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Headliners | 22 April 2010
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By: Jade Lee
Articles (97) Profile

Growth Through Acquisition To Remain Core Forcus Of CSE
Having just built up its cash mountain with a $38m share sale, the company is ready to launch into another acquisition spree in Europe, the Middle East, the US and Australia. Two-thirds of the company’s growth will come from such acquisitions, said managing director, Tan Mok Koon, just after raising funds via an issue of 35m treasury shares at $1.12 apiece. CSE is currently on the lookout for technology companies control automation, telecommunications and security in minerals and oil & gas in Australia and the Middle East. Last month, it spent £10.1m to buy Aberdeen-based Systems Integration & Automation Ltd, whose clients include Amec, Apache, BP, Chiyoda, Exxonmobil, Perenco, Shell, Wood Group, Talisman, SBM and Petrofac. Meanwhile, CSE is growing its already considerable footprint in the healthcare sector in England. Having come into the current financial year with a project backlog of some $390m, Tan expects this to balloon to $600m, thanks to a revival of energy spending around the world and increased spending by the UK healthcare system.

Qian Hu’s 1Q10 Net Profit Up Marginally
Ornamental fish breeder Qian Hu Corporation’s 1Q10 net profit rose 0.9% yoy to $1.41m. This came as higher revenues seen by its fish and plastics segments were weighed down by lower sales in accessories and as the group’s gross profit margin dipped. 1H10 revenue climbed 0.4% yoy to $23.2m with revenue from Singapore grew 22.5%, overseas sales dropped 7.1%. The unprecedented severe hot weather from end January to February resulting in a month-long drought in Malaysia has led to a lower supply of Dragon Fish fries during the 1Q10. Company opines the 2Q10 profitability of Dragon Fish sales will be affected as Dragon Fish offsprings need 3 to 6 months to grow into marketable size. The group’s debt-to-equity ratio also dropped to 0.47 – in line with its direction of having more cash for dividend and reducing debt, said Kenny Yap, Qian Hu’s executive chairman and managing director.

Keppel T&T’s 1Q10 Net Profit Grows 24%
Keppel Telecommunications & Transportation (Keppel T&T) posted a 24.2% increase its 1Q10 net profit to $12.7m, from $10.2m a year ago. This came despite a 15% fall in revenue for the three months ended March 31 to $25.4m, from $29.9m, due to the loss of a major logistics customer in the middle of 2009 and the winding down of its network engineering business. Earning per share increased 21% to $0.023. Company’s operating profit rose 32.7% to $17m, contributed to a 21.9% increase in share of results of associated companies and jointly controlled entity to $15.4m. Keppel T&T, which had reported drops in both profit and revenue for FY09, said that it would ‘continue to develop its logistics assets to maximize returns’. It expects port operations in Foshan, China, to operate at maximum capacity, and its new distribution centre is on track to start operations in 2H10. Last but not least, it is also expanding logistics operations in Vietnam.

A-Reit’s Q4 DPU Drops 1.4%
Ascendas Real Estate Investment Trust (A-Reit) saw a 1.4% dip in its distribution per unit (DPU) for its 4Q10 ended March 31, from $0.0277 to $0.0273. For FY10, the Reit saw an 11.4% increase in its DPU from $0.1176 to $0.1310. These comparisons were based on the proforma DPUs from the previous financial year, which took into account the units issued from the placement in August and units issued in lieu of the 20% base management fee in May and December last year. Net property income grew by $24m to $320m, an 8% increase. During the financial year, Ascendas completed three development projects and two acquisitions – DBS Asia Hub and 31 Joo Koon Circle. The two acquisitions, which were completed at the end of March this year for a total of $131m, are estimated to provide a full year net property income contribution of about $9m for FY11. As at March 31, A-Reit had a portfolio of 93 properties with a total asset value of about $4.8b.

Jade manages and oversees a portfolio of stocks which are mainly focused on the mining and property sectors at Shares Investment.

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CSE Global  0.480 +0.015 +3.23%   
Business: A global technologies company offering cost-effective, totally integrated solutions to industries various sectors. [FY16 Geographical] The Americas (63.4%), Asia-Pacific (34.3%), Europe/Middle East/Africa (2.3%).

Insight: Feb-19, FY18 revenue increased by a moderate 4%, m... Read More
Ascendas REIT  3.170 +0.06 +1.93%   
Business: Co invests in the real estate markets of Singapore and Australia.

Insight: Apr-19, FY19 gross revenue and NPI inched up 2.8% ... Read More

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