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Stocks In Focus SG (CapitaLand, Far East Orchard, SMRT) – 04/05/15
Daily Bulletin | 04 May 2015
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CapitaLand reported a 11.8 percent fall in net profit for 1Q15 to $161.3 million after ceasing recognition for contributions from Australand, a divested associate from March 2014. Revenue rose49.4 percent to $915 million, underpinned by stronger contributions from the group’s residential projects in Singapore and Vietnam. CapitaLand’s well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits despite a challenging market environment.

Far East Orchard unveiled its acquisition of four properties in Shieldfield, Newcastle upon Tyne, England for £40.9 million ($83 million), a plan that marks its move into the UK’s student housing space in a bid to push deeper into Europe and diversify its property development portfolio. The freehold properties are within walking distance of educational institutions such as Northumbria University, Newcastle University, Newcastle University Business School, Newcastle College and comprise two land sites for purpose-built student housing to be developed by 2018, an existing student accommodation and another undergoing development for completion by the second half of 2015.

Hong Leong Asia (HLA) reported a 64.6 percent fall in net profit to $4.7 million for its first quarter ended 31 March 2015. attributable to lower profit from the diesel engines unit Yuchai and higher losses incured by the consumer products unit Xinfei. Group revenue declined 13.4 percent to $1.1 billion due to lower revenue from the group’s business units except the building materials unit.

Indofood Agri Resources reported a 80.7 percent plunge in net profit to 35 billion rupiah, dragged down by a weaker rupiah, softer commodity prices and foreign exchange losses. Revenue dropped 16.1 percent to 2.7 trillion rupiah in 1Q15, attributable to lower contributions from both its plantations and edible oils & fats (EOF) segments. Long-term demand for basic commodities like palm oil is expected to remain strong, underpinned by growing consumer markets and a rising middle class.

OCBC Bank posted a 11 percent increase in net profit to $993 million for 1Q15, boosted by contributions from its Hong Kong subsidiary. The results were driven by diversified earnings growth from all its key markets of Singapore, Malaysia, Indonesia and Greater China after including the consolidation of OCBC Wing Hang Bank, which became a subsidiary in the third quarter of 2014. OCBC Bank believes that this strong Q1 start will help set the stage for a good 2015. Owners of small and medium enterprises (SME) in Hong Kong will be targeted, believing that it is an undeserved segment and a sweet spot for private banks.

Ramba Energy plans to sell 14.9 percent stake in itself to an Indonesian tycoon for $18.4 million in gross proceeds to repay debt and other uses. Ramba will place out 68 million shares, or 14.9 percent of Ramba’s post-placement share capital to British Virgin Islands-incorporated Wing Harvest. Approximately $10.9 million will be used for the oil and gas business, another $4 million will be used to fully repay loan and interest from Ortus Holdings while the remaining $3 million will be used for general working capital.

SMRT posted a 23 percent increase in its fourth quarter net profit to $20.8 million, buoyed by higher ridership and average fare. Revenue grew 7.5 percent to $311.2 million due to a rise in income from both its fare and non-fare businesses. Although revenue from its train operations edged 3.8 percent, train operations suffered a $2.4 million loss for the first time ever, attributable to an increase in staff cost, depreciation, repairs and maintenance costs. For the full year, SMRT saw a 47 percent jump in net profit to $91 million, with a 6.2 percent rise in revenue.

Tuan Sing Holdings have doubled their earnings to $15.9 million for the first quarter ended 31 March 2015. Revenue surged 153 percent to $155.3 million, attributing its improved performance to higher contribution from property and hotel investments. The progressive recognition of revenue based on percentage on construction on units sold at Seletar Park Residence, Sennett Residence, Cluny Park Residence and rental income from investment properties enabled property segment to continue to be the key driver for the group, being accountable for 58 percent of group revenue. The group is in the midst of activating long-standing plans to tap unutilised gross floor area for the Perth property. More announcements will be made once plans are finalised with board approval.

CapitaLand  3.560 +0.02 +0.56%   
Business: Co develops, owns, and manages real estate properties. [FY18 Geographical] China (41.2%), S'pore (38.5%), Europe & others (18.6%), Vietnam & Others (1.7%).

Insight: Apr-19, 1Q19 revenue fell 23.8% while net profit d... Read More
Far East Orchard  1.160 -0.010 -0.85%   
Business: Co engages in the investment and development of real estate properties.

Insight: Feb-19, FY18 net profit jumped 51.4% to $32.9m, li... Read More
Hong Leong Asia  0.590 -- --   
Business: Diversified industrial conglomerate in China, S'pore & M'sia. [FY18 Turnover] Diesel engines (87.2%), building materials (11.3%), industrial packaging (0.9%), air-con system (0.4%), corporate & others (0.2%).

Insight: May-19, 1Q19 revenue slid 5.6% due to lower revenu... Read More
Indofood Agri Resources  0.320 -0.005 -1.54%   
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
Oversea-Chinese Banking Corp  10.860 +0.08 +0.74%   
Business: [FY18 Turnover] Global corporate/investment banking (35%), global consumer/private banking (34.8%), OCBC Wing Hang (11.5%), insurance (11%), global treasury & mkts (7.7%).

Insight: May-19, 1Q19 total income rose 14.7% driven by str... Read More
Eneco Energy  0.057 +0.002 +3.64%   
Business: Co is engaged in oil & gas exploration & production in Indonesia as well as in the logistics business. [FY17 Turnover] Logistics (92.2%), rental (2%), oil & gas (5.8%).

Insight: Aug-18, 1H18 revenue declined 12.4% to $26m mainly... Read More
Tuan Sing Hldgs  0.335 -0.005 -1.47%   
Business: Co focuses on the devt & invs of prime ppties.

Insight: Jan-19, FY18 revenue fell 5.6% to $336.1m mainly d... Read More

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