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Stocks In Focus SG (ASL Marine, Starhill Global REIT, Yoma Strategic Hldgs) – 27/01/14
ASL Marine Proposes Acquisition Of Batam Shipyard
• ASL Marine Holdings has entered into an agreement to purchase a shipyard located in Batam, Indonesia, for US$20 million, approximately $25.6 million, from Miclyn Express Offshore.
• Situated on a 12.2 hectares site, the shipyard comprises of berthing / repair quays of 220 metres, two ship repair slip / launch-ways, office buildings, a fabrication shop and machineries suitable for shipbuilding, vessels repair, modification and mobilisation as well as modular fabrication services.
• The shipyard is located in a free trade zone with industrial areas designated specifically for shipyards with infrastructure such as roads, telecommunications, utilities and supporting services.
Significance: The proposed acquisition will provide a good opportunity for ASL Marine to expand its capacity and berthing space to support the growing demand for ship repair and upgrading of ships and other floating structures from the marine and offshore sector in Batam.
Starhill-REIT 4Q13 DPU Up 8.8%
• For the quarter ended 31 December 2013, Starhill Global Real Estate Investment Trust’s (Starhill-REIT) gross revenue rose 3.6 percent to $49.1 million, up from $47.4 million a year earlier.
• The increase was attributed to positive rental reversions of the base rent for master tenant, Toshin, at Ngee Ann City, stronger performance of Wisma Atria as well as contribution from Plaza Arcade acquired in 1Q13, partially offset by lower income from the remaining overseas properties.
• As a result, distribution per unit (DPU) for the quarter climbed 8.8 percent, from $0.0113 last year, to $0.0123. For FY13, Starhill-REIT’s DPU surged 13.9 percent to $0.05. Based on its closing price of $0.76 last Friday, its DPU for the year translates to a dividend yield of 6.6 percent.
Significance: While the entry of new retail developments across Singapore and labour woe continue to present challenges to the local retail landscape, rising consumption, a growing middle income segment in the region and higher tourist numbers are expected to have a positive impact on the retail segment, particularly in the prime locations.
Yoma Forays Into Myanmar’s FMCG Sector
• Yoma Strategic Holdings has moved to acquire a 30 percent stake in Asia Beverages, one of Myanmar’s leading fast-moving consumer goods (FMCG) platforms, for up to US$11.1 million.
• Established in 2010, Asia Beverages’ activities include the production, branding, marketing and distribution of bottled water, spirits, wines, beers, alcoholic beverages and other FMCG products in the country.
• Presently, Asia Beverages has an extensive distribution infrastructure with direct service to over 22,000 points of sale nationwide and is estimated to have a market penetration of over 60 percent in both retail and wholesale outlets.
Significance: With a population of 60 million, Myanmar has one of the largest consumer bases in Southeast Asia, prompting an influx of foreign FMCG brands such as Coca-Cola and Heineken to capture the growth potential in consumer spending.
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