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Stocks In Focus SG (China Sports, IHC, StarHub) – 18/05/15
CEFC International reports a net loss of US$1.2 million in 1Q15 compared to a net profit of US$7,000 for 1Q14, due to a lack of revenue for the quarter. The company did not earn any revenue due to adverse global oil environment and the group’s restructuring exercise. The joint venture with Rizhao Port Oil Terminal has been officially incorporated, and the group will continue to focus on its global oil and petrochemical trading business, as well as exploring other opportunities to diversify its income stream.
China Sports International announced a 43.6 percent year-on-year decline in 1Q15 revenue to Rmb103.5 million, due to the lack of new range of footwear products which resulted in fewer orders being placed by distributors. Gross profit margin increased 4.9 percentage points quarter-on-quarter to 21.8 percent due to higher margin derived from sale of footwear products. In line with the decrease in revenue, operating expenses decreased 12.9 percent. Overall, net profit fell 30.6 percent to Rmb8.8 million. Going forward, the group will take various measures and initiatives to develop better products, improve retail channel management and operational efficiency.
International Healthway Corporation recorded a 37 percent decline in 1Q15 net profit to $0.6 million, due to an increase in administrative expenses by 78 percent attributable to the operating costs and maintenance of two Australia properties in Melbourne acquired in 3Q14, and a 113.5 percent increase in finance expenses attributable to interest costs on the borrowings utilised to finance the acquisition of healthcare assets in Australia and Japan. Revenue increased 15 percent to $10.1 million and other operating income increased 528.9 percent to $5.1 million attributable to the rental income of the Melbourne properties. The group believes that the outlook for the integrated healthcare services and facility industry remains favourable in its countries of operations, and will continue to develop its Asia-centric portfolio.
StarHub reported revenue of $617.9 million for 1Q15, representing an increase of 8.1 percent from the previous year. Cost of sales increased 29.4 percent mainly attributable to higher cost of equipment sold as a result of strong demand for new smartphones. Net profit for the period fell 12.5 percent to $73.7 million. The group expects revenue growth to be driven by its fixed and mobile services in the enterprise segment, while price competition is expected to continue in the broadband segment. Apart from the impact of any unforeseen circumstances, the group expects its 2015 service revenue to grow in the single-digit range, and earnings before interest, taxes, depreciation and amortisation margin is expected to be about 32 percent of service revenue.
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