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Stocks In Focus SG (F&N, Frasers Centrepoint, Otto Marine) – 11/08/14
Daily Bulletin | 11 August 2014
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CNMC Goldmine Holdings’ 2Q14 revenue more than tripled to US$8.3 million, mainly due to the significant increase in the production and sales volume of fine gold despite a lower average realised gold price. Total expenses increased in tandem with the increase in the production and sales volume, but were outdone by the growth in turnover. As a result net profit surged to US$4.4 million in 2Q14. For the six-month period, revenue increased to US$13.4 million as the company returned to the black with earnings of US$5.7 million.

EMS Energy recorded a more than seven-fold increase in revenue to $28.5 million in 1H14, mainly due to an increase in work done for projects secured during the six-month period. However, other income slipped 99.2 percent to $57,000 in the absence of a one-off gain on the disposal of a subsidiary of approximately $7.1million and exchange gain of $80,000 recognised in 1H13. Consequently, net profit contracted 49.5 percent to $2 million in 1H14.

Fraser and Neave’s 3Q14 revenue rose 5.9 percent to $622.1 million, bolstered by an increase in sales volume from its breweries and higher income contribution from the dairies segment from its operations in Singapore, Malaysia and Thailand. Recurring earnings from continuing operations expanded 25 percent to $44.5 million. However, due to the absence of profit from discontinued operations of $66.3 million recorded in 3Q13, net profit fell 58.7 percent to $43.9 million in 3Q14.

Frasers Centrepoint has reported a 41.3 percent increase in revenue to $575.4 million in 3Q14, largely driven by sale of a retail asset to Frasers Centrepoint Trust and development property sales in China, Australia and the UK. Coupled with an increase in foreign exchange gain, partially offset by the increase in total costs and expenses and the drop in share of results of associates, attributable profit before fair value change and exceptional Items jumped 77.2 percent to $120 million. However, due to the absence of fair value gain on investment properties that were recorded in 3Q13 arising from an additional valuation exercise in connection to the group’s listing, net profit fell 59.7 percent to $109.2 million in 3Q14.

Otto Marine’s revenue fell 15.9 percent year on year to US$112 million in 2Q14, underpinned by lower contributions from the shipyard and shipping segments but partially offset by increase in revenue in the subsea services segment. However, as a result of better utilisation in its shipping services along with higher gross contributions from its subsea services due to the addition of one vessel and projects with higher profit margin undertaken, gross profits rose 82.7 percent year-on-year to US$27.2 million in 2Q14. As a result of the share of losses of associates and joint venture companies, net profit fell 13.1 percent year-on-year to US$16.9 million in 2Q14.

Q&M Dental Group (Singapore) registered a 27.3 percent increase in total revenue to $20.3 million in 2Q14, attributed to higher income from existing dental and medical outlets, contributions from the new dental equipment and supplies distribution company, as well as dental and medical outlets in Singapore and in Malaysia. Subsequently, net profit for the quarter rose 33 percent to $1.2 million. For the six-month period, revenue rose 27.8 percent to $39.8 million and net profit jumped 35.4 percent to $2.7 million.

Sarine Technology reported an 11.7 percent year-on-year increase in revenue to a record US$24.7 million in 2Q14, stemmed from increased Galaxy™-family related revenues along with increased sales of its rough diamond planning and processing products. Gross profit increased 13.5 percent year-on-year to US$17.7 million in 2Q14 due to an increase in sales volume and a change in its product mix. Offset by higher expenses, net profits rose 3.5 percent year-on-year to US$8.6 million in 2Q14.

Serial System’s 2Q14 revenue spiked 27.6 percent to US$262.9 million, on the back of increases in turnover in most of its major markets except in South Korea, due to stiffer competitions. Gross profit margin declined to 8.6% in 2Q14 compared to 9.2% in 2Q13, as the group’s Greater China and Singapore subsidiaries recorded higher sales of lower-margin products. Overall, as the rise in income outpaced the increase in total expenses, earnings grew 36.5 percent to US$5 million in 2Q14. For 1H14, revenue and net profit rose 25.9 percent and 34.9 percent respectively, to US$475.3 million and US$7.1 million.

CNMC Goldmine Hldgs  0.280 +0.010 +3.70%   
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
Fraser & Neave  1.700 -- --   
Business: [FY18 Turnover] Dairies (60%), beverages (25.4%), printing & publishing (14.6%).

Insight: Apr-19, 1H19 revenue inched 1.9% to $931.8m underp... Read More
Frasers Property  1.830 -0.010 -0.54%   
Business: Co operates as a real estate company. [FY18 Geographical] Australia (41.1%), Singapore (33.2%), Europe (14.1%), China (7.2%), others (4.4%).

Insight: May-19, 1H19 revenue grew 27% due to significant c... Read More
Q&M Dental Group (S'pore)  0.490 -- --   
Business: Co is a private dental healthcare provider in Asia. [FY18 Turnover] Primary healthcare (93.1%), dental equipment & supplies distribution (6.9%)

Insight: May-19, 1Q19 total revenue inched up 4.2% to $29.9... Read More
Sarine Technologies  0.300 -0.010 -3.23%   
Business: Co manufactures & sells precision technology products for the processing of diamonds & gemstones. [FY18 Geographical] India (66.5%), Africa (12%), others (10%), Israel (5.8%), Europe (3.9%) and North America (1.8%).

Insight: May-19, 1Q19 revenue decreased by US$5.7m to US$10... Read More
Serial System  0.080 -0.002 -2.44%   
Business: Co engages in the business of semiconductor components distribution and consumer appliances. [FY18 Turnover] Electronic components distribution (96%), consumer products & others (4%).

Insight: Apr-19, 1Q19 revenue fell 43.3% to US$230m mainly ... Read More


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