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Stocks In Focus SG (China Aviation Oil, Dyna-Mac Hldgs, Oxley Hldgs) – 04/11/13
CAO Posts 65% Rise In 3Q13 Net Profit
China Aviation Oil (Singapore) Corporation (CAO) has reported 3Q13 net profit of US$21.8 million, a 65 percent year-on-year (y-o-y) increase, amid higher shares of profits from its associates. Comparing to 2Q13, the company’s net profit has registered a 62.9 percent jump of US$8.4 million. The share of profits from associates excluding one-off gains from tax related claims, was up 67.6 percent to US$12.1 million, as compared to the same quarter in the previous year. This was mainly attributed to high refueling volume in Pudong and Oilhub Korea Yeosu’s better performing results arising from realising gains in financial derivatives. However, the company’s revenue declined 3.1 percent in 3Q13 y-o-y to US$3.7 billion, from US$3.8 billion. This was a result of lower trading volume and product mix. Coupled with a two-fold jump in administrative expenses, operating profit sank into the red.
Significance: CAO remains prudent and is paying close attention to the impact on import volume into China from the recent extension of indirect tax regime to include the nation-wide transportation service industry. It will also continue to focus on building on its jet fuel supply and trading business outside China as well as to seek out opportunities in line with its corporate strategy to diversify its income streams.
Dyna-Mac Secures US$117m Worth Of New Orders
Dyna-Mac Holdings has secured two new fabrication orders for an aggregate amount of US$117 million. The first order is for Daewoo Shipbuilding & Marine Engineering, a world premium shipbuilding and offshore contractor. It consists of the fabrication of 14 units of pre-assembled modules for the island surface drilling facilities on the artificial islands located in the Arabian Gulf and is scheduled for delivery in 3Q16. The second order was obtained from OneSubsea Malaysia Systems, a company formed by two subsea leaders, Cameron and Schlumberger. The order is for the fabrication of subsea piping and its supporting structures which form part of a subsea system for the one of OneSubsea’s projects and is slated to be completed by the end of 2013.
Significance: By bringing in these two new orders, Dyna-Mac would see its total new order wins for FY13 come in at $318 million as of 1 November 2013 while its order backlog will stand at $392 million after deducting revenue recognised in 2Q13.
Oxley To Acquire London Properties Worth £200m
Oxley Holdings’ subsidiary, Oxley Wharf, has entered into a contract with Clearstorm, Heracles and East London Haulage to purchase properties located in North Woolwich Road, London, United Kingdom (UK) worth £200 million ($397.1 million). The parcels of land, collectively known as Royal Wharf, measure a total gross effective area of approximately 363,000 square meters. Royal Wharf is a residential led mixed-use development with extensive transport links into the heart of London via the Docklands Light Railway, international connections from London City Airport and boat links from a proposed new pier. The firm plans to develop the properties into more than 3,000 residential units and an array of commercial, retail, leisure as well as educational facilities. The acquisition is scheduled to be completed on 20 December 2013.
Significance: The development comes amid a housing shortage in London and cheap credit scheme offered by the UK government which, based on a finding from Europe’s Centre for Economics and Business Research, could potentially push the price of an average London home above £566,000 by 2018.
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