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Stocks In Focus SG (Fortune REIT, Mapletree GCC Trust, SIA Engg) – 29/07/14
Daily Bulletin | 29 July 2014
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Fortune Real Estate Investment Trust recorded a 33 percent increase in revenue to HK$409.6 million for the second quarter ended 30 June 2014, underpinned by additional contribution from a newly acquired property, Fortune Kingswood, higher occupancy rates and stronger rental growth across the board. Income available for distribution for the quarter went up 27.9 percent to HK$196.6 million. Distribution per unit for the six-month period increased 16 percent to HK$0.2088.

Indofood Agri Resources registered a 19 percent growth in revenue to IDR4 billion for the second quarter ended 30 June 2014, which was attributable to higher commodity prices for palm products. Foreign exchange losses jumped multiple folds to IDR91.5 million in tandem with the weakening of the Indonesian Rupiah against the US and Singapore dollar. Earnings for the quarter soared more than two times to IDR224 million. For the six-month period, revenue gained 11.1 percent to IDR7.2 billion, while earnings grew 135 percent to IDR405.9 million.

ISDN Holdings’ via its subsidiaries, ISDN Investments and Aenergy Holdings, inked an investment agreement where an individual investor will subscribe for ordinary shares representing 20 percent of shareholding interest in Aenergy. The proceeds of US$6.4 million generated through the agreement will allow Aenergy to develop its portfolio of hydropower project investments in Indonesia.

Mapletree Greater China Commercial Trust posted an 8.6 percent growth in revenue to $63.8 million for the first quarter ended 30 June 2014, mainly due to increased contribution at the company’s Festival Walk and Gateway Plaza. Property expenses edged up 2.6 percent to $11.2 million on the back of higher staff costs, property and lease management fees. Income distributable to unitholders for the quarter gained 13.4 percent to $42.1 million. Distribution per unit for the quarter grew 11.9 percent to $0.0156.

Mercator Lines (Singapore) saw a 19 percent gain in revenue to US$16.5 million for the first quarter ended 30 June 2014, bolstered by higher time charter equivalent earnings. Vessel related costs jumped 27.6 percent to US$12.5 million on the back of higher vessel hire cost and other operating expenses. As a result of higher expenses incurred, losses for the quarter expanded 6.1 percent to US$7.1 million.

Pharmesis International’s revenue declined 3.7 percent to Rmb14.6 million for the second quarter ended 30 June 2014, mainly due to lower demand for prescribed products namely ATT tablets and Gansu granules. Finance income was up multiple folds to Rmb0.8 million that was attributable to interest income on structured deposit. Losses for the quarter shrank 89.5 percent to Rmb0.1 million. For the six-month period, revenue and losses fell 7.6 percent and 73 percent to Rmb28 million and Rmb0.6 million respectively.

Raffles Medical Group reported a 6.6 percent year-on-year increase in revenue to $92.6 million in 2Q14, underpinned by improvements in the healthcare and hospital services segment. Consequently, as the growth in turnover outpaced the rise in total operating costs, net profit increased 8.5 percent to $15.6 million in 2Q14.

See Hup Seng proposed to invest US$8 million for a 25 percent stake in the enlarged capital of Aenergy Holdings, a subsidiary of ISDN Holdings. The proposed investment which will be satisfied in cash, will allow See Hup Seng to gain a strategic exposure into Indonesia’s growing renewable energy sector, particularly hydropower. Aenergy is in the midst of developing a series of mini-hydropower plants in Indonesia with a combined installed base capacity of 53 megawatts.

SIA Engineering Co posted a flattish revenue of $294.1 million for the first quarter ended 30 June 2014, primarily due to higher fleet management revenue, offset by a reduction in airframe and component overhaul revenue. In tandem with higher overall expenditure, particularly a $10.9 million expansion in subcontractor costs, earnings for the quarter sank 22.5 percent to $53.5 million.

W Corporation saw an 18.5 percent decline in revenue to US$2.2 million for the second quarter ended 30 June 2014, in absence of sales of light emitting diodes related electronic products. Further, in absence of a one-off fair value adjustment gain of US$1 million in the corresponding quarter last year and higher professional fees incurred, the company sank into losses of US$0.7 million. For the six-month period, revenue dropped 4.6 percent to US$3.3 million while losses expanded 56.8 percent to US$0.9 million.

SIA Engineering Co  2.560 -0.01 -0.39%   
Business: A leading aircraft maintenance, repair and overhaul (MRO) company providing total maintenance solutions to a client base of international airlines. [FY18 Turnover] Airframe and Line Maintenance (97.5%), Engine and Component (2.5%).

Insight: May-19, FY19 revenue was 6.8% lower at $1b largely... Read More
SHS Hldgs  0.163 -0.010 -5.78%   
Business: Co provides grit blasting, tank cleaning, painting, ship repair, ship building, & scaffolding services. [FY18 Turnover] Engineering & Construction (52.1%), corrosion prevention (31.7%), solar energy (14.6%), others (1.6%).

Insight: May-19, 1Q19 revenue fell 65.4% to $4.6m due to lo... Read More
Mercator Lines (S)  -- -- --   
Business: Co provides to clients dry bulk marine vessels on time charters or contracts of affreightment. [FY15 Geographical] Singapore (29%), Greece (13.3%), others (27.7%).

Insight: Jul-15, Co fell deeper into the red as 1Q16 revenu... Read More
ISDN Hldgs  0.210 +0.012 +6.06%   
Business: Mechatronics engineering group providing solutions to its motion control and industrial computing customers. [FY18 Turnover] Motion control (78.2%), engineering solutions (19.6%), industrial computing & others (2.2%).

Insight: May-19, 1Q19 revenue dipped 0.9% reflecting modera... Read More
Mapletree North Asia Commercial Trust  1.340 -0.020 -1.47%   
Business: Real estate investment trust focused on commercial assets (comprising retail & office) in HK & China.

Insight: Apr-19, FY19 revenue rose 15.1% due to higher rent... Read More
Indofood Agri Resources  0.325 -- --   
Business: Diversified agri-business mfg & retailing cooking oil, with oil palm, rubber & sugar plantation in Indonesia. [FY18 Turnover] Edible oil & fats (75.4%), plantations (24.6%).

Insight: Apr-19, 1Q19 revenue rose 5.3% due to higher sales... Read More
Fortune REIT  9.810 -0.04 -0.41%   
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

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