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Stocks In Focus SG (CapitaMalls Asia, Far East Orchard, Transcu Group) – 21/04/14
• CapitaMalls Asia’s turnover for the quarter ended 31 March 2014 rose 4.8 percent to $125 million, driven by higher property income from Japan and China as well as improved property management fees from Singapore. However, higher staff related costs in line with the increase in revenue led in a decline of gross profit margin from 66.4 percent to 63.9 percent. As a result, CapitaMalls Asia’ net profit climbed by a smaller margin of 2.8 percent to $75.3 million.
• CapitaCommercial Trust’s 1Q14 gross revenue climbed 3.2 percent to $64 million due to higher contributions from all properties except One George Street. Net property income for the period grew by a smaller degree of 1.5 percent to $50.7 million as higher property operating expenses chipped away at the improved top line. Nonetheless, lower finance costs led to a 7.6 percent increase in distributable income to unitholders to $59.9 million.
• Far East Orchard’s subsidiary, Tannery Holdings, Far East Civil Engineering and Sekisui House have been awarded a tender for a land parcel at Woodlands Square for $634 million. The land, with a site area of 18,568.8 square metres (sqm) and permissible gross floor area of 64,991 sqm, is zoned for commercial development.
• Transcu Group inked an agreement for a potential reverse take-over of Straits Construction Group with a purchase consideration between $325 million to $338 million to be satisfied by issuance of new Transcu shares of $0.50 per share. Straits Construction is primarily engaged in building construction with projects including public housing projects by the Housing Development Board, private residential and commercial developments.
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