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Stocks In Focus SG (Chiwayland Int’l, Hyflux, Maxi-Cash) – 08/08/14
For 2Q14, China Merchant Holdings (Pacific) registered a 3 percent growth in revenue to HK$494.1 million, bolstered by better performance at its toll road operations. Lifted further by a HK$3.1 million reduction in finance costs as well as substantial contribution from discontinued operation, earnings gained 41.9 percent to HK$249.3 million. For the six-month period, revenue grew 4.6 percent to HK$958.6 million while earnings surged 30.6 percent to HK$397.3 million.
Chiwayland International has established a 50:50 joint venture (JV) with Property Solutions Services (PS), a property developer in Australia, to jointly develop properties in Australia. Under the JV, three development sites located in the city of Brisbane are planned to be developed into apartment units with commercial space, and occupy an aggregate saleable gross floor area of 26,000 square metres. Through the JV, the group intends to target clients in China who wishes to purchase properties in Australia.
CWT recorded a 113.7 percent jump in revenue to $3.7 billion for the second quarter ended 30 June 2014, underpinned by increased contribution from its Commodity Marketing business. Despite a $10.1 million expansion in finance expenses in tandem with the growth in financial services, trade financing and logistics project financing, earnings soared 66.9 percent to $30.3 million. For the six-month period, revenue rose more than two times to $8.2 billion accompanied by a 44.7 percent growth in earnings to $65.2 million.
Hyflux posted a 41.7 percent drop in revenue to $80.6 million for the second quarter ended 30 June 2014, reflecting the timing of project commencement in FY14. Other income gained $80.8 million on the back of net gains on the sale and leaseback of Hyflux Innovation Centre and disposals of the group’s joint venture in Marmon Development. As a result, net profit soared more than three times to $61.4 million. For the six months, revenue sank 35.7 percent to $169 million, while net profit surged 286 percent to $99.3 million.
Maxi-Cash Financial Services Corporation recorded a 4.7 percent fall in turnover for the second quarter ended 30 June 2014, as a result of lower contribution from its retail and trading of pre-owned jewellery and watches business. Helped by a tax credit of $0.1 million, net profit gained 185.4 percent to $0.1 million. For the six-month period, revenue and net profit fell 2 percent and 79.1 percent to $55.5 million and $0.3 million respectively.
Neptune Orient Lines’ revenue remained flat at US$2.1 billion for the second quarter ended 27 June 2014, as reduced contribution from its Liner segment in tandem with lower volume was offset by higher revenue from Logistics division. A finance expense of US$32.3 million was incurred as a result of financial hedging instruments. As the growth in expenses outpaced the flattish revenue, losses expanded 55.2 percent to US$53.7 million. For the six-month period, revenue dipped 2.4 percent to US$4.3 billion, while a net loss of US$151.7 million was recorded.
Noble Group’s revenue was up 12.5 percent to US$23.6 billion for the second quarter ended 30 June 2014, boosted by improved performance at its Energy segment. While operating income from supply chains fell as much as 21.4 percent to US$319.6 million, nonetheless, earnings registered a modest 4.8 percent growth to US$65.8 million. For the six-month period, revenue and earnings increased 3 percent and 109.5 percent to US$41.5 billion and US$218.1 million respectively.
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