Singapore shares rose marginally, with First REIT and
Mapletree Industrial Trust hitting record high after
posting strong results on Wednesday.
The Straits Times index was up 0.3 percent at
3,295.03 points, while MSCI's broadest index of Asia-Pacific
shares outside Japan gained 1 percent.
Units of Mapletree Industrial Trust jumped as much as 1.6
percent to S$1.585, their highest level since the unit was
listed in late 2010.
Mapletree Industrial Trust, which owns factories and other
industrial assets, said its fourth-quarter distribution per unit
rose 6.8 percent to 2.37 Singapore cents from a year earlier,
boosted by higher rental rates and occupancies.
First REIT gained as much as 0.7 percent to S$1.41 after the
healthcare real estate investment trust said its distribution
per unit, excluding one-time gain, rose 9.4 percent compared to
a year earlier.
About 2.5 million shares were traded, 3 times the full-day
average volume traded over the past 30 days.
OCBC Investment Research said the valuations of First REIT
are not compelling at current levels.
The market appears to have priced in the positives from the
company's recent proposed acquisitions, it said.
In March, First REIT bought two hospitals in Indonesia for a
total of S$190.4 million ($153.5 million).
The brokerage gave a fair value estimate of S$1.31 and
maintained its 'hold' rating on First REIT.
1255 (0455 GMT)
(Reporting by Teo Jion Chun; Editing by Bijoy Koyitty