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Stocks In Focus SG (City Developments, GLP, OUE Hospitality Trust) – 26/02/14
• City Developments via its subsidiary, Millennium & Copthorne Hotels, has acquired its first hotel in Rome, Italy, for €65.5 million. The five-star property, currently trading as Boscolo Palace Roma, offers 87 luxury guest rooms and suites in the heart of one of Europe’s greatest leisure and business travel destinations.
• Global Logistics Properties (GLP) formed a strategic alliance with Guangdong Holdings (GDH) to collaborate on Guangdong GDH Technology Industrial Park, the largest investment project in Dongguan, Southern China, measuring 18 million square metres (sqm). The two firms will jointly develop logistics and industrial facilities on site area of up to 3 million sqm.
• OUE Hospitality Trust’s maiden financial performance, for the period from 25 July 2013 to 31 December 2013, exceeded forecast as revenue came in at $50.6 million, up 1.3 percent from the figure provided in its prospectus, mainly due to better performance recorded by Mandarin Orchard hotel. As a result, the firm posted distributable income of $38.2 million and distribution per stapled security of $0.029, surpassing forecast by 2.4 percent and 2.1 percent respectively.
• Pacific Radiance’s top line for the quarter ended 31 December 2013 was US$42.4 million, a 42.6 percent hike compared to last year, due to improvement in utilisation and charter rates for its vessels. Coupled with foreign exchanges gains and higher contributions from the firm’s joint venture companies, net profit rose more than six-fold to US$16.4 million. For FY13, revenue and bottom line jumped 28.9 percent and 76.4 percent to US$168.6 million and US$56.8 million.
• BreadTalk Group recorded $147.1 million in turnover for the quarter ended 31 December 2013, a 22.8 percent increase from a year ago, driven by growth across all three business segments: Bakery, Food Atrium and Restaurant. Consequently, net profit rose 41.5 percent to $5.9 million. For the full year, BreadTalk’s revenue and earnings came in at $536.5 million and $14.9 million, 19.9 percent and 39.9 percent higher respectively.
• Chemoil Energy’s largest shareholder, Singfuel Investment, is seeking a voluntary delisting of Chemoil from the Singapore Exchange with an exit offer of US$0.40 per share in cash, a 29 percent premium over the last transacted price on 20 February. Singfuel cited that a privatisation of the firm would allow its management flexibility to manage and develop Chemoil’s existing businesses without the attendant cost, regulatory restrictions and compliance issues associated with its listed status.
• Courage Marine Group’s 4Q13 turnover saw an 81 percent increase from the previous year to US$9.6 million, attributable to higher utilisation rate. In the absence of a US$1.5 million impairment loss recorded in 4Q12, to reflect the decrease in utilisation rate and corresponding fall in revenue, Courage Marine returned to the black with net profit of $0.4 million. For the 12-month period, the firm’s revenue rose 33.1 percent to US$25 million while losses narrowed 83.4 percent to $1.8 million.
• MoneyMax Financial Services posted $22.1 million in revenue for 4Q13, up 15.1 percent from a year earlier, underpinned by higher sales of pre-owned jewellery and watches from the firm’s refurbished retail outlets. However, higher operating expenses related to the launch of new retail outlets and the firm’s initial public offering in August 2013, led to a 32.8 percent reduction in net profit to $0.9 million. For the 12-month period, MoneyMax’s turnover and bottom line slumped 13.3 percent and 69.6 percent to $65.6 million and $1.8 million respectively.
• SingHaiyi Group exercised a right of first refusal to acquire a 4.69 acres parcel of waterfront land along San Francisco Bay, California, for US$24.4 million. SingHaiyi intends to build a 528-unit high-end community for seniors which will have a gross development value of approximately US$600 million. The firm expects to begin recognising rental income from the development from FY17. This is SingHaiyi’s third project in the United States.
• XinRen Aluminum Holdings has inked an agreement to selling its loss-making Yichang smelting plant for Rmb400 million. The plant had losses of Rmb94 million and Rmb181 million in FY12 and FY13 respectively. Net proceeds of approximately Rmb375 million will be used to repay a Rmb123.1 million debt to Yichang Changjiang Aluminum, the plant’s holding company. Post disposal, XinRen will focus its efforts on its Liupanshui smelting facility and Jiangyin fabrication plant.
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