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Headliners (SPH, Sembcorp Marine, CDL Hospitality Trust, Yoma)
Headliners | 31 May 2013
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By: Shane Goh
Articles (99) Profile

SPH Proposes Retail REIT-Listing With Potential Net Proceeds Of $1b 
Singapore Press Holdings (SPH) proposed a REIT listing for 2 of its properties, Paragon and The Clementi Mall. SPH will be selling both properties to the REIT at $3.07b. Based on figures from FY12, the listing will increase SPH’s NAV from $1.39 per share to $2.27 per share. With the offering, SPH’s net gearing ratio will reduce substantially from 40.6% to 9.3% as the properties represent a large portion of SPH’s net borrowings. Upon completion of the listing, SPH will retain approximately 70% of the units in the REIT. By unlocking the value of its properties, SPH will gain capital to pursue its growth plans across its property, media and other businesses. A REIT listing allows SPH to partake in a recurring fee income, adding a valuable fee-based management business to the Group’s portfolio. A special dividend of 18 cents per share will be paid out to shareholders upon completion of the offering.

Sembcorp Marine Secures US$596m Contract From Noble Corp
Jurong Shipyard, a subsidiary of Sembcorp Marine, secured a US$596m contract for a newbuild ultra-high specification jack-up rig from Noble Corporation. Noble Corp, an oil and gas company, has 6 F&G JU3000N class jack-up rigs worth a total of US$1.3b currently under construction at Jurong Shipyard in addition to this order. Adding on, it still has an option for an additional unit for use in the United Kingdom sector of the North Sea while 2 units of rigs were delivered to Noble in 2009 and 2010 respectively. The US$596m contract from Noble Corp is an addition to the strong order book of Sembcorp Marine standing at $13.6b with completion and deliveries stretching till 2019.

CDL Hospitality Trust’s Orchard Hotel Shopping Arcade In $25m Revamp
CDL Hospitality Trusts announced a $25m asset enhancement plans for Orchard Hotel Shopping Arcade (OHSA) to re-position it as a family-centric mall with enhanced retail offerings. Scheduled to commence in late 2013, the asset enhancement initiative is expected to complete in 12 months, while a soft opening of the revamped mall is expected by end 2014. “We are excited to embark on this makeover of OHSA, which will significantly raise its profile and leasing appeal,” said Vincent Yeo, chief executive officer of M&C REIT Management, the manager of CDL Hospitality Real Estate Investment Trust. The revamped mall is poised to benefit from growing residential catchment and vibrant retail activity along Orchard Road. More importantly, the revamp is expected to deliver ROI (return on investment) of more than 8%, with increased net lettable area and incremental rental income of more than $2m on an annualised basis.

Yoma’s FY13 Net Profit Rises By 139%
Yoma Strategic Holdings’ earnings for the full year ended 31 Mar-13 jumped 139.1% to $14.4m while revenue jumped 54.2% to $60.5m. On the other hand, revenue for the quarter rose 26.9% to $20.5 million while earnings rose 452.3% to $11.5 million. The improved results were boosted by higher selling price of land development rights and residences in Myanmaralong with the sale for negative goodwill from the consolidation of its unit, Xun Xiang for $9.1m. A first and final dividend of 0.5 cents per share has been proposed by the firm for FY13. Yoma is currently in bid for a mobile phone license in Myanmar and the results of the bid are expected to be announced before the end of Jun-13.  Figure wise, Yoma’s NAV per share as at 31 Mar-13 stood high at $0.309 as compared to $0.257 as at 31 Mar-12. Meanwhile, the firm’s cash and bank balances stood healthy at $106.2m, compared to $20.1m a year ago.

Currently pursuing his Chartered Financial Analyst qualification, Shane provides coverage on the property, consumer and environmental sectors at Shares Investment.

Please click here for more information about this author.

Singapore Press Hldgs  2.250 -0.03 -1.32%   
Business: Co is S'pore's main newspaper & magazines publisher that also has investment in properties. [FY18 Turnover] Media (66.7%), property (24.7%), others (8.6%).

Insight: Apr-19, 1H19 operating revenue fell 3% to $477.6m ... Read More
Sembcorp Marine  1.440 -0.050 -3.36%   
Business: Co is a leading global marine & offshore engineering group. [FY18 Turnover] rigs & floaters, repairs & upgrades, offshore platforms (98.8%), ship chartering (1%), others activities (0.2%).

Insight: May-19, 1Q19 revenue fell 31.3% to $810.6m due to ... Read More
CDL Hospitality Trusts  1.640 +0.010 +0.61%   
Business: A stapled group comprising CDL Hospitality REIT and CDL Hospitality Business Trust.

Insight: Apr-19, 1Q19 gross revenue and NPI dropped 10.6% a... Read More
Yoma Strategic Hldgs  0.385 -- --   
Business: Co operates mainly in Myanmar under several business segments. [FY18 Turnover] Automobile (40.5%), real estate (20.8%), real estate services (18.4%), consumer (12.9%), financial services (6.2%), investments & others (1.2%).

Insight: Feb-19, 3Q19 revenue jumped 12.1% to $27m mainly a... Read More


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