Singapore Daily Bulletin – 15/11/12

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O32.SI2.23-0.010
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Olam Posts 26.2% Rise In Profits; Sales Revenue Up 45.2% In 1Q13
Olam International’s revenue for the first quarter ended 30 September surged 45.2 percent to $4.7 billion, compared to a year ago. Food staples and packaged foods contributed the largest share of revenue at $1.9 billion and net contribution at $111 million. Earnings for the period were up 26.2 percent to $43.2 million, boosted by sales volume doubling to 3.7 million metric tonnes, particularly from its grains milling and origination business. Although sales volume rose, net contribution per tonne was lower at $85 compared to $135 in FY12, as its grains business has inherently lower net contribution margins within the food staples and packaged foods segment. Also, increased shipping and logistics costs due to the higher sales volume and other acquisition-related costs such as depreciation and employee benefit expenses resulted in a smaller growth in earnings.

Significance: While Olam had built up “very good market share” in the grain origination markets of Russia, Ukraine, South Africa and Australia in the past few years, some of the volume growth came from early shipments made in expectation of a Russian wheat export ban. Nonetheless, it is noted that the success of this business would not be a one-off event.

GLP Reports Solid Growth, Makes Foray In Brazil & Gets J-REIT Listing Nod
In 1H13, Global Logistic Properties (GLP) posted a 28 percent increase in revenue to US$343 million driven by strong operational performance in China, where revenues jumped 72 percent, and sustained performance from its properties in Japan. In tandem, earnings rose 17 percent to US$347 million. For the quarter, earnings slipped 3 percent to US$195 million although revenues increased 25 percent to US$173 million. Nonetheless, GLP expects to benefit from moves that will nearly triple its assets under management from US$2.6 billion to US$7.2 billion. GLP announced that it will expand its global platform with a strategic entry into Brazil, in two joint ventures with Canada Pension Plan Investment Board, China Investment Corporation and Government of Singapore Investment Corporation with investments worth US$1.45 billion to create the largest presence with regard to logistics facilities in Brazil. In addition, GLP has received approval to list the real estate investment corporation it has established on the Tokyo Stock Exchange through an initial public offering.

Significance: GLP noted that its foray into Brazil will provide further opportunities for value creation and the launch of its J-REIT, which represents a significant milestone to the company, will generate a recurring fee revenue stream as well as provide liquidity to further grow its business in China, Japan and other countries.

Metro’s 2Q13 Earnings Return To The Black
Metro Holdings posted a substantial jump in 1H13 earnings to $34.6 million although revenue inched up only 1.9 percent to $88.9 million. Revenue for the quarter was steady at $44.7 million supported by higher sales from its retail division more than offset the decline in rental due to the disposal of Metro City Beijing. Meanwhile, earnings returned to the black to $19.8 million, reflecting recovery in market values although margins and high operational costs remain a going concern. Going forward, Metro continues to look at assets, either on its own or with established and reputable joint venture partners strategically located in key cities with good accessibility and high transient traffic. The company has recently joined hands with Top Spring, a reputable Hong Kong listed specialist developer, for a large, upscale urban community development project.

Significance: While rental income from its core property division was affected after the divestment of Metro City Beijing, Metro highlighted that its four mature properties in Shanghai and Beijing continue to enjoy high occupancy and the Frontier Koishikawa property is expected to improve in 4Q13 as tenants commence leases.

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