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Stocks In Focus SG (Accordia Golf Tr, Boustead Proj, Midas) – 19/05/15
Singapore’s non-domestic oil exports (NODX) rose by 2.2 percent in April 2015 on a year-on-year basis, due to growth of non-electronic NODX which outweighed the decline in electronic NODX. The growth in non-electronic NODX was attributed to structures of ships and boats, non-electric engines and motors, as well as pharmaceuticals. The increase followed an 18.5 percent increase in the previous month, the highest growth since February 2012. Top contributors to the NODX growth came from South Korea and the EU 28.
Accordia Golf Trust has reported an operating income of JPY9,811 million, 5.1 percent lower than forecasted, for 4Q15. With mostly favourable weather conditions during the period, the number of visitors to Accordia’s golf courses recorded was higher than the previous year and the forecast. However, as a result of lower average play fees due to the higher discounts given to attract more visitors, overall revenue was lower and the trust recorded a loss of JPY981 million. Looking ahead, the overall demand for golf in Japan is expected to remain strong, underpinned by resilient demand from the senior golfers.
Boustead Projects has been awarded a $34 million contract to design and build and integrated commercial and logistics facility located at Sungei Kadut Industrial Estate for World Furnishing Hub. The facility is expected to be completed in 3Q16 and the contract will increase the group’s order book backlog to $296 million.
Centurion Corporation’s indirect wholly-owned subsidiary Westlite Dormitory’s tender bid to operate a student hostel located at 1A Short Street, has been accepted by the Singapore Land Authority. The property, which will be renovated to house approximately 400 students with commercial spaces for businesses, is a 10-storey building with a lease term of 8 years. The property is expected to be operational in the second half of this year.
Midas Holdings’ subsidiary Jilin Midas Aluminium Industries Co has secured a series of contracts worth Rmb328.9 million or the supply of high-speed train car body components in the People’s Republic of China. Slated for delivery in 2015, the contracts are expected to contribute positively to Midas’ financial performance for FY15.
Nera Telecommunications’ wholly-owned subsidiary has received a contract of approximately $13.1 million in relation to the supply, delivery, installation, testing, commissioning and maintenance of IP network equipment and software, for a nation-wide broadband project in South East Asia.
Swee Hong has entered into an agreement to sell and transfer the rights, benefits, obligations and liabilities of the company in respect of constructing, managing and operating the foreign workers’ dormitory situated at 300 Admiralty Road West. The consideration for the proposed disposal is $23.8 million. The book value of the dormitory is $61.1 million.
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