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Headliners (Ascendas REIT, Tiger Airways Hldgs, Ezra Hldgs, Lian Beng Group)
Headliners | 18 January 2013
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By: Daxx Chong
Articles (58) Profile

Ascendas REIT: New Stamp Duty Poses Little Impact
The impact of the seller’s stamp duty on industrial property, which was part of the government’s latest property cooling measures introduced just last week, is not expected to have a significant impact on Ascendas REIT. The statement was made by the company in a commentary accompanying its financial statements for the third quarter ended 31 Dec-12. The introduction will see sellers forking out additional amounts of 5-15%, should they choose to sell industrial properties within three years of purchase. Ascendas REIT said the new measure could potentially weed out speculators and moderate industrial prices, particularly strata-titled units. For the three quarters of FY13, Ascendas REIT’s distribution per unit rose 6.2% y-o-y to $0.1068 from $0.1006. This came largely on the back of a 16.7% growth in gross revenue as new contribution from completed projects and acquisitions from the previous financial year began pouring in. The trust also announced an asset-enhancement initiative for 31 International Business Park that is expected to cost $13.2m and be completed by the third quarter of 2013.

Tiger Airways Stages Strong Recovery
Local budget carrier Tiger Airways enjoyed a significantly stronger y-o-y boost in loads and passenger numbers for the full-year 2012, as it recovered from a difficult 2011. The latest operating results show that Tiger Airways appears to be on a steady growth trajectory as it recovers following the debilitating groundings of its Australian fleet in July and August 2011. For the 12 months, Tiger Singapore recorded a 19% increase in traffic to 7.6b revenue passenger-kilometres (RPK), on the back of a 17% increase in capacity to 9.1b available seat-kilometres (ASK). Passenger load factor for the year was 83%, up one percentage point from a year ago. The number of passengers carried grew 12% to 4.2m. In Australia, Tiger Australia recorded an 11% increase in traffic to 2.5b RPK for the 12 months, following a 14% increase in capacity to 3b ASK. Passenger load factor was 82%, down two percentage point from 2011. The number of passengers carried grew 6% to 2.1.

Ezra Registers 49% Tumble In 1Q13 Net Profit
Higher personnel costs and increased financial expenses ate into profits as Ezra Holdings saw its net profit for the first quarter ended 30 Nov-12 slipped 49.1% to US$6.8m from US$13.3m a year ago. The increase in expenses was on the back of the company’s expansion programme to build up its subsea services division’s manpower base in preparation of new projects and vessels. The performance was weaker despite a 54.4% surge in revenue driven by a strong step-up in subsea activity at EMAS AMC, which accounted for nearly 88% of the overall US$98.2m rise in Ezra’s sales for the quarter. Revenue grew from US$180.5m in 1Q12 to US$278.7m. Ezra’s offshore support services division under EMAS Marine also performed well as growth in charter income contributed another US$9m in group sales. The group said its modern construction fleet is in the works for expansion with the exclusive charters of two additional strategic pipelay installation assets giving the subsea services division the capability to efficiently lay conventional and deepwater pipelines of up to 30 inches in diameter.

Lian Beng’s 1H13 Earnings Decline 36%
For the six months ended 30 Nov-2012, Lian Beng Group recorded a 36.2% drop in its earnings to $19.2m from $30.1m in the previous corresponding period. The fall was mainly attributed to a one-off gain of $7.9m on the sale of an investment property at New Industrial Road in 1H12. Gross margin was also 2.2 percentage points lower at 13%. Turnover for the period under review slipped 1.2% y-o-y to $234.92m from $237.67m as contribution from its property development segment was lower. Though the firm has fully sold out its 55%-owned industrial development project, known as M Space at Mandai Estate, revenue and profit recognition will only come in Sep-13 or FY14. As of 30 Nov-12, Lian Beng’s orderbook stands at some $547m, providing a continuous flow of construction activities through FY15.

With a long-standing interest in economics and finance, Daxx is the Senior Research Editor of Shares Investment.

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Ascendas REIT  3.130 -- --   
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
Ezra Hldgs  -- -- --   
Business: Co is a provider of integrated offshore solutions to the oil & gas industry. [FY16 Turnover] Marine Services (68.9%), offshore support and production services (25.7%), subsea services (5.4%).

Insight: Oct-17, The US Bankruptcy Court approved the appli... Read More
Lian Beng Group  0.495 -0.005 -1.00%   
Business: A construction co with integrated civil engineering & support service capabilities. [FY18 Turnover] Construction (43.6%), mfg of concrete (24.4%), ppty development (14.5%), dormitory (9.1%), investment holding (8.3%), engineering & leasing of machinery (0.1%).

Insight: Apr-19, 9M19 revenue dipped 1% due to decreased re... Read More

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