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Stocks In Focus SG (Golden Agri-Res, ST Engineering, Wing Tai) – 13/05/15
Daily Bulletin | 13 May 2015
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Golden Agri-Resources reported revenue of US$1.6 billion for 1Q15, representing an 18.9 percent decrease from US$1.9 billion last year. The lower revenue contribution was primarily due to lower average crude palm oil (CPO) prices and lower production output during the current period. Selling expenses was reduced by 40.3 percent due to an effective 0 percent export tax rate in line with the lower CPO prices. Unfavourable foreign exchange conditions resulted in a loss of US$35 million compared to a gain of US$3.2 million in 1Q14. Consequently, the company registered 83.5 percent decrease in net profit to US$17.2 million. Going forward, the palm oil industry is expected to benefit from the proposed implementation of biofuel policy in Indonesia which will increase the demand of CPO.

GuocoLeisure announced a 19.7 percent increase in 9M15 net profit to US$35.8 million. While revenue decreased 8.9 percent to US$278 million due to lower revenue generated from both gaming and property development segments, the company implemented a new management model at hotel operations which resulted in cost savings of 10.6 percent in personnel expenses. Finance cost also decreased US$5.7 million as a result of the term loan refinancing in December 2014. The group recently launched two hotels during the financial year. Refurbishment of hotels is expected to continue over the next 12 months, and the rooms not available for sale is expected to impact performance. The group has also reached an agreement to cease management of 19 regional Thistle Hotels and the handover is expected to take place in the third quarter of 2015.

Q&M Dental Group (Singapore) has announced that the group has entered into three separate agreements for the proposed acquisition of eight dental clinics in Singapore. The total consideration of $20.3 million will consist of $10.85 million in cash and $9.45 million in shares. The agreement also includes guarantees and profit targets amounting to approximately $16.1 million. Upon completion of these acquisitions, the group will have 69 dental clinics located island wide and its team of dentists will grow from approximately 180 to 225.

Sinarmas Land recorded a 19 percent increase in 1Q15 revenue to $285.4 million. The higher revenue was attributed to higher sales of land for commercial office and industrial purposes in Indonesia. Operating expenses increased 18.9 percent in tandem with the revenue growth. Foreign exchange conditions were favourable, resulting in a $23.9 million gain compared to a loss of $18.1 million in 1Q14. As a result of the higher revenue and foreign exchange gain, net profit grew by 70.4 percent to $79.8 million.

Singapore Technologies Engineering reported 1Q15 net profit of $130 million, a 5.3 percent decline compared to $137.2 million a year ago. Revenue fell by a marginal 2.6 percent to $1.5 billion due to lower shipbuilding revenue from both local and US operations. The group expects 1H15 revenue to be comparable, while profit before tax is expected to be lower than that of 1H14. The firm’s order book stood at $12.2 billion as at end-1Q15, of which it expects to deliver $3 billion of orders in the remaining months of 2015.

Wing Tai Holdings reported a 26.1 percent decline in 9M15 revenue to $460.8 million and a 54.8 percent fall in operating profit largely due to lower contribution from development properties. Share of profits from associated and joint venture companies decreased 29.8 percent due to the lower share of operating profit from Wing Tai Properties in Hong Kong. Consequently, net profit was lower by 69.1 percent at $34.4 million from $111.3 million in 9M14.

Golden Agri-Resources  0.290 -0.005 -1.69%   
Business: Co is engaged in cultivating & harvesting oil palm trees, processing fresh fruit bunches (FFB) into crude palm oil (CPO) & palm kernel (PK), & refining CPO into industrial & consumer pdts.

Insight: May-19, 1Q19 revenue fell 11% due to softer crude ... Read More
GL  0.760 -- --   
Business: Co holds a portfolio of hotels, as well as a range of other investments. [FY18 Turnover] Hotels (92.2%), oil & gas (7%), ppty devt (0.8%).

Insight: Apr-19, 9M19 revenue rose 1.9% due to higher reven... Read More
Q&M Dental Group (S'pore)  0.485 +0.010 +2.11%   
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
Sinarmas Land  0.240 +0.005 +2.13%   
Business: A real estate development firm. [FY17 Geographical] Indonesia (93.8%), International (3.2%), others (3%).

Insight: Aug-18, 1H18 revenue declined 31.4% to $384.3m att... Read More
Singapore Technologies Engineering  4.040 -0.03 -0.74%   
Business: An integrated engineering group providing solutions & services across many sectors. [FY18 Turnover] Aerospace (39.5%), electronics (32%), land systems (19.1%), marine (8.6%), others (0.8%).

Insight: May-19, 1Q19 revenue rose 5.1% to $1.7b attributed... Read More
Wing Tai Hldgs  2.080 -- --   
Business: Singapore-based property developer and lifestyle company. [FY18 Turnover] Development properties (51.5%), retail (36.5%), investment properties (9.6%), others (2.4%).

Insight: Feb-19, 1H19 revenue rose 7.1% to $193.9m largely ... Read More

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