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Stocks In Focus SG (Genting S’pore, Olam Int’l, SIA) – 15/05/15
Daily Bulletin | 15 May 2015
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Genting Singapore PLC reported a 22.9 percent and 72.6 percent fall in revenue and net profit to $639.2 million and $62.7 million respectively. A 26.4 percent decline in gaming revenue weighed the group’s performance, as its premium gaming business continues to be under pressure, with no respite expected in the medium term. Management noted that the year ahead will be challenging and will take a cautious approach in granting credit. However, the group is optimistic on its non-gaming business, as more visitors are expected to visit the country to join in the SG50 celebrations.

Hyflux registered a sharp dive in 1Q15 net profit by 85.2 percent to $5.6 million, on the back of a 31.6 percent fall in revenue to $60.4 million. The weaker results were attributable to lower engineering, procurement and construction activities and a drop in other income, in the absence of a $54.1 million gain from the divestment in a joint venture and an associate in 1Q14. The group has recently signed a 20-year water purchase agreement with Oman Power and Water Procurement Company to supply desalinated water from the Qurayyat Independent Water Project which the group will design, build, own and operate. Construction work for the project has begun and is scheduled to commence commercial operation by May 2017. The group expects increased operational activities in its key projects in 2H15.

Olam International posted a net profit of $194.3 million for 9M15, representing a 66.3 percent fall year-on-year. For the latest quarter ended 31 March, the group also recorded a significant 92.1 percent drop in net profit, largely attributed to a loss of $97.2 million incurred from the buyback of all the outstanding US$750 million 6.75 percent bonds due 2018. The buyback of the bonds are expected to generate interest savings of approximately $55 to $60 million per annum over the next 3 years. Turnover was down 10.7 percent in the quarter, underpinned by a drop in sales volume, as the firm reduced volumes or exited from lower-margin businesses, and instead focused on growing its prioritised platforms.

Singapore Airlines announced a 2.3 percent growth in FY15 net profit to $367.9 million, backed by savings from lower oil prices and a marginal increase in passenger carriage and yields. Revenue edged up 2.1 percent to $15.6 billion, largely attributed to revenue from airline operations which gained 3.3 percent. However, the group warns that market conditions remain challenging amid an uncertain global economic outlook. Cost savings from lower fuel prices in the current quarter could be limited due to fuel hedges already locked in. The group will continue to upgrade its first and business class cabin products and introduce new premium economy cabins. Going forward, it will also continue its disciplined approach in capacity deployment and cost management, while enhancing product offerings and leveraging the various airline subsidiaries to tap demand across a diverse range of travel segments.

Uni-Asia Holdings announced a marginal 0.7 percent decline in 1Q15 revenue 1Q15 to US$16.2 million, due to a loss from investments and lower hotel income. Hotel income fell 8.3 percent due to the depreciation of Japanese Yen against US dollars. Disposal of an investment property resulted in a gain of US$1.5 million which was partially offset by a corresponding reversal of fair value of US$1.3 million previously recognised for the same property, coupled with fair value losses recognised for shipping investments, investment returns was negative US$0.2 million. Consequently, net profit sank 83.6 percent to US$0.2 million for the quarter. Going forward, the group is further exploring existing and new business opportunities in shipping, property and hotels to increase its bottom line.

Genting Singapore  -- -- --   
Business: Develops, operates & mkts casinos & IRs globally, including Australia, M'sia, Philippines & UK. [FY18 Turnover] Gaming (66.1%), non-gaming (33.8%), others & invs (0.1%).

Insight: May-19, 1Q19, despite Co's non-gaming business reg... 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
Olam Int'l  -- -- --   
Business: Co is engaged in sourcing, processing, packaging and merchandising agricultural products. [FY18 Turnover] Food staples & packaged foods (47.6%), confectionery & beverage ingredients (23.4%), industrial raw materials, infrastructure & logistics (14.9%), edible nuts & spices (14.1%).

Insight: May-19, 1Q19 revenue rose 16.7% due to increased t... Read More
Singapore Airlines  -- -- --   
Business: Co provides air transportation services to destinations spanning a network spread over 6 continents. [FY19 Turnover] SIA (80%), Budget Aviation (10.5%), SilkAir (6.2%), SIAEC (3.1%), others (0.2%).

Insight: May-19, FY19 revenue edged up 3.3% to $16.3b. Pass... Read More

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