Latest news with #CapitaLandAscottTrust
Business Times
11 hours ago
- Business
- Business Times
Daily Debrief: What Happened Today (Aug 14)
Stories you might have missed CapitaLand Investment H1 profit down 13% at S$287 million on lower revenue The decline is due to the deconsolidation of CapitaLand Ascott Trust and the loss of contributions from divested US and China assets. StarHub H1 profit falls 41.7% to S$47.9 million; dividend of S$0.03 per share declared Revenue rises 2.2% year on year to S$1.13 billion from S$1.1 billion. ST Logistics to upskill 15,000 supply chain workers through tripartite partnership 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 its role as a SkillsFuture Queen Bee, the company will upskill workers from its network of suppliers. Latest Singapore six-month T-bill cut-off yield declines to 1.59% Auction receives S$17.9 billion in applications for the S$7.5 billion on offer, representing a bid-to-cover ratio of 2.39. How Nippon Paint tycoon Goh Cheng Liang grew his empire to a US$13 billion fortune The self-made tycoon started his business empire through a 1962 partnership with Nippon Paint.
Business Times
2 days ago
- Business
- Business Times
Singapore companies improve slightly on corporate governance; Sats retains top spot in key index
[SINGAPORE] Companies listed on the Singapore Exchange have slightly improved their corporate governance practices and transparency in financial disclosures, going by an annual scorecard developed by industry and accounting bodies as well as academics. The Singapore Governance and Transparency Index (SGTI) scores for 2025, released on Wednesday (Aug 13), showed that companies in the general category received 70.9 points out of a theoretical maximum of 143 points. This was marginally higher than the 69.3 points they scored in 2024. As for the real estate investment trust (Reit) and business trust category, the mean score stood at 90.2 points, higher than the 86.6 points last year. While ground handler and caterer Sats has retained its top spot in the 2025 rankings, its overall score of 114.1 is lower than the 118 points it got last year. In the Reits and business trust category, CapitaLand Ascott Trust has once again maintained its No 1 spot with 108.6 points, improving from its overall score of 104 points in 2024. The assessment was jointly conducted by CPA Australia, the National University of Singapore Business School's Centre for Governance and Sustainability, and the Singapore Institute of Directors. The Business Times was the strategic media partner for the study.
Business Times
03-08-2025
- Business
- Business Times
Mixed H1 2025 performance, but hospitality S-Reits push ahead with portfolio reconstitution and diversification
[SINGAPORE] Three out of five Singapore-listed hospitality trusts have reported half-yearly financial results for the first half of 2025 over the past week, with two more due to report this week. CapitaLand Ascott Trust (Clas) reported a resilient performance in H1 2025, with revenue rising 3 per cent year on year to S$398.5 million and gross profit up 6 per cent to S$182.5 million, driven by stronger operating performance, portfolio reconstitution and asset enhancement initiatives (AEIs). Core distribution in H1 2025 rose 1 per cent to S$91.6 million, although distribution per stapled security (DPS) dipped slightly to 2.53 Singapore cents. Clas benefited from stable income streams, with 66 per cent of gross profit derived from master leases and living sector assets. Notably, most of its key markets – Australia, Japan, the UK and US – registered revenue per available unit (RevPau) growth year on year, while Singapore experienced a slight decline due to increased competition and the absence of major events. Clas continued its proactive portfolio reconstitution strategy in H1 2025, aimed at enhancing long-term value and income stability. Since 2024 to date, the trust completed more than S$500 million in divestments at up to 55 per cent premium to book value, and redeployed into accretive acquisitions totalling S$530 million in assets in Japan and the US and lyf Funan Singapore. Three more AEIs are planned throughout 2026, and redevelopment of the Somerset Clarke Quay serviced residence is under way with completion expected in 2026. Far East Hospitality Trust (FEHT) faced headwinds in H1 2025, with gross revenue declining 4.2 per cent year on year to S$51.6 million and net property income (NPI) falling 7.7 per cent to S$45.6 million. The decline was mainly due to softer performance from Singapore hotels and serviced residences, partially offset by contributions from commercial premises and the newly acquired Four Points by Sheraton Nagoya in Japan. Distribution to stapled securityholders decreased 8.7 per cent to S$36.0 million, translating to a DPS of 1.78 Singapore cents. Despite the earnings decline, FEHT maintained a strong balance sheet with aggregate leverage at 32.8 per cent, interest coverage ratio at 3.1 times, and average cost of debt at 3.4 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 The trust's portfolio remained anchored in Singapore, with Japan contributing to income diversification. Gerald Lee, chief executive officer of the Reit manager said: 'After a slow start in the first half of the year amid macroeconomic headwinds and cautious corporate sentiments, demand has started to trend more positively.' CDL Hospitality Trusts (CDLHT) experienced a softer first-half, with NPI falling 11.9 per cent year on year to S$58.6 million and total distribution after retention declining 20.2 per cent to S$25.1 million, or DPS of 1.98 Singapore cents. The decline was attributed to softer performance in most markets, except for Japan, the UK and Australia, as well as higher interest costs. Singapore revenue per available room (RevPar) fell 14.2 per cent due to the absence of large-scale events and ongoing renovations at W Hotel. However, CDLHT had positive contributions from its UK portfolio, particularly from new acquisitions such as Hotel Indigo Exeter and living assets Benson Yard and The Castings. Japan also performed well, with RevPar up 13.7 per cent and NPI rising 11.4 per cent. Frasers Hospitality Trust will be reporting business updates for the third quarter period on Aug 4, while Acrophyte Hospitality Trust will be reporting financial results for the first half of 2025 on Aug 6. SGX RESEARCH The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Business Times
29-07-2025
- Business
- Business Times
CapitaLand Ascott Trust H1 DPS dips 1% to S$0.0253
[SINGAPORE] The manager of CapitaLand Ascott Trust (Clas) on Tuesday (Jul 29) 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. Excluding non-periodic items related to realised exchange gain from bank loan repayments and from cross currency interest rate swap settlements, core DPS was stable at S$0.024, compared with S$0.0241. 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 higher profit and revenue were mainly attributed to stronger operating performance, a portfolio reconstitution strategy and asset enhancement initiatives (AEIs), but was partly offset by the impact of other lower income and depreciation of foreign currencies against the Singapore dollar. On a same-store basis, excluding acquisitions and divestments made between H1 2024 and H1 2025, gross profit was 4 per cent higher year on year, the manager said. Clas completed six AEIs in 2024. These were for The Robertson House in Singapore, Citadines Les Halles Paris, Citadines Kurfürstendamm Berlin, La Clef Tour Eiffel Paris, Citadines Holborn-Covent Garden London and Temple Bar Hotel Dublin. 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 Total distribution was largely unchanged on the year, at S$96.49 million, compared to S$96.47 million. Total core distribution, excluding the non-periodic items, was up 1 per cent on the year at S$91.6 million from S$91 million. The distribution will be paid out on Aug 29, after the record date of Aug 6. Revenue per available unit (RevPau) for H1 rose 3 per cent on the year to S$150 from S$145, on higher average occupancy rates, with most of its key markets posting RevPau growth. Gearing stood at 39.6 per cent as at Jun 30, with a debt headroom of around S$1.8 billion, based on a gearing limit of 50 per cent. The stapled group's proportion of debt on fixed rates was around 82 per cent as at end June, up from 76 per cent as at end March. Average cost of debt stood at 2.9 per cent as at end June and is expected to remain stable. Clas' weighted average debt to maturity was around 3.4 years and its interest cover was 3.1 times. Portfolio reconstitution and enhancement Lui Chong Chee, chairman of the managers of Clas, said the stapled group would continue seeking opportunities to reconstitute and enhance its portfolio. 'By divesting properties at the optimal stage of their life cycle, we are able to reinvest the proceeds into higher-yielding acquisitions, AEIs or other value-accretive uses to deliver stable and sustainable returns to stapled securityholders,' he said. Serena Teo, chief executive officer of the managers of Clas, noted plans to undertake three additional AEIs in 2025 and 2026 as part of Clas' portfolio management strategy. This will bring Clas' total AEIs to five. The AEIs complement Clas' growth strategy through portfolio reconstitution and will enhance the value proposition of its properties in key gateway cities, enabling them to better capture lodging demand and, uplift both profitability and asset value, Teo said.
Business Times
29-07-2025
- Business
- Business Times
Stocks to watch: Singapore Airlines, CapitaLand Ascott Trust, ESR-Reit, First Sponsor, iFast
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Jul 29): Singapore Airlines : The company reported a 58.8 per cent drop in Q1 FY2026 net profit to S$186 million on Monday, even as revenue rose 1.5 per cent to S$4.8 billion. The drop in net profit was mainly driven by lower interest income and share of losses of associates, said the airline. Meanwhile, the rise in revenue was driven by stronger demand across SIA and Scoot. The airline said it was facing challenges from geopolitical tensions, macroeconomic fluctuations, and changing market dynamics. Tariffs were also set to continue to affect the cargo network of the airline. The counter closed up 0.4 per cent or S$0.03 at S$7.60 on Monday. CapitaLand Ascott Trust : The manager on Tuesday posted a 1 per cent drop in distribution per stapled security 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, as gross profit rose 6 per cent, to S$182.5 million from S$172.9 million. Stapled securities of CapitaLand Ascott Trust ended on Monday 0.5 per cent or S$0.005 lower at S$0.905. ESR-Reit : It posted a 0.2 per cent rise in distribution per unit to S$0.11239 for the first half ended Jun 30, from S$0.1122 in the corresponding year-ago period. The distribution will be paid out on Sep 12, after the record date of Aug 6. Net property income rose by 30.1 per cent to S$166.3 million from S$127.8 million in H1 FY2024, while revenue for the half-year period increased 23.2 per cent to S$222.9 million from S$180.9 million. Units of ESR-Reit closed on Monday 1.9 per cent or S$0.05 higher at S$2.64. First Sponsor : The property developer reported on Monday a 59.2 per cent jump in H1 2025 earnings, up to S$19 million, mainly driven by a higher share of profits from associates and joint ventures. However, its revenue dropped 11 per cent to S$153.9 million in the first half of the financial year compared to the same period in 2024. The revenue dip was largely attributed to a fall in revenue from the sale of development properties, property financing and hotel operations, though mitigated by an increase in rental income from investment properties. The company's shares closed flat at S$1.05 on Monday. iFast : Shares in iFast surged 11.3 per cent on Monday after the digital banking firm reported strong Q2 net profit. It hit an intraday peak of S$8.26 – 11.3 per cent higher than its last close of S$7.42 – at 4.30 pm, with a trading volume of 7.1 million shares. The company also announced plans to target higher dividend payout ratio at a briefing on Monday. The counter ended the day at S$8.17, up 10.1 per cent, with 7.5 million shares transacted. Keppel Pacific Oak US Reit : The office Reit posted a drop in H1 FY2025 distributable income on Tuesday, down 16.2 per cent to US$19.9 million from US$23.8 million across the same period last year. It also stated that it had a positive 0.5 per cent rental reversion for H1 and a positive 3.3 per cent rental reversion for Q2 2025. No distribution was declared. The manager had announced previously it would suspend distributions for two years from H2 FY2023 to H2 FY2025. The counter closed on Monday 2.2 per cent or S$0.005 higher at S$0.23.
