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Stocks In Focus SG (Aztech, Raffles Medical, UIC) – 27/04/15
Daily Bulletin | 27 April 2015
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Ascott Residence Trust (A-REIT) is looking for accretive acquisitions in key gateway cities in Asia-Pacific and Europe, seeking to raise its portfolio size from the current $4.1 billion to $6 billion by 2017. A-REIT has been acquiring assets valued at $300 million to $500 million in the past few years, historically acquiring approximately 70 percent from sponsor The Ascott while the remaining are third-party assets. To enhance financial flexibility, A-REIT is looking into diversified funding sources including equity and issuance of perpetual securities.

Aztech Group’s net profit dropped 27.5 percent to $1.2 million for the first quarter ended 31 March 2015 (1Q15), attributable to higher administrative expenses from one-off start-up costs. Revenue was flat at $85.6 million, with lower revenue from its material supply and marine division being offset by higher revenue from its electronics division. Market demand for LED lighting products may gain further traction in the next quarter and next 12 months. If increase in demand materialises, the group stands to benefit from more orders.

Otto Marine’s creditor has filed an application with the Singapore High Court to wind up the marine company over a debt of about $1.6 million in total. The application will be heard on 15 May 2015. The company is currently in negotiations with the creditor’s solicitors to reach a settlement in respect of the debt. A separate winding-up application filed by a creditor against subsidiary Go Offshore Asia is being withdrawn after the latter paid the debt of US$118,000 to the creditor.

Raffles Medical Group posted a 2.9 percent rise in net profit to $15 million for the first quarter ended 31 March 2015 (1Q15) while revenue increased 8.5 percent to $95 million. The increased turnover was attributable to stronger contributions from both its healthcare and hospital services divisions, which jumped 13.7 percent and 6.2 percent respectively. Upcoming projects Raffles Holland V and the extension of its existing Raffles Hospital will ensure the position of the group’s future, with hopes of continued growth for the rest of the year. However, the more measured pace of economic growth in the region may cause a dampening effect on healthcare demand.

United Industrial Corporation’s (UIC) net profit jumped 39.3 percent in the first quarter (1Q15) attributable to higher property sale recognition and a larger profit share of recently privatised Singapore Land. Net profit hit $60.8 million and revenue jumped 30.5 percent to $193.2 million as sales of trading properties increased from $44.1 million to $62.6 million. UIC sees the office leasing market staying steady even with more secondary space in the market as tenants relocate to older buildings. Retail rents and hotel room rates might be under pressure due to a combination of weak tourist arrivals, new retail and hospitality space and slow retail sales. With the property cooling measures still in place, residential property sales remain slow.

Ascott Residence Trust  1.370 -- --   
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
United Industrial Corp  2.790 -- --   
Business: Core business in property development & investment. [FY17 Turnover] Property trading (58.8%), property investment (21.8%), hotel ops (11.5%), tech (7.7%), others (0.2%).

Insight: Nov-18, 9M18 revenue slumped 51.4% to $500m mainly... Read More

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