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Stocks In Focus SG (SIA, ST Engrg, Wilmar) – 09/05/14
Daily Bulletin | 09 May 2014
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Singapore Airlines (SIA) recorded $3,628.4 million in revenue for 4Q14, down 1.1 percent from $3,666.8 million a year earlier, attributable to lower passenger and cargo carriage as well as weaker yield. This led to a widening of operating losses by 36.4 percent to $60.3 million. Although a $31.6 million gain from the sale of SIA’s stake in Virgin Atlantic ensured that the firm remained in the black, its net profit narrowed 60.5 percent, from $68.3 million in 4Q13, to $27 million.

Singapore Technologies Engineering’s 1Q14 turnover remained relatively unchanged at $1,551.8 million as better performance from its marine segment, due to higher shipbuilding activities, was offset by weaker revenue from its electronics sector. Nonetheless, a surge in other income and share of results of associates and jointly controlled entities lifted net profit by 2.4 percent to $137.2 million.

Wilmar International’s 1Q14 revenue remained flattish at US$10.3 billion, a 0.7 percent year-on-year increase, as a result of lower average selling prices of sugar and consumer pack oils partially offsetting palm price gains. However, net profit dipped 48.7 percent year-on-year to US$161.8 million, due to higher losses in non-operating items attributed mainly to the appreciation of the US dollar against most of its operating currencies.

Fortune Real Estate Investment Trust posted HK$403.9 million in total revenue for the three months ended 31 March, a 34 percent year-on-year rise, underpinned by strong rental reversions, returns from completed asset enhancement initiatives and income contribution from the recently acquired Fortune Kingswood. As a result, net property income and income available for distribution jumped 32.7 percent and 26.5 percent to HK$289.2 million and HK$193.9 million respectively.

OUE Commercial Real Estate Investment Trust reported $13.8 million and $10.3 million in gross revenue and net property income in its maiden financial results, which exceeded forecast by 1 percent and 1.4 percent respectively. Consequently, its distributable income came in at $8.6 million, $0.3 million or 3.6 percent above forecast. The trust declared distribution per unit of $0.01.

Advanced Integrated Manufacturing Corp’s subsidiary, Advanced Manufacturing Corporation (Penang), has been awarded a knitting programme project from Honeywell International, worth approximately US$2.5 million per annum. The transition activity in relation to the project will commence in June and is expected to complete by the second week of July.

ARA Asset Management has launched a new development fund. The ARA Summit Development Fund I aims to invest in real estate development projects and projects with value enhancement potential in Australia and South East Asia. Straits Real Estate is the lead and anchor investor with a capital commitment of US$80 million.

COSCO Corporation (Singapore) has bagged a US$184 million contract to build a jackup drilling rig. The rig, secured from Derwent Ocean, is scheduled for delivery in 3Q16.

Hyflux reported a 29.1 percent year-on-year decline in revenue to $88.3 million in 1Q14, which reflected the timing of projects commencement in FY14. Gross profits remained flattish at $52.4 million, a 4.6 percent year-on-year increase. However, the group achieved a net profit of $37.9 million, a four-fold rise from $8 million in 1Q13, underpinned by disposals of its investments in Hyflux Marmon Development and Marmon Hyflux Investments.

Intraco proposed to acquire a 70-percent stake in a group of companies engaged in fire proofing contracting works and manufacturing as well as installation of fire protection system. The deal, worth $16.6 million, is in line with the firm’s aim to develop stable and diversified streams of income.

Singapore Airlines  9.040 -0.13 -1.42%   
Business: Co provides air transportation services to destinations spanning a network spread over 6 continents. [FY19 Turnover] SIA (80%), Budget Aviation (10.5%), SilkAir (6.2%), SIAEC (3.1%), others (0.2%).

Insight: May-19, FY19 revenue edged up 3.3% to $16.3b. Pass... Read More
Singapore Technologies Engineering  3.920 -0.06 -1.51%   
Business: An integrated engineering group providing solutions & services across many sectors. [FY18 Turnover] Aerospace (39.5%), electronics (32%), land systems (19.1%), marine (8.6%), others (0.8%).

Insight: May-19, 1Q19 revenue rose 5.1% to $1.7b attributed... Read More
Wilmar Int'l  3.590 +0.03 +0.84%   
Business: Co's integrated agribusiness model encompasses the entire value chain of the agricultural commodity processing biz, from origination and processing to branding, merchandising and distribution of a wide range of agricultural pdts.

Insight: May-19, 1Q19 revenue fell 6.2% to US$10.4b driven ... Read More
Fortune REIT  -- -- --   
Business: Engages in the ownership and investment of retail shopping malls in Hong Kong.

Insight: Jan-19, FY18 revenue and NPI were stable at HK$1.9... Read More
OUE Commercial REIT  0.550 -0.005 -0.90%   
Business: Real estate investment trust focused primarily in the commercial space for office &/or retail purposes in financial & biz hubs within & outside of S'pore

Insight: May-19, 1Q19 revenue rose 25.5% to $55.3m while NP... Read More
COSCO Shipping Int'l (S)  0.280 -- --   
Business: Engaged in shipping and other logistics services. [FY18 Turnover] Logistics (69.7%), property management (11.9%), Shipping (9.5%), ship repair and marine related activities (8.9%).

Insight: Mar-19, FY18 revenue jumped 340% to $163.7m and gr... Read More
Hyflux  -- -- --   
Business: Provides integrated water management & environmental solutions. [FY17 Turnover] Municipal (82.5%), industrial (16%), others (1.5%).

Insight: Mar-19, 9M18 revenue sank 75% due to lower enginee... Read More
Intraco  -- -- --   
Business: Engaged in conventional lighting products & energy-savings solutions. [FY18 Turnover] Trading & other (94.6%), fire protection (5.4%).

Insight: Feb-19, FY18 revenue rose 26.8% led by Co's tradin... Read More

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