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Stocks In Focus SG (Raffles Medical, SingPost, SingTel) – 14/05/15
Daily Bulletin | 14 May 2015
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City Developments announced a 2.8 percent increase in 1Q15 net profit to $123 million. Revenue increased 11 percent to $814.9 million due to higher contributions from the property development and hotel operations segments. In light of the subdued domestic property market and its persistent headwinds, the group has been embarking on accelerating its diversification strategy by expanding its core real estate business overseas and by developing an unlisted fund management business. The group announced that even as it expands overseas and works actively to develop new platforms, its investment in Singapore will remain the mainstay of its business.

Europtronic Group announced an 11.3 percent decrease in 1Q15 revenue to US$4.6 million, as a result of the disposal of the group’s non-performing electronic component distribution business. Gross profit increased 10-fold due to higher sales and better profit margin contributed by the group’s component manufacturing business. Other gains increased by US$4.4 million due to the one-time gain on the disposal and exchange differences. Overall, the group reported a net profit of US$4.7 million as compared to a net loss of US$1.6 million in 1Q14.

First Ship Lease Trust recorded a 10.5 percent increase in 1Q15 revenue to US$24.8 million. While bareboat charter rentals fell marginally by 3.5 percent, revenue of vessels on time charter and on revenue sharing agreement increased 1326.1 percent and 57.3 percent respectively. Coupled with a gain of US$1.7 million from the disposal of TORM A/S shares, the trust posted a net profit of US$5.1 million as compared to a net loss of $5 million in 1Q14. Income available for distribution accelerated multiple folds to US$3.2 million. Going forward, the outlook for the trust continues to improve as its strong bareboat charter counterparties continue to perform and due to improved tanker markets, the trust have been able to maintain profitability and secure time charters at improved rates which should enable further progress.

Global Investments announced a 9.2 percent increase in 1Q15 revenue to $8.1 million, due to higher gain on sale of investments and higher fair value gain on financial assets. Expenses increased from $0.3 million in 1Q14 to $2.5 million due to a foreign exchange loss of $1.6 million arising from the weakening of Euro and Australian dollar against the US dollar. Along with absence of share of profit from associated company, net profit fell 32.1 percent to $5.6 million from $8.2 million last year.

ISEC Healthcare reported revenue of $6.4 million for 1Q15, representing a 39 percent increase from $4.6 million last year. The higher revenue was primarily due to contribution from Singapore operations included in 1Q15 and increased number of patient visits in Malaysia operations. However, a substantial surge in administrative expenses due to the addition of new staff to support the increase in business activities and the rental of the new corporate office and International Specialist Eye Centre in Singapore, ate into profits. The company recorded a net profit of $0.8 million which was 11.2 percent lower than $0.9 million in 1Q14.

Raffles Medical Group (RMG) has formed a joint venture with Shanghai LuJiaZui Group to develop a 400-bed international hospital. The facility will be designed to offer a full complement of specialist services to meet a wide variety of medical needs. The new hospital will draw on the expertise and system of RMG to plan and manage the operations. The hospital will be located at the New Bund International Business District, an emerging business centre in Pudong, between the two major airports of Shanghai.

Sin Heng Heavy Machinery reported net profit of $9.1 million for 9M15, a 12.5 percent decline compared to $10.4 million a year ago. Revenue fell by 13 percent to $134.1 million due to lower revenue from all business segments. The group expects the operating environment to remain challenging and competitive.

Singapore Post’s FY15 revenue increased 12 percent to $919.6 million with growth driven by logistics and retail and ecommerce divisions. Despite the increase in revenue, net profit fell 17.9 percent to $157.6 million due to lower fair value gain on investment properties, which fell 88.4 percent to $5.2 million. The group expects capital expenditure to remain high in FY16 due to investments in infrastructure such as the ecommerce Logistics Hub and POPStation network. Discussions between the firm and Alibaba Investment on proposed business collaboration are ongoing.

Singtel’s FY15 net profit grew 3.5 percent to $3.8 billion, driven by revenue growth from the group’s consumer segment as well as higher associates’ contributions. Revenue from group consumer segment increased 1.4 percent while share of associates’ post-tax profits grew 19.7 percent. Going forward, the group expects increased capital expenditure in the current year, which reflects multi-year investments to support the transformation in its core business. These include a new data centre in Singapore to support the growing demand for cloud and managed services in the enterprise sector, investments in Australia’s mobile infrastructure to deliver a competitive network for enhanced 4G data coverage and performance.

City Developments  9.450 -- --   
Business: Co is an international property & hotel conglomerate. [FY18 Turnover] Property development (48.4%), hotel operations (39.8%), rental properties (8.5%), others (3.3%).

Insight: May-19, 1Q19 decreased 29.5% to $746.2m compared t... Read More
First Ship Lease Trust  0.059 +0.001 +1.72%   
Business: Singapore-based business trust which owns a fleet of vessels across major shipping sub-sectors.

Insight: Feb-19, FY18 revenue fell 17.7% due to a reduced f... Read More
Global Investments  0.134 -- --   
Business: An open ended balanced mutual fund. [FY18 Asset Class] Bank contingent convertibles (35.8%), bonds (31.7%), listed equities (14.7%), cash & others (11.9%), loan portfolio & securitisation assets (5.9%).

Insight: May-19, 1Q19 reported total income of $14m instead... Read More
ISEC Healthcare  0.325 -- --   
Business: Co provides specialised and general health services in M'sia & S'pore. [FY18 Turnover] Specialised health services (90.1%), general health services (9.9%).

Insight: May-19, 1Q19 revenue rose 3.2% due to increased bu... Read More
Singapore Post  0.950 -- --   
Business: [FY19 Turnover] Post and Parcel (47.8%), logistics (31%), eCommerce (15.5%), property (5.7%).

Insight: May-19, FY19 revenue rose 2.9% to $1.6b largely du... Read More
Singtel  3.480 -0.02 -0.57%   
Business: Asia's leading communications group. [FY19 Turnover] Mobile Comm (31.1%), Data & Internet (19.2%), Infocomm Technology (17.5%), Sale of Eqmt (16.5%), Digital Biz (7.2%), Fixed Voice (5.2%), Pay-TV (2.1%), Leasing (0.8%), others (0.4%).

Insight: May-19, FY19 operating revenue remained flat at $1... Read More


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