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Stocks In Focus SG (Sembcorp Industries, Super Group, UIC) – 25/02/14
Daily Bulletin | 25 February 2014
Related stocks:
  • Sembcorp Industries continued its growth in renewable energy and industrial water operations in China by expanding two of its facilities. Through a 49 percent stake in a joint venture, the company will co-invest Rmb78 million (approximately $16.2 million) to increase wind power capacity in its wind power plant in Huanghua by almost 50 percent to 147 megawatts. Under a 95 percent stake in a separate joint venture, Sembcorp will double its industrial water capacity to 0.2 million cubic metres per day in Nanjing with an investment of Rmb24.8 million (approximately $5.1 million).
  • Sembcorp Marine’s turnover for the quarter ended 31 December 2013 increased 22.8 percent to $1.7 billion mainly due to higher revenue recognition for rig building projects. Profits for the quarter gained 9.2 percent to $182.4 million as a result of higher operating profit, offset by lower contribution from associates and joint ventures. For the full year, turnover grew 24.7 percent to $5.5 billion and profit edged up 3.2 percent to $555.7 million.
  • Viva Industrial Trust posted results for 4Q13 which were largely in line with its projections, given this is the company’s first result announcement since its initial public offering. Gross revenue came in at $9 million, a modest 2.7 percent above forecast, while earnings available for distribution were as per the company’s forecast at $6.4 million. Subsequently, as projected, the company declared a distribution per stapled security for 4Q13 amounting to $0.0108.
  • Super Group recorded a flat revenue of $153.3 million for the quarter ended 31 December 2013, mainly due to lower food ingredients sales (4Q13: $62 million, 4Q12: $66.5 million) negating increased branded consumer sales. The company registered a modest 6.3 percent growth in earnings to $22.6 million as a result of an increase in gross profit margin and other income. For the full year, revenue went up 7.3 percent to $557 million, while earnings soared 26.4 percent to $99.9 million.
  • United Industrial Corporation (UIC) proposed a cash offer of $9.40 per share for the acquisition of all issued share capital in Singapore Land. The consideration for the acquisition amounts to $761.7 million and will be funded by internal resources and external borrowings. When completed, UIC’s net tangible assets will increase by 6 percent to $5.3 billion, translating into a net tangible assets per share of $3.83.
  • Vard Holdings saw a 22.5 percent increase in revenue to NOK3.1 billion in tandem with the delivery of five vessels and three contracts secured for newbuildings. Coupled with a loss reversal from share of results of associates, earnings jumped more than 3-fold to NOK113 million. For the full year, revenue for the company was flat at NOK11.2 billion, while profits shrank 55.6 percent to NOK357 million.
  • CNMC Goldmine Holdings recorded a 75.8 percent jump in revenue to US$7.4 million for the quarter ended 31 December 2013, amid a more than 2-fold increase in fine gold sales, leading the company to reverse losses in 4Q12 and recognise earnings of US$1.6 million. For the full year, revenue came in flat at US$16.6 million, while earnings soared more than three times to US$2.7 million.
  • Jaya Holdings proposed to dispose all of its subsidiaries engaging in offshore support services and offshore engineering services business segments to Mermaid Maritime Australia for a sale consideration of $625 million, or $0.826 per share out of 771.7 million issued shares. Subsequently, the company will distribute a ‘significant’ portion of the sale consideration to shareholders in the form of a special dividend where the amount will be announced at a later date.
  • Rickmers Maritime maintained a flat revenue of US$36.4 million for the quarter ended 31 December 2013.  In tandem with a more than seven-fold increase in impairment of goodwill from the carrying value of vessels, the company sank into the red and recognised a loss of US$8 million. Despite the weak performance, Rickmers maintained a dividend payout of US$0.006 per share for the quarter. For the full year, Rickmers posted a flat revenue of US$143.5 million, while earnings declined 15 percent to US$23.5 million.
  • Sim Lian Group proposed to acquire five shopping centres spanning across three states of New South Wales, Victoria and Queensland in Australia for a purchase consideration of A$133 million. Each of these shopping centres is occupied by an anchor tenant, Woolworths, a supermarket chain operator in Australia. Notably, 71 percent of the 28,875 square metres total gross leasable area in the portfolio is leased to Woolworths. The portfolio yields a weighted average lease expiry of 28 years for the anchor space.
Sembcorp Industries  2.180 +0.03 +1.40%   
Business: Primarily engaged in the production and supply of utilities services. [FY18 Turnover] Utilities (55.9%), marine (41.8%), others/corp (2.2%), urban development (0.1%).

Insight: May-19, 1Q19 revenue fell 10.1% to $2.5b due to lo... Read More
Sembcorp Marine  1.260 -- --   
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
United Industrial Corp  2.840 -- --   
Business: Core business in property development & investment. [FY17 Turnover] Property trading (58.8%), property investment (21.8%), hotel ops (11.5%), tech (7.7%), others (0.2%).

Insight: Nov-18, 9M18 revenue slumped 51.4% to $500m mainly... Read More
CNMC Goldmine Hldgs  0.285 +0.005 +1.79%   
Business: Co is engaged in the business of exploration, mining of gold and the processing of mined ore into gold dores.

Insight: Feb-19, FY18 revenue jumped 106.5% due to signific... Read More

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