SINGAPORE - Stocks to look out for on Thursday morning (Nov 2) trading include mm2 Asia, Oxley Holdings, Frasers Logistics & Industrial Trust and Far East Hospitality Trust.
mm2 Asia: The entertainment company said on Thursday it has proposed to acquire all of Cathay Cineplexes' Singapore cinema operations for S$230 million in cash. This deal comes after mm2 failed to take a 50 per cent stake in Singapore's Golden Village cinema business, in a deal valued at S$184 million.
Oxley Holdings: The property developer has unveiled a dividend policy of paying dividends not less than 25 per cent of the group's consolidated profit after tax for FY2018 and FY2019. Oxley said this was after "having considered the current favourable market conditions". The company on Wednesday posted a nearly sevenfold jump in net profit for the first quarter to S$48.7 million, on the back of a 146 per cent increase in revenue to S$310.6 million.
Frasers Logistics & Industrial Trust: The trust on Thursday posted a distribution per unit (DPU) of 1.77 Singapore cents for its financial period ended Sept 30, 2017, an 8.6 per cent increase from its forecasted 1.63 cents. Gross revenue for the quarter came up to A$42.2 million (S$44.07 million), 4.8 per cent higher than the forecasted A$40.3 million, while adjusted net property income was A$32.3 million, 4.7 per cent above forecast. FLT, whose fiscal year ended on Sept 30, was formed in June 2016, and so no year-on-year comparisons were provided.
Far East Hospitality Trust: The trust on Thursday posted a lower distribution per stapled security (DPS) of 1.03 Singapore cents for the third quarter ended Sept 30, down 8 per cent from 1.12 Singapore cents a year ago. For the quarter under review, gross revenue slipped 2 per cent year on year to S$27.46 million on the back of lower master lease rental from the hotels and serviced residences and softer performances from retail and office spaces, the trust said.