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Headliners | 27 August 2010
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By: Jade Lee
Articles (97) Profile

Wilmar Adds 2 More Sugar Assets In Indonesia And Singapore
Wilmar International (Wilmar) said it will buy an Indonesian sugar refinery, PT Jawamanis Rafinasi (JMR), and a Singapore sugar trading firm, Windsor & Brook Trading, to complement the development of its plantations in Papua. The company said it had bought JMR with a throughput of 1,000 tonnes per day (tpd), but is licensed to increase it up to 1,600 tpd. Its refinery caters to the industrial sugar market with a customer base comprising multi-national corporations and large Indonesian food manufacturers. Wilmar said the purchase ‘will form an integral part of Wilmar’s future Indonesian sugar business’, providing downstream refining and distribution to complement its plans to develop sugar plantations and milling operations in Papua. The JMR purchase is expected to be completed in the fourth quarter of this year and is subject to certain conditions, including regulatory approvals from the Indonesian Capital Investment Coordinating Board.

Wing Tai’s FY10 Bottomline Surges More Than 7-Fold
Property group Wing Tai Holdings’ FY10 net profit rose more than 7-fold on the back of a 64% jump in revenue, mainly contributed from the development properties sold in Belle Vue Residences as well as the progressive sale recognized from The Riverine by the Park in Singapore. For 4Q10, Co returned into the black with a net profit of $68.9m, a reversal from the net loss of $53.9m a year ago. Revenue was up 17% from a year ago to $222.3m. A dividend of five cents a share for the financial year, comprising a first and final dividend of three cents a share as well as a special dividend of two cents a share has also been declared. Going forward, Wing Tai intends to focus on market segments that offer better prospects over the medium to long term, such as the high-end residential sector, said chairman Cheng Wai Keung.

C&O’s FY10 Earnings Lifted By High-Margin Drugs
C&O Pharmaceutical (C&O) has reported a 62.6% jump in its 4Q10 net profit to HK$60m ($10.5m), as revenue rose 16% to HK$189.3m. FY10 net profit on the other hand increased 44% on the back of a 18.7% jump in revenue, buoyed mainly by higher sales of exclusive and own-brand products, which carry higher margins. Meanwhile, a final dividend of 1.35 Singapore cents per share has been declared, making its total FY10 payout 8.15 Singapore cents per share. According to executive chairman Gao Bin, the growth of C&O is a result of the streamlining of operations, focusing on high-margin products and consistent building of C&O brand. Phillip Securities (PS) believes that if C&O introduces Edarvone, a prescription drug used to treat stroke, which C&O is licensed to manufacture and sell on a commercial basis, the company will benefit from ‘a major earnings driver’ as gross margins for the drug are estimated to be ‘in the high 80%’. PS maintained ‘BUY’ call on C&O, with a target price of 53 cents.

Ryobi Kiso’s 4Q10 Earnings Decline 52% To $5m
Ryobi Kiso Holdings’ 4Q10 earnings dropped 52.1% in tandem with a 4.8% slide in revenue, mainly due to the lower number and value of completed projects. For FY10, revenue dropped 24.6% to $120.84m, largely due to the lower value of piling projects secured and lower value of work done from near-to-completion and completed projects. This was mitigated by the increase in contribution from its newly incorporated Vietnam subsidiary and the eco-friendly piling and geo-services business. Its net profit for the full year fell to $27.36m, down 20.2% from last year. Looking ahead, ‘the group will continue to focus on expanding its capabilities and securing more projects in both Singapore and Vietnam’, said Ong Tiong Siew, co-founder and chief executive of Ryobi Kiso. In line with the profitable performance, the company is recommending a final, one-tier tax-exempt cash dividend of $0.005 per ordinary share in addition to the interim dividend of $0.005 per share paid out in April.

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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Wilmar Int'l  3.590 +0.03 +0.84%   
Business: Co's integrated agribusiness model encompasses the entire value chain of the agricultural commodity processing biz, from origination and processing to branding, merchandising and distribution of a wide range of agricultural pdts.

Insight: May-19, 1Q19 revenue fell 6.2% to US$10.4b driven ... Read More
Wing Tai Hldgs  2.050 +0.01 +0.49%   
Business: Singapore-based property developer and lifestyle company. [FY18 Turnover] Development properties (51.5%), retail (36.5%), investment properties (9.6%), others (2.4%).

Insight: Feb-19, 1H19 revenue rose 7.1% to $193.9m largely ... Read More

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