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Stocks In Focus SG (CapitaLand, CDL Hospitality Trusts, Raffles Medical Group) – 28/04/14
• CapitaLand registered a 3.4 percent decline in revenue to $612.6 million for the quarter ended 31 March 2014, where business performance across all segments improved except for a 37.7 percent decrease in revenue from CapitaLand Singapore. In absence of a one-off divestment gain of $58.5 million in 1Q13, coupled with other operating expenses which spiked multiple folds arising from foreign exchange losses, earnings fell marginally by 1.7 percent to $182.8 million.
• Wilmar International and First Pacific Company proposed a 50:50 joint venture to acquire Australian- and New Zealand-listed Goodman Fielder for A$1.3 billion, A$0.65 per share, representing a 23.8 percent premium over its 23 April closing price. The purchase would empower Wilmar to be a leader in the Asia-Pacific commodities industry. Wilmar currently holds a 10.1 percent stake in Goodman Fielder.
• CDL Hospitality Trusts saw a 15.3 percent expansion in gross revenue to $43.8 million for the quarter ended 31 March 2014. This was mainly due to the recognition of revenue from its newly acquired Jumeirah Dhevanafushi resort in Maldives. Income available for distribution to unitholders edged up 3 percent to $26.9 million. The trust has declared a $0.0275 distribution per unit for the quarter.
• Chaswood Resources Holdings inked an agreement with TGI Friday’s for exclusive development rights to develop and operate four TGI Fridays SM restaurants in Shenzhen, China, by 2017. TGI has been the flagship restaurant brand for Chaswood since 2003, where the company currently operates 19 TGI restaurants across Malaysia, Singapore and Indonesia.
• China International Holdings proposed a private placement of 150 million new shares at $0.051 per share. When completed, the placement shares will represent 14.6 percent of the enlarged share capital in the company. The net proceeds of $7.6 million raised through the placement after deducting expenses, will be used for the purpose of general working capital.
• GuocoLand reported a turnover of $270.2 million in the quarter ended 31 March 2014, a year-on-year increase of 192.3 percent, attributed by higher revenue recognised for Goodwood Residence and Sophia Residence in Singapore and Seasons Park in Tianjin, China. Gross profit for the current quarter was at $70.7 million as compared to a $30.2 million loss a year earlier, as a result of higher construction cost for Goodwood Residence and Sophia Residence due to a change in the projects’ main contractors. Consequently, GuocoLand registered $21.5 million in net profit for the period.
• Raffles Medical Group recorded an 8 percent gain in revenue to $87.6 million for the quarter ended 31 March 2014, underpinned by better performance from its healthcare and hospital services segment. Despite rising overall expenses, earnings soared 8 percent to $14.6 million. Excluding the $185.5 million incurred for the purchase of property and capital expenditure to facilitate business expansion, the company’s net cash flow would have been $17.9 million.
• Serial System raked in a 23.8 percent increase in revenue to US$212.4 million for the quarter ended 31 March 2014. Bolstered by an expansion of major product lines, turnover in the Greater China region soared 45 percent. Total expenses spiked 22 percent mainly as a result of higher distribution and administrative expenses arising from increased direct costs and higher bank charges. Subsequently, earnings jumped 31.2 percent to US$2.1 million.
• United Industrial Corporation posted flattish turnover of $148.1 million for the quarter ended 31 March 2014, on the back of lower revenue from property sales, while the impact was partially cushioned from higher revenue from Pan Pacific Singapore Hotel and improved rental income. Lifted by a more than one-fold gain in contributions from its joint venture at the Archipelago residential property project, earnings soared 9.6 percent to $43.7 million.
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