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Headliners (Yongnam, GLP, KingWan)
Headliners | 12 August 2011
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By: Jade Lee
Articles (97) Profile

Singapore’s GDP Jumps 0.9% On-Year, Contract 6.5% On-Quarter In 2Q11
Singapore’s economy grew by 0.9% on a year-on-year (yoy) basis in 2Q11 while a 6.5% contraction on a quarter-on-quarter basis, a reversal from a growth of 27.2% in the preceding quarter. According to Ministry of Trade and Industry (MTI), the manufacturing sector contracted by 5.9% in the second quarter, due to a decline in biomedical manufacturing output. Electronics output also saw a decline, as global demand for semiconductor chips eased. The construction sector, however, grew by 1.5% on a yoy basis. MTI said the growth was sustained by increases in public sector construction activities. The wholesale and retail trade sector saw a flat growth on a yoy basis. The transport and storage sector grew by 4.1% due to buoyant air travel demand. The financial services sector grew 10% on a yoy basis, benefiting from increased domestic and offshore lending activities. The business services sector registered a weak growth of 2.2%, due to a moderation in the real estate services segment. MTI said the tourism-related sectors continue to expand given the healthy visitor inflows. Notably, the hotels and restaurants sector, and related services industries grew by 6.4% and 5% respectively.

Yongnam’s 2Q11 Profit Rises 12.9%
Yongnam Holdings (Yongnam) reported a 12.9% rise in profit to $15.1m for the second quarter ended 30 June. Revenue, however, inched down 1.9% to $82.5m, weighed by lower contribution from its structural steelworks segment following completion of projects at the Marina Bay Sands Integrated Resort. Contribution from its specialist civil engineering segment cushioned the fall as it rose 17.7% to $40m with key income from the Marina Coastal Expressway, MRT Downtown Line 2, Hong Kong MTR and the New Doha International Airport projects. For the first half, the bottom line grew 13.8% from $26.4m to $30.1m. For the quarter, Yongnam secured four new projects including a structural steelwork contract for the Singapore Sports Hub and a specialist civil engineering contract for the Hong Kong Section of the Express Rail Link which amounted to $193m. Its order book remained strong at $509m, compared to $410m as at 31 March.

GLP Acquires 49%-Stake Of Shanghai Yupei Group For US$53.6m
Global Logistic Properties (GLP) has entered into a binding agreement to acquire 49%-stake in China-based industrial property developer Shanghai Yupei Group Company, one of the leading logistic properties providers in China market, for US$53.6m. GLP, which owns, manages and leases out logistics facilities in China and Japan, is acquiring the stake by purchasing all the equity in Shimmer Profits, a Hong Kong registered special purpose vehicle wholly owned by Equity International (EI). With a sound track record in project management and construction cost control, Yupei has a portfolio that consists of four logistics parks located in Shanghai, Suzhou and Chuzhou totalling a net leasable area of 252,943 square metres (sq m). In addition, Yupei has 10 projects in the pipeline in Beijing, Shenyang, Wuhan, Guangzhou, Wuxi, Xiamen and Chengdu, with a total planned gross floor area of 1,074,838 sq m. Through this equity acquisition, GLP will be able to improve its role as the top developer of logistics by gaining access to Yupei’s asset portfolio in strategic locations within the Yangtze River Delta region of China. Furthermore, Yupei’s high-quality portfolio is expected to enhance GLP’s leading platform.

King Wan’s 1Q12 Revenue Jumps 94% On Higher Contracts On Hand
Integrated building services company, King Wan Corporation, has posted a 94% jump in its 1Q12 revenue, due largely to more Machanical & Electrical (M&E) contracts on hand. Nonetheless, earnings jumped marginally by only 1%, mainly due to higher administrative expenses and lower share of results from associates. Meanwhile, King Wan’s gross profit for the quarter increased five-fold to $6m from $1.1m previously due primarily to the healthier margins from a few M&E contracts completed in the period under review. King Wan’s balance sheet remains healthy. It is in a net cash position, and debt to total equity of 6%. As at 30 Jun-11, the firm has a cash and cash equivalents balance of $22.9m. Separately, King Wan’s order book stood at approximately $135m based on firm M&E engineering contracts, with projects of different completion dates and delivery timeframes lasting up to 2014. Moving forward, King Wan remains optimistic and continues to actively pursue all potential opportunities.

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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King Wan Corp  -- -- --   
Business: Integrated building services and mechanical and electrical (M&E) engineering specialist. [FY19 Turnover] Plumbing & sanitary (58.6%), electrical (36.3%), toilet rental (3.3%), investment holdings (1.8%).

Insight: May-19, FY19 revenue dipped 3.1% to $79.3m. Corres... Read More

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