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Stocks In Focus SG (CapitaLand, OSIM Int’l, SMRT Corp) – 01/11/13
CapitaLand’s 3Q13 Earnings Down 8.7%
CapitaLand released its 3Q13 results and recorded a 52.5 percent year-on-year increase on its revenue from $686.9 million to $1 billion. The stellar performance was driven by improved contributions from CapitaLand Singapore, CapitaLand China and CapitaMalls Asia, as well as higher sales revenue generated from development projects in Australia and Vietnam. Subsequently, operating profit after tax and minority interest (PATMI) soared 13.4 percent to $101.8 million. However, total PATMI for the quarter ended 30 September 2013 came in at $135.5 million, an 8.7 percent decrease compared to the previous quarter. This was mainly attributed to 79.1 percent lesser portfolio gains made between 3Q13 and 2Q13.
Significance:Moving forward, CapitaLand Singapore has approximately 1,700 residential units for sale in sought-after locations, including The Interlace and Sky Habitat. Additionally, CapitaLand China will launch 650 residential units, worth an estimated Rmb1.7 billion, in 4Q13.
OSIM Achieves 19th Consecutive Quarter Of Profit Growth In 3Q13
OSIM International’s revenue rose 4.9 percent to $469.1 million from $447.1 million while earnings jumped 15 percent to $74 million from $64.3 million for the nine months ended 30 September 2013. For the quarter, profit was $22.7 million, up 16.1 percent from $19.6 million on the back of a 7.5 percent increase in revenue to $153 million from $142.3 million. The increased sales were driven by its growth across all its products such as massage chairs, massagers and nutritional supplements as well as across regions. Notably, it has been another good quarter for the company in China as it continues to build up brand and product awareness. The new uInfinity chair launched last quarter and priced at $7,000, is also a new key driver of revenue for the company. During the quarter, OSIM invested $2.3 million into opening 17 new outlets and upgrading existing outlets. Just earlier, OSIM became the 53.7 percent majority owner of TWG Tea after increasing its stake from 45 percent for US$7.2 million.
Significance: While OSIM’s 3Q13’s net profit came in lower than the $23.5 million forecast by analysts in a Bloomberg poll, the company has recorded a commendable 19th consecutive earnings growth thus far. It aims to continue to boost sales in its key markets as well as to add more outlets in North Asia.
SMRT 2Q14 Bottom Line Weighed By Fare Business
SMRT Corporation reported 2Q14’s performance with operating profit of $20 million, a 50.7 percent decline on a year-on-year basis, as a result of operating expenses rising 15.8 percent to $285.8 million for the quarter amid higher staff, repair and maintenance and depreciation costs. The fare business remains challenging since fares have not been adjusted in respect to the higher operating costs. On the other hand, overall revenue rose 5.3 percent between 2Q13 and 2Q14, from $281.2 million to $296.3 million. This was mainly attributable to a 10.9 percent growth in the company’s non-fare business in taxi, rental and advertising. As of 12pm on 1 November 2013, SMRT’s share price was down 1.2 percent, at $1.285, compared to its previous closing price.
Significance: As recent performance has been hampered by its fare business, SMRT continues to seek negotiations with the authorities for details on a timely transition to a more viable and sustainable model of the train and buses business that includes the possibility of fare adjustments.
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