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Stocks In Focus (AsiaMedic, CapitaRetail China Trust, Hwa Hong Corporation) – 22/04/13
AsiaMedic To Provide Teleradiology Services In Myanmar
Premier healthcare provider AsiaMedic signed a teleradiology service agreement with Nyein Hospital and City Hospital, both located in Mandalay, Myanmar. Under the deal, the Catalist-listed firm will provide the hardware, software and technical support to facilitate a connectivity platform between the three parties, as well as the professional interpretation of radiological images submitted by their radiographers. According to the company’s filing with the Singapore Exchange, the cost of setting up the connectivity platform will be borne by the client for the current phase. Commenting on the development, Dr. Wong Weng Hong, chief executive officer of AsiaMedic, said “This latest development is in line with our strategy of capitalising our core competencies and investing in projects that require low capital expenditure but offer good value to all our stakeholders.”
Significance: The agreement marks AsiaMedic’s successful maiden foray into the emerging Myanmar. The arrangement will add true value to its partners and the community in long term, and build for AsiaMedic a strong reputation in the medical community in Myanmar.
CapitaRetail China Trust’s 1Q13 DPU 4.1% Lower At $0.0231
China shopping mall real estate investment trust CapitaRetail China Trust posted distribution per unit (DPU) of $0.0231 for the first quarter ended 31 March 2013. Compared to the previous corresponding quarter DPU of $0.0241, 1Q13 DPU was down 4.1 percent. The trust saw its number of issued units increase from 689.6 million in 1Q12 to 749.5 million due to a private placement exercise in October 2012. For the first three months of the financial year, net property income climbed 1.8 percent to $25.9 million, mainly driven by tenant mix upgrade at CapitaMall Saihan and CapitaMall Wuhu. In Chinese yuan terms, net property income rose 4.6 percent to Rmb132 million. “Looking ahead, we will continue to strengthen the competitiveness of our malls. The asset enhancement of CapitaMall Minzhongleyuan, when completed next year, will provide additional uplift to our growth,” said Tony Tan, chief executive officer of CapitaRetail China Trust.
Significance: With the Chinese government continuing to implement measures to drive economic growth through domestic consumption, CapitaRetail China Trust is well-positioned to ride on the increase in domestic consumption for growth.
Hwa Hong Posts 18.5% Jump In 1Q13 Earnings
Increase in share trading activities bolstered revenue contribution from Hwa Hong Corporation’s investment segment to push total revenue for the first quarter ended 31 March 2013 59.3 percent higher to $9 million from $5.7 million a year ago. Higher rental income from the Paya Lebar property subsequent to its completion in re-development in February 2013 also lent a hand. However, gross margin went down 18.6 percentage points to 28.9 percent as cost of sales grew more than proportionate. Consequently, earnings increased at a slower pace of 18.5 percent to $1.8 million from $1.6 million in the previous corresponding period. The company is cautious of the various measures in Singapore that aims to curb rising property prices as these measures can affect the value of its remaining apartments in Rivergate.
Significance: Going forward, Hwa Hong Corporation said it will recognise a gain of approximately $1.4 million in the second quarter from the sale of a London residential unit while it opined that the performance of its serviced offices in UK outside of London continues to be challenging given the difficult economic climate in Europe.
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