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Singapore Daily Bulletin – 11/04/11
Daily Bulletin | 11 April 2011
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Jiutian Shares Drop On Impairment Loss Hike
Jiutian Chemical Group said on 7 Apr-11 that it had more than doubled its impairment loss on property, plant and equipment to Rmb66m ($12.7m) in its audited accounts, from Rmb31m registered in its unaudited statement posted earlier. The shares fell 38%, or 25 cents, on heavy volume to close at 4 cents on 8 Apr. It was the fifth most actively traded counter, with 46.8m shares changing hands. Auditors separately drew attention to the Rmb157m loss that the S-chip posted for the fiscal year, as well as the current liability exceeding its current asset by Rmb212m. Not to mention, Jiutian also incurred losses for the past 2 years – Rmb54m in FY08 and Rmb98.4m in FY09.

Significance: The combination of the circumstances represents a material uncertainty that cast significant doubt upon the Jiutian’s ability to continue as a going concern. Furthermore, the firm needs to renew its outstanding short term-bank loans of Rmb38.9m, which are due this year.

Moody’s Reviews Saizen For Possible Upgrade
Saizen REIT’s rating is up for a possible upgrade following its plans to repay a loan that went into maturity default in Nov-09. The REIT said that the 4.2b yen ($62m) outstanding loan balance under its YK Shintoku portfolio can be repaid by the end of May this year. The loan has been in default due to the collapse of the commercial mortgage-backed securities market in Japan in 2008. Since then, Saizen has been repaying the loan from its operational cash flow and the sale of its property assets. Moody’s also observed that after the defaulted YK Shintoku loan is settled, the next material debt of 5.7b yen would mature in 2013.

Significance: The repayment plan is a positive action in resolving the defaulted commercial mortgaged-backed-securities loan of YK Shintoku. To top it off, Moody’s estimates that Saizen has unencumbered assets of around 11.5b yen that are available to repay the YK Shintoku loan and other maturing debt.

Jasper Investments Secures US$15m Deal on Drilling Job In West Africa
Jasper Investments, an offshore drilling company, has signed a letter of intent with AGR Peak Well Management to deploy a drillship, the Jasper Explorer, for a 90-day offshore drilling project. AGR is a Norwegian well management company contracted by Hyperdynamics Corporation, an oil and gas exploration and production company, to manage the drilling programme for its concession located off the Republic of Guinea in West Africa. The US$15m project uses the Jasper Explorer to drill one well, with an option for another. AGR also has the option to use the drillship for another 5-well drilling programme. The Jasper Explorer is expected to commence drilling in Oct-11.

Significance: This West Africa project puts Jasper Explorer in a geographical location that is ideal for follow-on opportunities. With the large number of oil and gas companies in the region, drilling activities will continue to expand in line with oil demand and corresponding prices.

Jiutian Chemical Group  0.013 -- --   
Business: Principally engaged in the mfg and pdtn of methanol, dimethylformamide and methylamine.

Insight: Apr-19, 1Q19 revenue slid 7.8% due to decreases in... Read More
Jasper Investments  0.004 -- --   
Business: Principally invests in the offshore oil and gas drilling and svcs sector - key subsi, Jasper Offshore, owns oil rigs for deep sea drilling that are contracted out for exploration and pdtn activities.

Insight: May-19, FY19, Co did not register any revenue for ... Read More

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