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Stocks In Focus SG (CapitaLand, Hotel Properties, M1) – 15/04/14
• CapitaLand has made a voluntary cash offer for CapitaMalls Asia (CMA) at $2.220 per share, or $3.1 billion, representing a 23 percent premium over CMA’s last traded price of $1.805. As of 15 April, CapitaLand owns 65.3 percent of CMA’s outstanding shares.
• K-Green Trust’s revenue for the three months ended 31 March 2014 fell 1.3 percent to $16.8 million, due to lower finance income. However, a reduction in electricity costs and trust expenses lifted net profit up 9.4 percent to $3.5 million.
• CCM Group has formed a joint venture (JV) with Art Proyectos Y Arquitectura as it seeks to develop property in the United States and Australia. CCM owns five out of the seven land parcels in a 136-acre development in Texas, US, and has made offers worth A$2.2 million ($2.5 million) for four sites in the Mandurah Ocean Marina development in Perth, Australia, in March.
• Cedar Strategic Holdings (CSH) recorded Rmb61.1 million in turnover for the quarter ended 31 December 2013, compared to zero revenue a year earlier, driven by the acquisition of Trechance Holdings during the period. Helped by a Rmb78.4 million overall gain on the disposal of subsidiaries, CSH posted Rmb80 million in earnings, a substantial improvement from a Rmb50 million loss last year. For the full-year period, CSH’s revenue came in Rmb61.1 million, versus zero income in FY12, which led the company to turn the corner and post Rmb65.3 million in earnings, compared to a Rmb59.5 million loss a year ago.
• Hotel Properties was made a cash offer by its major shareholders, Ong Beng Seng and Wheelock Properties (Singapore), at $3.50 per share, an 11.8 percent premium over Hotel Properties’ previous close of $3.13. Although it’s the intention of the major shareholders to retain Hotel Properties’ listing on the Singapore Exchange, it’s possible that they choose to delist the firm in the event it does not meet the free float requirement.
• Infinio Group has proposed to buy a 70-percent stake in PT Bahana Nada Gemilang which holds interest in a Sipongi copper and gold mine located in North Sumatra, Indonesia. The Sipongi mine comprises an area of 2,333 hectares, with 190 hectares currently in production on a small scale.
• ISOTeam secured public sector contracts worth approximately $18 million to carry out repairs and redecoration (R&R) works to 52 blocks in Pasir Ris, Bishan, Jalan Tenteram and Whampoa as well as electrical load upgrading and R&R works to 33 blocks in Hougang. The projects are expected to be completed from January 2015 to March 2016.
• M1 registered a 1.2 percent decline in operating revenue to $240.2 million for the quarter ended 31 March 2014, attributed to lower handset sales, partially offset by improved service revenue. The lower handset sales resulted in a 6.5 percent reduction in cost of sales, which improved gross profit margin from 60.7 percent to 62.8 percent. This led to a 4.4 percent rise in net profit to $42.8 million.
• Tritech Group has proposed to acquire a 49-percent stake in Jining Zhongshan Public Utility Water Company (JPUWC). JPUWC owns four water supply plants and one water treatment plant, with daily water treatment output of approximately 200,000 cubic meters. JPUWC holds a 30-year operating license, which commenced in 2009, to treat and supply drinking water and waste water-treatment activities in Jining City, China.
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