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Stocks In Focus SG (Singapore CPI, Asian Pay TV, Starburst Hldgs) – 24/02/15
Singapore’s consumer price index (CPI) (an indicator for inflation) fell 0.4 percent year-on-year in January. This followed the 0.1 percent contraction in the previous month of December. The contraction of CPI in January was mainly attributed to sharper price declines in direct oil-related items as well as growth moderation in lower food and services inflation. The Monetary Authority of Singapore has forecasted that inflation would be in the range of -0.5 to 0.5 percent this year while core inflation would be between 0.5 and 1.5 percent.
Asian Pay Television Trust’s revenue gained 4 percent to $81.8 million for the fourth quarter ended 31 December 2014, underpinned mainly by higher contribution from basic cable television. However, a 23 percent expansion in total operating expenses in particular to a 37.1 percent gain in depreciation and amortisation expenses, led earnings to fall 21.6 percent to $16.3 million. For the full year, revenue surged 72.2 percent while net profit advanced in excess of 100 percent to $114.3 million. The trust has declared a distribution per unit of $0.0213 for the quarter, bringing total distribution for the year to $0.0825 that is in line with the trust’s guidance.
Bumitama Agri posted a 20.9 percent gain in revenue to IDR1,569.9 billion for the fourth quarter ended 31 December 2014, mainly driven by an increase in aggregate sales volume of crude palm oil and palm kernel. However, due mainly to fair value losses in biological assets compared to a gain in 4Q13, the company has registered a 30 percent decline in net profit to IDR266.4 billion. For the full year, revenue was up 41.7 percent to IDR5,757.3 billion while net profit accelerated 34.8 percent to IDR1,153 billion. The company has declared a final dividend per share of $0.013 for the year.
Rex International Holding completed the acquisition of the remaining share capital of Parex Resources (Trinidad) for US$1.5 million. The target company owns a 63.8 percent working interest in the Cory Moruga Block in Trinidad & Tobago. Post acquisition, Rex International will have an 83.8 percent indirect interest in the Cory Moruga Block. The acquisition was funded with proceeds from a share placement in 17 September 2014.
SIIC Environment Holdings saw a 34.5 percent decline in revenue to Rmb286 million for the fourth quarter ended 31 December 2014, mainly attributable to lower revenue from its construction segment. Helped further by contribution gains that are apart from its core operations such as a more than 100 percent gain from joint ventures and associates, net profit jumped 110.6 percent to Rmb65.9 million. For the full year, revenue gained 6 percent to Rmb1.3 billion while net profit climbed 74.8 percent to Rmb262.4 million.
Starburst Holdings proposed the acquisition of a property in 6 Tuas View Circuit for $22.4 million. The property has a gross floor area of 7,002.4 square metres with a remaining lease tenure of 43 years and 8 months. The acquisition is in line with the group’s strategy to increase its fabrication efficiency and capacity which will also allow it to work on bigger projects. Upon the acquisition, the management intends to dispose the existing property at 6 Tuas West Street and to manage its business from the new premises.
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