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Singapore stock market and companies daily report (CMT, Yoma Strategic Holdings, TOP Global) (October 22, 2012)

Contributed by Shares Investment

CMT’s 3Q12 Distributable Income Jumps Marginally By 4.6%
CapitaMall Trust (CMT)’s revenue and distributable income for the third quarter ended 30 September 2012 jumped marginally by 5.1 percent and 4.6 percent to $167.2 million and $80.9 million respectively. 3Q12 distribution per unit was 2.42 cents, translating to an annualised distribution yield of 4.5 percent based on CMT’s closing price of $2.14 per unit on 19 October 2012. “CMT has reported a good set of results for 3Q12, mainly due to JCube which opened in April and Bugis+ which was fully operational in August”, said James Koh Cher Siang, chairman of CapitaMall Trust Management. As at 30 September 2012, CMT’s gearing ratio was 37.6 percent while portfolio occupancy rate stood high at 98.4 percent.
Significance: CMT is currently focusing on its last major asset enhancement. Notably, the trust’s asset enhancement works for The Atrium@Orchard are proceeding smoothly and is expected to open in early November. Meanwhile, the repositioning of IMM Building as a value-focused mall has commenced, with about 30 outlet brands expected to be operational by end-2012.

Yoma Posts 2Q12 Net Loss Of $4.2m
Yoma Strategic Holdings posted net loss of $4.2 million for the quarter ended 30 September impacted by higher administrative expenses. 2Q12 revenue however, jumped 59.4 percent to $11.6 million on the back of higher sale of real estate residences and land development rights. According to Yoma’s chief executive officer Andrew Rickards, the full benefits of the acquisition of Star City, a transformative real estate development, are now beginning to be felt as demand for high quality apartment in Yongon continues to grow. Meanwhile, the shift in focus from selling LDRs to finished residences, such as Ivory Court II at Pun Hlaing Golf Estate, is helping to improve the firm’s margins.
Significance: Subsequent to 30 September 2012, Yoma has received cash deposits of $9.3 million from the sales of Star City. Of the cash deposit received, a total of $2.4 million (based on 9 percent of completion) has been recognised from this cash, while the remaining $6.8 million of cash received is accrued for on the balance sheet and will be recognised as the units are completed.

Top Global Sells Property For $13.8m
TOP Global is selling a property to EX Nexus Services for $13.8 million. According to Top Global, the property is contained within a three-storey Housing Development Board block, situated within the Ang Mo Kio Town Centre, with a net lettable area of approximately of 1,420 square metres. It has a leasehold tenure of approximately 81 years with effect from 7 March 1995. Ex Nexus has paid a 5 percent deposit of $690,000, with the balance of 95 percent to be paid upon completion of the sale. The transaction is expected to be completed in the next 12 weeks, or four weeks from the receipt of consent from relevant parties, whichever is later.
Significance: Top Global expects to gain a net gain of $1.1 million from the disposal, which will have a positive impact on its FY12. Meanwhile, the sale will maximise the interests of shareholders as it provides the firm with greater financial flexibility to pursue other possible acquisition opportunities.