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Stocks In Focus SG (Alibaba Pictures Group, Chiwayland International, Parkway Life REIT) – 22/12/14
Alibaba Pictures Group has released its interim results for six months ended June 30, 2014. Revenue fell by 77.1 percent to HK$74 million due to delays in its film and television projects, and a withholding of strategic implementations by the management. The group thus reported a net loss of HK$443 million, contrasting to the profit in the previous year.
Chiwayland International has been awarded the tender for a land located in New South Wales, Australia, at a purchase price of AUD27 million ($28.8 million). Chiwayland’s Australian subsidiary Chiwayland Australia has submitted a 10 percent deposit and will repay the remainder within six months from the date of award. The land has an area of 2,878 square metres, and will be developed into residential units. The company will finance the purchase by internal funds and possibly with external borrowings.
Hotel Properties signed a share transfer agreement to sell its 49 percent stake comprising of its loans to and 0.2 million shares in Pinedale Holdings, to General Mills Asia for $15 million. The sales of shares will increase Hotel Properties’ earnings per share to 35.8 cents, but will not affect net tangible assets. After the sales, Pinedale Holdings will cease to be an associate of Hotel Properties.
Parkway Life REIT has purchased Ocean View Shonan Arasaki, a nursing home and care facility property, for a price of JPY1.7 billion ($18.9 million) from Oueikikaku Kabushiki Kaisha. This is the second acquisition in 4Q14, aimed to fortify and enhance its Japanese portfolio. The property is located in Yokosuka City and accessible by train. The purchase will be funded via a 5-year committed and unsecured JPY term loan facility put in place on 12 December 2014.
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