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Stocks In Focus SG (AusGroup, M1, Mapletree Logistics Trust) – 21/01/14
AusGroup Secures Worsley Scaffolding Contract
Ausgroup via its subsidiary, MAS Australasia, secured a two year contract worth A$7 million per annum for the provision of scaffolding assets for maintenance services at BHP Billiton’s Worsley Alumina Refinery, in the South West region of Western Australia.
In addition, the contract scope will include provision for offsite plant repairs and modifications which will be undertaken at MAS’ Bunbury facilities with support from the MAS Perth facilities if needed. Work is expected to commence in February 2014.
The two year contract also comes with a one year exercisable option which boosts the potential contract value to A$21 million.
Significance: The latest contract win will lift AusGroup’s order book to A$235.5 million and is in line with the company’s long term strategic focus of pursuing growth via its existing asset maintenance contracts, providing a consistent revenue stream and leveraging on the skills involved from its integrated services business.
M1’s FY13 Earnings Soar 9.4%
M1 reported a 6.4 percent decline in operating revenue of $1 billion in the year ended 31 December 2013, as compared to $1.1 billion in FY12. The weaker performance was mainly attributed to lower mobile handset sales.
Operating expenses in FY13 shrank 8.6 percent to $812 million from $889 million in the previous financial year, mainly due to lower cost of sales contributed from lower handset costs. For the year, provisions for taxes decreased 11.7percent to $32.6 million from $36.9 million in the previous year.
As a result, earnings in FY13 soared 9.4 percent to $160.2 million, compared to $146.5 million in FY12.
Significance: Notwithstanding the stellar performance in FY13, M1 projects moderate growth in earnings for FY14 moving forward. In addition, the company proposed a final and bonus dividend per share of $0.071 each.
MLT’s 3Q14 Total Distribution To Unitholders Up 7.7%
For the third quarter ended 31 December 2013, Mapletree Logistics Trust reported a 0.2 percent decline in net property income to $67.4 million from $67.5 million amid higher property expenses incurred mainly as a result of its enlarged portfolio, higher property taxes and costs associated with the conversion of properties in Singapore.
Fair value of financial derivatives slumped into the negative territory, dragging net income for the quarter to $54.1 million, a 15.4 percent decline as compared to the corresponding quarter in FY13.
In tandem with a 95.3 percent reduction in adjustments for non-tax deductible items and other adjustments to $0.7 million, total amount distributable to unitholders in 3Q14 expanded 7.7 percent (3Q14: $45 million, 3Q13: $41.8 million).
Significance: The reported amount distributable to unitholders in 3Q14 translates to a distribution per unit of $0.0184, up 7 percent as compared to $0.0172 in 3Q13.
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