has placed former chief executive Shao Yongxin under suspension to facilitate its whistle-blowing investigation. Dr Shao is in the midst of relinquishing all his duties, including his directorships in subsidiary companies in Aoxin Q&M. In the interim, general manager Bai Yi and deputy general manager Huang Zhengxing will lead the business operations. The counter closed 2 per cent or S$0.001 lower at S$0.048 before the news. Indofood Agri Resources : The agribusiness group on Thursday posted a 13.4 per cent rise in net profit to 337.8 billion rupiah (S$26.6 million) for its first half ended June, from 297.9 billion rupiah in the year-ago period. Its revenue stood at 9.4 trillion rupiah, up 33.2 per cent from 7.1 trillion rupiah previously. The top-line and bottom-line improvements came amid higher domestic crude palm oil prices, supported by Indonesia's biodiesel mandate. The counter finished Thursday 2.9 per cent or S$0.01 lower at S$0.34, before the news.
Business Times
6 hours ago
- Business Times
EU-Japan Competitiveness Alliance deepens ties
LAST week saw much media reportage on the chill in relations between China and the European Union that was shown at their Beijing summit. However, less has been said about the warmth of the European-Japanese ties shown in Tokyo only 24 hours earlier. At the 30th EU-Japan summit last Wednesday (Jul 23), attended by European Commission President Ursula von der Leyen and Japanese Prime Minister Shigeru Ishiba, the two powers launched a new Competitiveness Alliance focused on trade, green and digital innovation, plus economic security. Priorities include strengthening supply chains for raw materials and batteries, regulatory cooperation, and joint industrial efforts in hydrogen, liquefied natural gas (LNG), offshore wind and semiconductors. The new initiative stems from the broader deepening of Japan-EU economic ties under the bilateral economic partnership agreement and other forums such as the EU-Japan Green Alliance, the Partnership on Sustainable Connectivity and Quality Infrastructure, as well as the bilateral digital partnership. EU firms already export around 70 billion euros (S$103.8 billion) in goods and 28 billion euros in services to Japan annually, and bilateral trade has increased by about 20 per cent since 2019, according to Dr von der Leyen. There are also hopes of deeper EU trade cooperation with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade and investment bloc that Japan is a member of. The Japanese government was one of the strongest supporters of the UK's accession to this economic club of nations in the Americas and Asia-Pacific – which includes Singapore – and Tokyo is keen for closer EU engagement with the bloc too going forward. As part of the new Competitiveness Alliance, Japan and Europe also agreed to intensify their collaboration against 'economic coercion' and 'unfair trade practices'. Dr von der Leyen highlighted growing geoeconomic challenges and geopolitical tensions from Ukraine to the Asia-Pacific. Europe and Japan have, potentially, significant shared weight together on this agenda, with their collective economies accounting for around a fifth of global gross domestic product and a market of about 600 million people. The troubled international relations context also helps explain why Tokyo and Brussels announced the 2026 launch of a Defence Industry Dialogue. This will promote collaboration on advanced and dual-use technologies, with broader cooperation spanning areas including cyber, maritime and space security. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up This Europe-Japan bilateral defence and intelligence alliance is deepening fast, and Ishiba's predecessor, Fumio Kishida, was the first Japanese prime minister to attend a Nato leadership meeting. There is speculation too of Tokyo being invited into Western intelligence forums, such as the Five Eyes alliance of the United States, Canada, United Kingdom, Australia and New Zealand. Yet, important as this deepening defence and security dialogue is, it is economics that has traditionally defined Japan-Europe ties. A key driver of this agenda in recent times is sustainability – where Tokyo and Brussels are both international leaders. Both powers recognise the environmental benefits of this approach. They also want to capitalise on the surge in green investment as the world aims to hit net-zero emissions by 2050. A pragmatic, green-led economic transition The recent summit affirmed new cooperation under the EU-Japan Green Alliance – launched in 2021 – on the circular economy, emissions trading systems and clean technologies. This would accelerate both economies' transition towards becoming climate-neutral and resource-efficient. One key area championed by the partnership is a pragmatic energy transition. The agenda includes the objective of trebling renewable-energy capacity globally, and doubling the global average annual rate of energy-efficiency improvements by 2030. Notably, there will be ambitious joint work on developing next-generation technologies such as perovskite solar cells and utilising hydrogen for decarbonisation. The agreement also acknowledges post-Ukraine energy security realities. The two powers recommitted to dialogues on LNG and agreed to expand their cooperation in strengthening secure, safe and sustainable low-carbon energy supply for both EU member states and Japan. Beyond energy, the two powers also agreed to strengthen cooperation on advancing circularity and a sustainable bioeconomy. A new working group will focus on the circular economy, while both sides reaffirmed commitments to the Kunming-Montreal Global Biodiversity Framework, including specific goals to halt and reverse forest loss and protect marine life under the UN Convention on the Law of the Sea. Taken together, last week's summit underscored that defence is a growing driver of Europe's warming relationship with Japan. Bilateral ties continue to have a very powerful economic foundation. The shared green agenda ensures that the partnership is built for the long term, with Tokyo and Brussels poised to seize larger slices of the global wave of clean energy investment in the coming decades. The writer is an associate at LSE IDEAS at the London School of Economics
Business Times
18 hours ago
- Business Times
CapitaLand Ascott Trust to sell Citadines Central Shinjuku Tokyo for S$222.7 million by Q4 2025
[SINGAPORE] CapitaLand Ascott Trust (Clas) is proposing to divest Citadines Central Shinjuku Tokyo for S$222.7 million, with the transaction expected to be completed by the fourth quarter of 2025. On Thursday (July 31), its managers said the proposed divestment price represents a premium of around 100 per cent over the property's book value and approximately 40.4 per cent above the average of two independent valuations. The exit earnings before interest, taxes, depreciation and amortisation (Ebitda) yield stands at 3.2 per cent. The sale is expected to unlock an estimated net gain after tax of S$50.8 million and generate net proceeds of about S$187.4 million. Serena Teo, the chief executive officer of the manager, said: 'After evaluating the property's age, substantial capital expenditure required and the potential income loss during renovation, we are proposing to divest Citadines Central Shinjuku Tokyo at this opportune time.' She added that the divestment will enhance the trust's financial flexibility to further optimise its portfolio. Located in the Japanese capital's key entertainment district Kabukicho, Citadines Central Shinjuku Tokyo is a 206-unit property in an area with retail, dining and lifestyle options. 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 Following the divestment, Clas plans to redeploy capital towards more efficient uses, such as repaying higher-interest debt, funding asset enhancement initiatives (AEIs), reinvesting in higher-yielding properties, and for general corporate purposes. The transaction also improves Clas' financial flexibility to distribute divestment gains, or to cushion the short-term impact of AEIs and broader economic headwinds, said its managers. Security holders will vote on the proposed divestment at an extraordinary general meeting in September. Assuming the net proceeds are used to repay debt, and after factoring in the loss of income from the sale, distribution per stapled security (DPS) is expected to rise by 1 per cent on a pro forma basis for FY2024. Clas' aggregate leverage is projected to improve from 39.6 per cent as at Jun 30 to 37.8 per cent; its debt headroom is expected to rise from about S$1.8 billion to S$2 billion on a pro forma basis. Japan as a key market Teo said that following the divestment, Japan is expected to contribute to around 16 per cent of Clas' gross profit. The trust will retain 29 assets in the country, including a serviced residence, four hotels, 23 rental housing properties and one student accommodation asset. She noted that Japan remains a key market for Clas, with the country's accelerating urban migration and limited supply of prime housing supporting the trust's rental housing portfolio and reinforcing its resilient income base. 'We continue to seek more yield-accretive investment opportunities in the country to deliver long-term value to our stapled security holders,' Teo added. In the first half of 2025, Clas' rental housing assets in Japan maintained stable income, achieving an average occupancy rate of over 95 per cent. International travel demand also remained strong, boosting the performance of its hospitality assets such as its serviced residences and hotels. Japan was among Clas' top-performing markets during the period, with both revenue and gross profit rising 12 per cent year on year. On a same-store basis, revenue and gross profit grew 7 per cent and 9 per cent, respectively. The trust's managers said it has a 'strong track record of divesting assets at a premium to book value and redeploying capital towards more optimal uses'. Since 2024, the trust has completed nine divestments, totalling over S$500 million at premiums of up to 55 per cent to book value under its portfolio reconstitution strategy. Over the same period, Clas invested approximately S$530 million in five yield-accretive acquisitions. It has also channelled divestment proceeds into AEIs to boost asset value and profitability. On Tuesday, the manager of Clas posted a 1 per cent drop in distribution per stapled security (DPS) to S$0.0253 for its first half ended Jun 30, from S$0.0255 in the previous corresponding period. Revenue for the first half inched up 3 per cent to S$398.5 million from S$386.4 million in the year-ago period. Profit rose 6 per cent, to S$182.5 million from S$172.9 million previously. The counter closed up 0.55 per cent or S$0.005 at S$0.905 on Thursday.
