Singapore stock preview: SGX, Lendlease, SingPost

• Singapore Exchange Ltd share price closed lower on Monday (22 August 2022)
• Lendlease Global Commercial REIT share price rose 1.2%
• Singapore Post Ltd share price fell 2.4% to kick start the week
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Singapore Exchange (SGX: S68)

Singapore Exchange (SGX) reported its FY2022 results last week, where it saw adjusted net profit come in 2% higher at S$456.4 million.

Its total revenue increased 4% to S$1.099 billion – the highest ever since it was listed. Excluding treasury income, its total revenue grew 7% to S$1.05 billion.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was at S$637.8 million, while adjusted earnings per share stood at S$0.427, up from S$0.418 in FY2021.

The board of directors proposed a final quarterly dividend of S$0.08 per share. It will be payable on 21 October 2022 and is subject to approval at the forthcoming annual general meeting.

If approved, this will bring the total dividends in FY2022 to S$0.32 per share.

The group has also announced that Mr Koh Boon Hwee will succeed Mr Kwa Chong Seng as Board Chairman with effect from 1 January 2023.

Lendlease (SGX: JYEU)

Lendlease (LREIT) has responded to queries from Singapore Exchange Securities Trading Limited (SGX-ST) regarding its unaudited condensed interim financial statements and distribution announcement for the second half of 2022.

SGX-ST had asked why interest income amounted to only S$259,000 for the full year ended 30 June 2022 when LREIT had significant cash and bank balance amounting to S$49.23 million as at 30 June 2022.

The group responded that its cash and bank balances of S$49.2 million included cash and bank balances denominated in Euro, which were non-interest bearing in nature.

‘During the year ended 30 June 2022, the group's bank balances were subject to varying levels from time to time and may generate little or no interest income. In order to manage the group’s capital efficiently, the manager had sought to place fixed deposits or repay outstanding loans where possible,’ it added.

Singapore Post (SGX: S08)

Singapore Post (SingPost) recorded a 34.7% year-on-year (YoY) revenue increase in the first quarter ending 30 June 2022, on the back of higher contributions from the Australia business including Freight Management Holdings (FMH).

The group also continued to record higher revenue from Famous Holdings. Revenue in the property segment was lower due to the deconsolidation of General Storage Company (GSC). However, excluding GSC, property revenue was higher.

As updated in the “Operational Update for First Quarter ended 30 June 2022” released on 15 July 2022, the post and parcel business traded in challenging conditions, which resulted in operating losses as revenues declined and operating costs increased.

Nevertheless, SingPost said its ‘transformation strategy is yielding results, as growing contributions from the Australia business segment helped to offset the weakness in the core post and parcel business’.

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