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Headliners (S’pore Press Hldgs, OCBC, United Envirotech, Mapletree Logistics Trust)
Headliners | 16 January 2014
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By: Shane Goh
Articles (99) Profile

SPH 1Q14 Earnings Down 6.6%
For the quarter ended 30 Nov-13, Singapore Press Holdings’ (SPH) turnover rose 2% to $328.5m, from $322.1m, credit to its property segment in the form of higher rental income from Paragon and The Clementi Mall. The increase helped mitigate a 1.4% hike in overall expenses, from $212m to $215.1m, leading recurring earnings of the media and property business to gain 2.2% to $116.9m. However, excluding contributions from non-controlling interests – $8.9m in 1Q14 compared to $1.1m a year earlier – net profit attributable to SPH’s shareholders narrowed 6.6%, from $95.1m, to $88.8m. In the face of an ever-changing media landscape and consumer behaviour, SPH continues to evaluate and chase new growth opportunities whilst striving to revitalise its core media business.

OCBC Boosts Stake In Ningbo To 20%
In support of Bank of Ningbo’s planned private placement of new shares to its substantial shareholders, Oversea-Chinese Banking Corporation (OCBC) agreed to boost its stake in Bank of Ningbo by subscribing for up to 207.5m shares at Rmb8.85 per share. The total consideration for the shares subscription is Rmb1.8b (approximately $383m) and will be funded through internal resources. When the proposed shares subscription is completed, OCBC’s equity stake in Bank of Ningbo is expected to increase from the current 15.3% to 20% of the enlarged issued capital. The planned shares subscription alongside with its proposed acquisition of Wing Hang Bank, allows OCBC to further penetrate China’s market, where China is expected to be the key driver of economic growth in Asia and is 1 of the 3 areas of focus for the bank.

United Envirotech Signs Water Solution Agreement In Sichuan, China
United Envirotech (UEL) signed an agreement with Guangan Municipal Government and West Jean City Investment Management (WGIM) for the provision of industrial water supply, wastewater treatment and wastewater recycling to West Guangan Jeans and Textile Commerce and Technology Park in Guangan City, Sichuan Province, China. Under the terms of the agreement, UEL will form a joint venture with WGIM (UEL: 90%, WGIM: 10%) to undertake 3 Build-Operate-Transfer projects with a long term capacity ranging from 0.08m cubic metres per day to 0.15m cubic metres per day. Slated to be completed by 31 Aug-14, phase 1 of the project will commence immediately and is expected to incur a capital outlay of Rmb160m ($33m), where it will be funded by the company’s internal resources. As a result of the tightening of environmental regulations in China, UEL with its advanced membrane technology and track record is well-positioned to tap on this greater demand created for industrial water treatment solutions in China. The latest project is UEL’s third major investment in textile industrial water treatment after its investments in Jiangsu, China.

MLT To Acquire Industrial Warehouse In Iskandar
Mapletree Logistics Trust (MLT) has proposed the purchase of an industrial warehouse in Iskandar, Malaysia, for RM88.5m, or approximately $34.3m, from Mapletree Industrial Fund. The property comprises of 7 blocks single- and double-storey industrial warehouse and 1 office block with a total gross floor area of approximately 63,750 sqm. Presently, the property is leased to a subsidiary of LCTH Corporation on a 12-year lease expiring in May 2020 and is expected to be distribution-per-unit-accretive as its initial net property income yield of approximately 8.4% is higher than the implied property yield of 7.1% of MLT’s existing Malaysia portfolio. The property represents MLT’s fourth asset in Iskandar as it aims to scale up presence in Malaysia and participate in the future growth potential of Iskandar.

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  2.150 +0.02 +0.94%   
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
Oversea-Chinese Banking Corp  10.740 -0.11 -1.01%   
Business: [FY18 Turnover] Global corporate/investment banking (35%), global consumer/private banking (34.8%), OCBC Wing Hang (11.5%), insurance (11%), global treasury & mkts (7.7%).

Insight: May-19, 1Q19 total income rose 14.7% driven by str... Read More
Mapletree Logistics Trust  1.670 -- --   
Business: Real Estate Invs Trust. Invs in logistics ppties. [FY19 Geographical] S'pore (36.2%), HK (24.7%), Japan (13.4%), Australia (8.1%), S.Korea (6.3%), China (5.8%), Malaysia (3.8%), Vietnam (1.7%).

Insight: Apr-19, FY19 revenue rose 15% due to higher revenu... Read More


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