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Stocks In Focus SG (Ascendas REIT, Sheng Shiong, Tiger Airways) – 24/07/14
Ascendas Real Estate Investment Trust (A-REIT) posted an 8.1 percent increase in gross revenue to $163.2 million in 1Q15, mainly due to the recognition of rental income earned from Nexus @one-north, A-REIT City @Jinqiao and finance lease interest income received from a tenant. Consequently, total amount available for distribution grew moderately by 2.8 percent to $87.6 million while distribution per unit rose 2.5 percent to $0.0364.
Aztech Group has reported an 86.2 percent surge in revenue to $87.2 million in 2Q14, mainly due to higher income from the materials supply and marine logistics segments as a result of execution of new contracts for supply of infrastructure materials. Coupled with an increase in other operating income from foreign exchange gains, net profit more than doubled to $1.8 million in 2Q14. For 1H14, revenue jumped 89.5 percent and consequently, resulted in earnings more than tripling to $3.5 million.
Cambridge Industrial Trust reported 2Q14 gross revenue of $24.6 million, which remained unchanged year-on-year. However, net property income declined 5.6 percent to $19.7 million, mainly attributable to an increase in other property expenses. Net amount available for distribution grew 3 percent with a greater contribution from taxable income, partially offset by lower capital for the quarter. Subsequently, distribution per unit increased by 0.9 percent to $0.01251 in 2Q14.
CapitaRetail China Trust’s gross revenue grew 27.5 percent year-on-year to $51 million in 2Q14, mainly due to the new contribution from CapitaMall Grand Canyon, higher income from CapitaMall Minzhongleyuan which was reopened after completion of asset enhancement works and rental growth from the other multi-tenanted malls. Consequently, as total operating expenses grew slower than turnover growth, net property income jumped 29.5 percent to $34.2 million. Income available for distribution rose 18.7 percent to $21.3 million while distribution per unit increased by 8.8 percent to $0.0259 in 2Q14.
Hwa Hong Corporation reported a 53.7 percent year-on-year dip in revenue to $3.7 million in 2Q14, underpinned by a decrease in rental income from certain UK commercial and service office properties. Consequently, gross profit fell 24.4 percent to $2 million in 2Q14. However, as a result of a one-off gain in disposal of investment property, net profit increased 177 percent year-on-year to $5 million in 2Q14.
IPS Securex Holdings has been awarded a contract worth approximately $1.8 million by SMRT Trains. The contract entails the supply, fabrication, installation, testing and commissioning of closed-circuit television systems at 54 mass rapid transit stations in Singapore and is expected to be completed by 1 October 2015.
Lian Beng Group registered a 49.1 percent increase in revenue from $505 .6 million in FY13 to $753.9 million in FY14, underpinned by an increase in revenue generated from the property development segment arising from M-Space, The Midtown, Spottiswoode Suites and Lincoln Suites. Overall, even as a result of higher operating, administrative and finance expenses coupled with a negative share of results of associates, earnings still managed to grow by 19.4 percent to $87.1 million.
Samudera Shipping Line’s 2Q14 revenue shrunk 7.6 percent to US$96.9 million, in line with the company’s rationalisation of its services and disposal of underperforming vessels. Cost of services fell 14.3 percent, outpacing the fall in turnover, mainly due to the reasons mentioned above, as well as the renewal of charter hire at lower rates and lower bunker prices. Coupled with an increase in other operating income and slight decreases in all expenses, the company returned to the black with earnings of US$4.2 million in 2Q14.
Sheng Shiong Group has reported a 7.4 percent increase in revenue to $171.6 million in 2Q14, underpinned by the increases in sales from new stores and comparable same store sales. As cost of sales and total operating expenses grew less than proportionate to the increase in turnover, mainly due to savings derived from Mandai Distribution Centre and a tight control on costs, 2Q14 net profit jumped 30.3 percent to $11.1 million. Similarly, 1H14 revenue rose 6.5 percent while net profit increased by 24.2 percent to $23.6 million.
Tiger Airways Holdings’ revenue slid 28.4 percent to $169 million in 1Q15, mainly attributable to the exclusion of Tigerair Australia, which ceased to be a subsidiary of the group with effect from 8 July 2013. Coupled with a substantial share of loss of associate and joint venture and the shutdown costs of PT Mandala Airlines, net loss expanded just below two-fold to $65.2 million, partially offset by the 23.5 percent drop in total expenses.
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