Stocks to watch: Wilmar, ST Engineering, Sheng Siong, Starhill Global Reit, FEHT, CDLHT, First Reit, IReit Global

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Apr 30).

Wilmar International: The agribusiness group reported a 13.5 per cent increase in earnings for Q1 2025 to US$343.9 million from US$302.9 million in Q1 2024 on Tuesday. Revenue for Q1 2025 grew 3.3 per cent to US$16.2 billion from US$15.7 billion in the previous corresponding period. The growth in earnings was driven by better performance in the food products, plantation and sugar milling segments. Shares of Wilmar closed down 3.8 per cent or S$0.12 to S$3.02 on Tuesday, before the news.

ST Engineering: A wholly owned subsidiary of ST Engineering priced US$750 million in five-year notes with a 4.25 per cent fixed-rate coupon. The notes are expected to be issued on May 8, and will mature on May 8, 2030, ST Engineering said on Tuesday. Net proceeds of the issue will be used by the subsidiary, ST Engineering RHQ, to refinance existing borrowings, said ST Engineering. Shares of the group fell 0.4 per cent or S$0.03 to close at S$7.32 on Tuesday, ahead of the announcement.

Sheng Siong: The supermarket operator recorded a 6.1 per cent increase in net profit to S$38.5 million for the first quarter ended Mar 31, from S$36.3 million the year before. Revenue grew 7.1 per cent to S$403 million, from S$376.2 million in the previous corresponding period. This was due to contributions from eight new stores opening in the quarter and FY2024, as well as higher festive sales during Hari Raya in March, said the company on Tuesday. Gross profit consequently rose to S$122 million in Q1, a 10.2 per cent increase from the S$110.7 million posted the year prior. Shares of Sheng Siong closed at S$1.74 on Tuesday, down 0.6 per cent or S$0.01, before the news.

Starhill Global Real Estate Investment Trust (Reit): The manager of the trust posted net property income (NPI) of S$37.9 million for Q3 FY2025 ended Mar 31, up 0.5 per cent from S$37.7 million in the previous corresponding period. The slight increase was mainly driven by appreciation of the ringgit against the Singapore dollar and lower operating expenses, said the manager on Tuesday. This was largely offset by the higher rental provision for China property, loss of contribution from the divestment of some Wisma Atria office units and depreciation of the Australian dollar against the Singapore dollar. Revenue for Q3 FY2025 remained flat at S$47.6 million. Units of Starhill Global closed flat at S$0.495 on Tuesday.

Far East Hospitality Trust (FEHT): Managers of the trust said on Wednesday that its net property income fell 8.3 per cent year on year to S$23 million for the first quarter ended March, from S$25.1 million in Q1 FY2024. Revenue for Q1 FY2025 decreased 6.8 per cent to S$25.2 million from S$27.1 million in the same period a year before, mainly due to lower master lease revenue from hotels and serviced residences, arising from the absence of major events compared to the same period the prior year. Stapled securities of FEHT ended Tuesday up 0.9 per cent or S$0.005 at S$0.555.

CDL Hospitality Trusts (CDLHT): The stapled group’s NPI fell 14.2 per cent to S$30 million for the first quarter of its fiscal year ended March, from S$34.9 million in the year-ago period. Revenue stood at S$63.4 million, down 2.8 per cent from S$65.3 million previously, based on a business update on Wednesday. Units of CDLHT closed Tuesday 1.3 per cent or S$0.01 higher at S$0.795.

First Reit: The distribution per unit of the trust fell 3.3 per cent to S$0.0058 for the first quarter ended Mar 31, compared with S$0.006 in the corresponding year-ago period. Rental and other income fell 2.8 per cent to S$25.4 million, while net property and other income slipped 2.8 per cent to S$24.6 million. The manager attributed the Q1 decline to the depreciation of the rupiah and yen against the Singapore dollar, in an update on Tuesday. This was partially offset by higher rental income from properties in Indonesia and Singapore, it said. Units of First Reit closed flat at S$0.255 on Tuesday, before the announcement.

IReit Global: The Europe-focused Reit reported 88.7 per cent occupancy rate at end-Q1 2025, up from 88.5 per cent at end-Q4 2024, in a business update on Tuesday. The committed occupancy was marginally higher due to new leases committed within the Spanish portfolio. The weighted average lease expiry stood at 5.7 years at end-Q1 2025, supported by new leases and no expiring leases during the quarter. Aggregate leverage held steady at 37.7 per cent as at Mar 31. This was due to the voluntary partial loan repayment of five million euros (S$7.5 million) in relation to the Spanish portfolio, offset by lower cash balance from the distribution payment and loan repayment. Units of IReit closed flat at S$0.23 on Tuesday.