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Stocks In Focus SG (Ascott Residence Trust, Sembcorp Marine, StarHub) – 06/11/14
Daily Bulletin | 06 November 2014
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Ascott Residence Trust’s top line grew 8.9 percent to $93.7 million in the three-month period ended 30 September, driven by acquisitions in Japan and China as well as stronger demand from corporate and leisure sectors in the UK. Subsequently, amount distributable to unitholders grew 7.8 percent to $32.3 million and the trust declared a distribution per unit of $0.0211. For the nine months, turnover and amount distributable to unitholders expanded 12.7 percent and 4.5 percent to $262.2 million and $92.5 million respectively.

Asian Pay Television Trust recorded a 2.4 percent increase in revenue to $80.5 million for the three months ended 30 September, supported by better performances in its basic cable TV and premium digital cable TV segments. However, higher interest and income tax expenses dragged down its bottom line by 17 percent to $15.1 million. For the nine months, turnover more than doubled to $236.9 million while net profit quadrupled to $98.1 million.

Brooke Asia has agreed to acquire China Star Food Holdings for $168 million. The latter is engaged in the cultivation, production and distribution of sweet potato food products in China. Following the sale of its previous business, Brooke Asia was rendered a cash company and the acquisition will provide the firm with a new business area with proven track record and has potential for growth. The purchase will be satisfied via an issuance of 840 million shares of Brooke Asia at $0.20 apiece. The move is considered a reverse takeover as the sellers would own about 90.8 percent of Brooke Asia following the acquisition.

Ezion Holdings’ revenue surged 24.5 percent to US$94.9 million in the third quarter ended 30 September, underpinned by chartering contribution from the deployment of additional units of its liftboat and service rigs. Coupled with higher foreign exchange gain, earnings grew 28.9 percent to US$49.2 million. For the nine-month period, turnover and net profit rose 42.2 percent and 16.1 percent to US$281.9 million and US$140 million respectively.

Hyflux’s turnover declined 46.2 percent to $101 million for the three months ended 30 September, attributable to difference in timing of projects commencement in FY14. Consequently, net profit more than halved to $11.3 million. For the nine-month period, revenue fell 40.1 percent to $270 million while earnings more than doubled to $110.6 million.

Sembcorp Marine posted a 3.2 percent and 1.8 percent improvement in turnover and bottom line to $1.7 billion and $132 million respectively for the quarter ended 30 September. Top line’s increase was supported by higher revenue recognition for rig building and offshore and conversion projects while higher overall expenses, in particular a net foreign exchange loss, weighed on earnings. For the nine-month period, revenue and net profit rose 14.5 percent and 3.4 percent to $4.4 billion and $386.1 million respectively.

StarHub’s revenue inched up 2.3 percent to $592 million for the three months ended 30 September, underpinned by better contribution from its mobile, pay TV and fixed network services units, partially offset by a weaker performance from its broadband division. Subsequently, net profit rose at a similar rate of 2.6 percent to $97.7 million. For the first nine months, revenue and earnings declined 0.3 percent and 3.8 percent to $1.7 billion and $276.2 million respectively.

TEHO International has entered into a 49:51 joint venture with Okhna Sok Bun to engage in real estate development in Cambodia, beginning with an 18,871 square metres plot of land owned by the latter. The move will enable TEHO to participate in the growth prospects of property development in Cambodia.

Ascott Residence Trust  1.270 -0.010 -0.78%   
Business: REIT invests in income-producing real estate assets which are used or predominantly used, as serviced residences, rental housing properties and other hospitality assets.

Insight: Apr-19, 1Q19 revenue increased 3% due to stronger ... Read More
Asian Pay Television Trust  0.170 +0.001 +0.59%   
Business: First listed biz trust in Asia focused on pay-TV biz.

Insight: Feb-19, FY18 total revenue and EBITDA fell 6.3% an... Read More
Ezion Hldgs  -- -- --   
Business: Co develops, owns, and charters offshore assets to support the offshore energy markets. [FY17 Turnover] Liftboats (49.7%), Jack-up Rigs (39.5%), Offshore Support Logistic Services (10.8%).

Insight: Aug-18, 1H18, Co returned to the black with a net ... 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
Sembcorp Marine  1.220 -- --   
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
StarHub  1.360 -0.020 -1.45%   
Business: [FY18 Turnover] Mobile (34.9%), sale of equipment (22.4%), enterprise fixed (21.6%), pay TV (13.2%), broadband (7.9%).

Insight: May-19, 1Q19 total revenue rose 6% to $596.8m attr... Read More
Teho Int'l  -- -- --   
Business: Co is a supplier of rigging and mooring eqmt as well as related svcs to customers mainly in the marine & offshore oil & gas industries. [FY18 Turnover] Marine, offshore oil & gas (73.4%), property development (26.6%).

Insight: Feb-19, 1H19 revenue fell marginally by 0.4% to $2... Read More

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