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Stocks In Focus SG (Genting, Hiap Hoe, Viking Offshore & Marine) – 05/11/13
Daily Bulletin | 05 November 2013
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Genting 3Q13 Earnings Up 74.9%
Genting Singapore reported a 74.9 percent year-on-year increase in net profit for the quarter ending 30 September 2013. This was mainly attributed to a one-off gain after disposing off properties in the United Kingdom. Furthermore, Genting’s revenue for the quarter was up 16.4 percent to $776.8 million from $667.1 million but flat between 9M13 and 9M12.  As gaming and non-gaming business segments of the company continue to perform better, revenue from Singapore Integrated Resorts has increased by 17.3 percent for the quarter as compared to 3Q12. In conjunction to the better performance, the gaming segment continues to yield higher volume in the premium player business while non-gaming segment has recorded strong average daily visitation exceeding 18,000 and hotel occupancy rate of 94 percent.

Significance: In line with its core business, Genting continues to focus and enhance on its non-gaming business segment by launching Dolphin Island interaction programmes to pull in more crowd as well as adding more room inventory at the Resorts World Sentosa by increasing new rooms at its Festive Hotel.  

Hiap Hoe’s 3Q13 Net Profit Spikes 149.8%
For its 3Q13, Hiap Hoe reported a 98.6 percent jump in revenue to $81.1 million, up from $40.8 million a year ago. The improvement was primarily driven by progressive revenue recognition worth $80.5 million from the sale of residential projects, Signature at Lewis, Skyline 360° and Waterscape at Cavenagh, compared to $24.9 million recognised in 3Q12. Coupled with a surge in other income, as a result of fair value gains from quoted investments, Hiap Hoe’s net profit for the quarter improved by 149.8 percent to $33.3 million. For 9M13, Hiap Hoe posted a 58.1 percent and 65.2 percent increase in turnover and bottom line. Since the introduction of the Total Debt Servicing Ratio framework by the Monetary Authority of Singapore in June 2013, sales of new private residential units declined 46.5 percent (2Q13: 4,538 units, 3Q13: 2,430 units).

Significance: In view of the challenging environment in Singapore’s property sector, Hiap Hoe is seeking to emulate the success of its Zhongshan Park Integrated Development in its other overseas operations. In November 2013, Hiap Hoe is slated to roll out a tender and selection process to identify the two hotel operators for the firm’s planned hotels in Melbourne.

Viking To Acquire Stake In Smart Earl
Viking Asset Management, a subsidiary of Viking Offshore and Marine, will foray into the offshore rig-building and rig charter market by acquiring a 30 percent in Smart Earl Investment for US$5.4 million. Smart Earl possess a rig building contract with China Merchants Industry Holdings to construct a drilling jack-up rig, at a cost of approximately US$180 million, expected to be completed within 26 months. The joint venture plans to sell or charter the rig to prospective Viking customers in the South East Asia region. Viking will be undertaking an issuance of 40 million new ordinary shares, to raise $3.1 million, to help fund the acquisition. For its 3Q13, Viking posted a 37.3 percent drop net profit, despite an 8.9 percent rise in turnover. Its bottom line was weighed down by a relatively higher increase in cost of sales due to business mix.

Significance: Viking views the proposed investment as a good opportunity to enter into the business of the ownership and/or chartering of rigs and marine and offshore equipment as well as ride on the growing oil and gas industry and demand for rig related services. 

Genting Singapore  0.885 -- --   
Business: Develops, operates & mkts casinos & IRs globally, including Australia, M'sia, Philippines & UK. [FY18 Turnover] Gaming (66.1%), non-gaming (33.8%), others & invs (0.1%).

Insight: May-19, 1Q19, despite Co's non-gaming business reg... Read More
Hiap Hoe  -- -- --   
Business: Co is engaged in construction & devt ppties activities. [FY18 Turnover] Development properties (41.3%), hotel operations (37.5%), rental (16.7%), leisure (4.5%).

Insight: May-19, 1Q19 revenue slid 42.2% due to lower sales... Read More
Viking Offshore & Marine  -- -- --   
Business: Co designs, manufactures & installs heating, ventilation, air conditioning & refrigeration systems for offshore oil platforms around the world.

Insight: May-19, 1Q19 revenue fell 33.3% to $4.9m due to lo... Read More

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