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Stocks In Focus SG (First Sponsor Group, ISOTeam, KLW Hldgs) – 27/10/14
Daily Bulletin | 27 October 2014
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CapitaRetail China Trust posted a 29.2 percent improvement in net property income to $32.3 million for the third quarter ended 30 September, underpinned by new contribution from CapitaMall Grand Canyon and rental growth from other multi-tenanted malls. Coupled with higher deferred taxation, income available for distribution to unitholders jumped 14.1 percent to $19.5 million. The trust declared a distribution per unit of $0.0235 for the quarter.

First Sponsor Group’s revenue fell 37.6 percent to $54.7 million for the three months ended 30 September, attributable to lower recognition of revenue from the sale of properties. However, stronger finance income and lower income tax expense helped cushioned the blow to the bottom line, which fell 21.4 percent to $14.9 million.

GMG Global saw a 24.7 percent decline in its top line to $180.8 million for the quarter ended 30 September, dragged down by a fall in the average selling price of natural rubber, despite higher tonnage sold. This also impacted its gross profit margin, which narrowed 3.3 percentage points to 7.7 percent. As a result, GMG sank into the red with a loss of $4.9 million.

IEV Holdings’ subsidiary, PT IEV Gas, has inked an exclusive memorandum of understanding with PT Investasi Aceh for natural gas commercialisation from identified natural gas sources within Aceh province in Indonesia.

ISOTeam has proposed to acquire four companies for about $11 million. The companies are involved in landscaping, fire proofing and floor coating, providing repairs and redecoration services to the private-commercial management corporation strata title sector and providing work access equipment and services.

KLW Holdings has agreed to buy 45.5 percent of Mega Sun Development for Rmb85 million (about $17.7 million). The latter owns a 55 percent stake in Suzhou Jiaxin Real Estate Development Company, which is presently developing a luxury villas project in Suzhou, China, and is expected to be completed around 2018.

Mapletree Commercial Trust recorded $52.1 million in net property income for the second quarter ended 30 September, up 8.8 percent, on the back of higher rental income and step-ups in existing leases for VivoCity and PSA Building. Coupled with a smaller increase in overall expenses, income available for distribution to unitholders grew 11 percent to $41.4 million. The trust declared a distribution of $0.0197 per unit for the quarter.

Mapletree Greater China Commercial Trust’s net property income for the second quarter ended 30 September came in 9 percent higher at $55.1 million, driven by positive rental reversions at Festival Walk and Gateway Plaza while property operating expenses were reduced. Lower finance costs and performance fees further improved the trust’s performance as distributable income grew 11.9 percent to $43.5 million. Consequently, the trust declared a distribution per unit of $0.01606 for the quarter.

CapitaLand Retail China Trust  1.570 +0.040 +2.61%   
Business: Co is a real estate investment trust with a portfolio of retail real estate across China.

Insight: Feb-19, FY18 gross revenue decreased 2.7% mainly d... Read More
First Sponsor Group  1.290 +0.020 +1.57%   
Business: Co is a PRC property developer & owner. [FY16 Turnover] Property development (85.4%), property investment (7.5%), property financing (4.6%), hotel operations & others (2.5%).

Insight: Oct-18, 9M18 revenue decreased by 28.8% to $145.4m... Read More
IEV Hldgs  -- -- --   
Business: Provider of integrated offshore engineering & clean energy solutions. [FY18 Turnover] Mobile natural gas (56.6%), asset integrity management (43.4%).

Insight: Mar-19, FY18 revenue slid 55.2% due to the asset i... Read More
ISOTeam  0.195 -0.004 -2.01%   
Business: Engaged in the building maintenance & estate upgrading industry. [FY18 Turnover] Addition & alteration works (43.2%), Repairs & redecoration works (23.6%), others (21.4%), coating & painting (11.8%).

Insight: Feb-19, 1H19 revenue jumped 49.7% due to increased... Read More
KLW Hldgs  0.004 -0.001 -20.00%   
Business: Engaged in the manufacture and distribution of engineered doors. [FY18 Turnover] Door business (99.7%), property business (0.3%).

Insight: Nov-18, 1H19 revenue dipped 4.8% mainly due to low... Read More
Mapletree Commercial Trust  1.900 +0.030 +1.60%   
Business: Invest in income producing real estate used for office & retail purposes.

Insight: Jan-19, 9M19 gross revenue rose 2% with higher con... Read More
Mapletree North Asia Commercial Trust  1.310 +0.020 +1.55%   
Business: Real estate investment trust focused on commercial assets (comprising retail & office) in HK & China.

Insight: Oct-18, 1H19 gross revenue rose 12.4% attributable... Read More

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