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Stocks In Focus SG (Global Tech (Hldgs), Marco Polo Marine, Keppel Corp) – 17/12/13
Daily Bulletin | 17 December 2013
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Global Tech FY13’s Earnings Return To Black

  • For the year ended 30 September 2013, Global Tech (Holdings) saw a 9.9 percent jump in revenue to HK$110.5 million from HK$100.6 million last year. This was attributed to the provision of repair services on the back of an expanding product portfolio.
  • Losses from operations expanded further, mainly due to an increase in both administrative and other operating expenses by HK$25.8 million, which were partially offset by a HK$1.2 million decrease in selling and distribution expenses.
  • Despite losses incurred from operations in FY13, the company was able to recognise a net profit of HK$12.9 million, as compared to a HK$20.6 million loss in FY12, which was in light of the one-off written back of provision for taxation previously made during the year.

Significance: The Hong Kong economy expanded moderately, while major advanced economies around the world remained generally sluggish which have impacted the operating results of Global Tech generated in FY13. In view of this, the company has taken further steps to tighten controls on its business and financial management, and will remain vigilant for economic headwinds ahead.

Keppel Secures $150m In Contracts

  • Keppel Corporation’s Keppel Offshore & Marine (Keppel O&M) via its subsidiaries, Keppel Shipyard and Keppel Nantong Shipyard, has secured five contracts worth $150 million.
  • The first two contracts from Armada C7 and Apache Energy, scheduled to be completed in 3Q14 and 1Q14 respectively, involve mainly the upgrade of a floating production storage and offloading vessel.
  • The third contract involving the fabrication of an external turret for a floating storage and offloading vessel, is awarded by EMAS AMC, and is scheduled to be delivered in 2Q14. The remaining two contracts were secured with Smit Shipping Singapore to undertake the construction of two submersible barges, Giant 5 and Giant 6, are slated to be completed in end 2014 and early 2015 respectively.

Significance: With the latest five contracts secured by Keppel O&M, this represents almost $7 billion in new orders year-to-date for Keppel Corporation.

Marco Polo Marine’s Unit Secures US$20m Worth Of Contracts

  • Marco Polo Marine’s Indonesian listed subsidiary, PT Pelayaran Nasional Bina Buana Raya, has secured time-charter contracts for its two 8,080 Brake horsepower anchor handling tug vessels, MP Prelude and MP Premier.
  • The first contract to commence on 1 December 2013, was secured with MP Prelude and has an initial estimated contract value in excess of US$13 million over a period of 26 months. The contract also comes with a possible further 10-month extension at the charterer’s option.
  • The second contract with respect to MP Premier has an estimated contract value of US$6.8 million over a period of approximately 13 months and is expected to start in late December 2013. Both vessels will work in tandem at the same locale supporting the same end-customer, which is an oil and gas exploration and production company in Indonesia.

Significance: Marco Polo Marine is expected to ride on this growth potential in Indonesia, especially in view of the strict cabotage laws in the country.

Guoan Int'l  -- -- --   
Business: Co sells & distributes cellular handsets & related accessory products, as well as provide repair services for telecom products. [FY18 Turnover] Provision of repair services (59%), trdg of telecom pdts (39.6%), money lending business (1.1%), investments in financial assets (0.3%).

Insight: Mar-19, FY18 revenue slid 5.4% as revenue generate... Read More
Keppel Corp  6.120 -0.01 -0.16%   
Business: [FY18 Turnover] Infrastructure (44.1%), offshore & marine (O&M) (31.4%), property (22.5%), investments (2%).

Insight: Apr-19, 1Q19 revenue rose 4.1% underpinned by high... Read More
Marco Polo Marine  -- -- --   
Business: A regional integrated marine logistic co, principally engaged in shipping & shipyard businesses. [FY18 Turnover] Ship building & repair (56.8%), ship chartering (43.2%).

Insight: Nov-18, FY18 revenue slid 31.3% due to lower reven... Read More

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