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Stocks In Focus SG (Perennial China Retail Trust, Pacific Radiance, Bukit Sembawang) – 10/02/14
Daily Bulletin | 10 February 2014
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Perennial China Retail Trust posted $1.3 million in gross revenue for 4Q13 generated from Perennial Jihua Mall, Foshan, which commenced operations in 3Q13. However, a substantial jump in property operating expenses (4Q13: $4.2 million, 4Q12: $0.5 million) and a 27.2 percent fall in net change in fair value of investment properties from $91.2 million to $66.4 million weighed on the bottom line as net profit for the period dropped 45.4 percent to $37.3 million, down from $68.4 million a year earlier. A distribution per unit of $0.019 has been declared for the period. For FY13, gross revenue came in at $2.6 million while earnings fell 39.4 percent to $51.3 million.

Pacific Radiance secured US$59 million worth of charter contracts from repeat clients within the oil and gas industry. The wins involve vessels such as tugs, barges, a specialised saturation diving support vessel bound for Asia, as well as a floating storage and offloading vessel, underscoring the firm’s diverse fleet covering a broad spectrum of its clients’ needs.

• For its 3Q14, Bukit Sembawang Estates’ top line fell 14 percent, from $80.6 million, to $69.3 million due to lower profit recognition on development projects. Coupled with lower other income and higher other operating expenses, net profit narrowed 20.8 percent to $18.5 million, from $23.3 million a year ago. For the nine months ended 31 December 2013, the firm’s revenue and bottom line increased 3.3 percent and 4.6 percent to $318.8 million and $93 million respectively.

Chasen Holdings won two projects worth $2.5 million to provide engineering services for the installation of main piping of the boiler system of a coal-fired power plant in Johor, Malaysia, and servicing and parts replacement for the central air-conditioning and mechanical ventilation system for science and business parks and logistics facilities in Singapore. The wins strengthen Chasen’s expanding portfolio of its Technical & Engineering segment in meeting its clients’ demands.

Genting Singapore has entered into a 50:50 joint venture, with Hong Kong-listed Landing International Development, to develop and operate an integrated resort in Jeju Island, Korea, for approximately US$2.2 billion. The property, to open progressively from 2017, includes luxury hotels, a shopping mall, a theme park and will be the island’s largest tourism resort to date.

Global Investments notched a 16.7 percent increase in 4Q13’s turnover to $7.4 million, from $6.3 million 12 months ago, driven by higher interest income as well as net gain on financial assets. However, $1.2 million in incentive fees and $2.8 million net impairment expenses dragged on earnings as net profit shrank 35.3 percent, from $4.6 million a year earlier, to $3 million. For the year, Global Investments’ revenue and bottom line grew 95.3 percent and 51 percent respectively.

Otto Marine secured a charter contract for its anchor handling tug supply vessel, Go Pegasus worth approximately US$40 million including options. Before commencing its term contract from September 2014, Go Pegasus will be mobilised to the North Sea in March 2014.

Oxley Holdings’ 2Q14 turnover more than tripled to $202.2 million on the back of revenue recognised from the firm’s 131-unit commercial and industrial development, The Commerze@Irving, and 12 mixed-residential projects. However, $15.8 million in fair value losses on financial instruments shaved off the increase as earnings only grew by $13.7 million to $25.1 million, up from $11.4 million a year earlier. For 1H14, Oxley’s revenue and net profit jumped eightfold and 15-fold to $888.2 million and $275.9 million respectively.

Tiong Seng Holdings was awarded a $210 million contract for a proposed 698-unit condominium housing development, located along Ang Mo Kio Avenue 2. With this contract win, Tiong Seng’s order book has increased to $1.3 billion, which will be delivered progressively till FY17.

Vard Holdings secured a contract from repeat customer, BOURBON, for the design and construction of one artic anchor handling tug supply vessel, scheduled for delivery in 1Q16. Previously, Vard had delivered seven sophisticated vessels to BOURBON.

Pacific Radiance  -- -- --   
Business: Co is a provider of offshore support solutions with a fleet of more than 130 vessels. [FY17 Turnover] Offshore support services business (62.4%), subsea business (27.8%), complementary business (9.8%).

Insight: Nov-18, 9M18 revenue fell 5.7% to US$45.9m mainly ... Read More
Bukit Sembawang Estates  4.790 -- --   
Business: Co is a leading housing developer of fine quality homes.

Insight: Feb-19, 9M19 revenue jumped 362% to $301.4m from t... Read More
Chasen Hldgs  0.073 -0.001 -1.35%   
Business: Provides machinery & equipment relocation & warehousing services. [FY18 Turnover] Relocation (58.7%), technical and engineering (23.4%), third party logistics (17.9%).

Insight: Feb-19, 9M19 revenue increased 7% mainly contribut... Read More
Genting Singapore  0.915 -- --   
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
Global Investments  0.139 -- --   
Business: An open ended balanced mutual fund. [FY18 Asset Class] Bank contingent convertibles (35.8%), bonds (31.7%), listed equities (14.7%), cash & others (11.9%), loan portfolio & securitisation assets (5.9%).

Insight: May-19, 1Q19 reported total income of $14m instead... Read More
Oxley Hldgs  0.315 -0.010 -3.08%   
Business: Co is a ppty developer specialising in residential cum commercial devts.

Insight: May-19, 9M19 revenue slid 38.7% due to lower reven... Read More

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