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Stocks In Focus (Metro Hldgs, Tat Hong Hldgs, Chasen Hldgs) – 29/05/13
Absence Of Disposal Gain Hits Metro; Lower Special Dividends Declared
Metro Holdings’ earnings for the fourth quarter ended 31 March 2013 fell 81 percent to $14.9 million while revenue dropped 1.1 percent to $47.6 million. The weaker performance was due to lower rental after it disposed of Metro City Beijing and a sharp decline in other income to $5.4 million, from $102.1 million in 4Q12 which had included a $98.7 million gain on disposal of the group’s 50 percent stake in the jointly controlled entity which owned Metro City Beijing. Despite lower rental following the disposal of the Metro City Beijing, Metro’s retail division managed to jump 6.4 percent to $55 million. Meanwhile, the firm reduced its total dividend for the quarter to 4 cents per share, comprising a special final dividend of 2 cents and a final dividend of 2 cents.
Significance: Metro emphasised that several of its property developments are coming on-stream in FY14, including the residential sale launches for the Prince Charles Crescent project in Singapore and the Nanchang project in China. The firm is also expecting a $29.6 million gain following the disposal of its warehouse property at Pasir Panjang in Singapore, projected to be completed in FY14.
Tat Hong’s 4Q13 Earnings Jump 66% To $18.6m
Crane company Tat Hong’s earnings for the fourth quarter that ended 31 March 2013 surged 66 per cent to $18.6 million while revenue jumped 10 percent to $199.6 million. Tat Hong attributed the improved performance to higher revenue and lower expenses, as well as increases in other operating income (including interest income), and a swing to profit for its share of joint ventures from losses a year ago. For FY13, Tat Hong’s earnings and revenue jumped 67 percent and 16 percent to $70.4 million and $836.9 million respectively. A final dividend of 2.5 Singapore cents per share has been declared for the current quarter. This will translate into a full year dividend of 4 cents per share, up from 2.5 cents a year ago.
Significance: Looking ahead, Tat Hong expects its crane rental division to perform well in FY14 as the outlook for its key markets in Southeast Asia and Hong Kong remains positive, while operations in Australia will continue to benefit from the oil and gas sector. Meanwhile, the tower crane rental division is expected to maintain its growth momentum on the back of increasing urbanisation.
Chasen Holdings Secures 7 New Projects Worth $19.3m
Chasen Holdings has successfully clinched seven new projects wins, spanning three countries, worth $19.3 million in all. Through its unit in its relocations division, Chasen (Shanghai) HiTech Machinery Services, the group secured three projects valued at Rmb14.6 million (approximately $2.9 million). These projects, located in Beijing, Shenzhen and Xiamen, will begin from May 2013 and collectively end by October 2013. The remaining four deals came through Chasen’s technical & engineering division, for various projects in Singapore and Malaysia worth $16.4 million, commenced in April 2013 and scheduled for completion by end August 2014. Low Weng Fatt, managing director of Chasen said: “Our latest project wins in China is a positive reflection of our efforts to increase the exposure and visibility of Chasen’s service offerings. We are hopeful of leveraging on this wave of positivity to increase our foothold in China.”
Significance: The aforesaid deals further emphasise Chasen’s recognition as a quality logistics, relocation and engineering specialist. More importantly, the project wins are expected to have a positive contribution to Chasen’s FY14 financial performance.
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