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Stocks In Focus SG (Ascendas India Trust, OKP Hldgs, Union Steel) – 25/04/14
• Ascendas India Trust’s total property income for the quarter ended 31 March 2014 rose 3 percent to $31.5 million, bolstered by improved operations, maintenance and utilities income. Coupled with a fall in utilities and other operating expenses, net property income climbed 13.6 percent to $19 million. Helped further by a $33 million fair value gain on investment properties, Ascendas declared dividend of $0.0122 per unit for the period.
• Ascott Residence Trust registered revenue of $80.4 million in 1Q14, a 16.2 percent year-on-year growth, underpinned by better performance from its European assets, currency appreciation of the Euro against the Singapore dollar and contributions from recently acquired properties in Japan. Gross profit for the period gained 16 percent as direct expense rose in line with the improved top line. The trust declared $0.0175 in distribution per unit for the quarter.
• Cache Logistics Trust posted $20.7 million in turnover for the quarter ended 31 March 2014, an 8.2 percent rise over last year’s figure, driven by additional rental income from upward rental adjustments and acquisition of investment property in FY13. As a result, net property income for the period jumped by 8.2 percent to $19.6 million. Cache declared distribution per unit of $0.0214 for the period.
• China Merchants Holdings (Pacific) recorded HK$464.4 million in turnover for the three months ended 31 March 2014, a 6.4 percent hike from last year, attributable to revenue growth from Yongtaiwen Expressway, which contributed 80 percent of the firm’s revenue for the quarter. Aided by a decline in administrative and finance expenses, net profit for the period rose 15.2 percent to HK$148 million.
• Chip Eng Seng Corporation has agreed to purchase two pieces of leasehold land in Malacca, Malaysia, measuring 4,210 square metres, for RM19 million. The company intends to develop them into a mixed-use high rise development comprising a hotel, retail units and serviced apartments.
• Frasers Centrepoint has acquired Teycotel BCN, the owner of Hotel Porta Marina, which is located in Barcelona, Spain, for €0.9 million ($1.6 million). As part of the acquisition, Frasers Centrepoint has provided €4.5 million to Teycotel to repay certain outstanding loans and debts.
• OKP Holdings has secured a $37.3 million contract to widen Tanah Merah Coast Raod, design and build vehicular bridges with services trough and all related drainage works for the area. The contract, awarded by Land Transport Authority, commenced on 21 April and is expected to be completed by 31 May 2017.
• Roxy-Pacific Holdings has agreed to acquire a 28-storey commercial property located in Sydney, Australia, for A$90.2 million. The freehold property has a net lettable area of approximately 19,552.7 square metres. With its relatively high tenant occupancy levels historically, Roxy-Pacific believes the property has the potential to provide it with a stable source of income.
• Sheng Siong Group’s 1Q14 turnover jumped 5.7 percent to $189.7 million, underpinned by contributions from eight new stores opened in 2012 and a rise in comparable same store sales as a result of longer operating hours and marketing initiatives. Lower input costs derived from its distribution centre, higher selling prices and adjustment to rebates received from suppliers led to an improvement in gross profit margin from 22.5 percent to 23.8 percent. Sheng Siong posted a bottom line of $12.5 million for the quarter, representing a 19.3 percent year-on-year growth.
• Union Steel Holdings proposed the acquisition of eight parcels of land in Malaysia, along with the accompany buildings, plant, machineries, equipment and vehicles for RM41.8 million ($16.1 million). Presently, Union Steel exports and supply recycled metals from Singapore to its customers in Malaysia. The proposed acquisition is expected to increase its market share and presence in Malaysia.
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