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Stocks In Focus SG (City Developments, Global Logistic Properties, Sembcorp Marine) – 27/02/14
City Developments posted a 12.6 percent decline in revenue to $774.4 million for the quarter ended 31 December 2013, attributable to lesser contribution from property development arising from numerous property cooling measures in Singapore. Coupled with a 56.4 percent reduction in other operating income, earnings for the quarter fell 11.4 percent to $221 million. For the full year, revenue dropped 5.7 percent to $3.2 billion, while earnings came in flat at $683 million. The company has declared a dividend of $0.08 per share.
Global Logistic Properties establishes strategic partnership with COFCO to build a modern national food logistics network to meet demand arising from growing domestic consumption and increased emphasis on food quality and safety in China.
Sembcorp Marine bagged US$1.1 billion in contracts from a subsidiary of Transocean to build two drillships with options for three additional drillships and are slated for delivery in 2Q17 and 1Q18.
Croesus Retail Trust proposed to acquire two retail properties, Luz Omori and NIS Wave I, with an aggregate purchase consideration including other expenses of JPY14,250 million (approximately $176.3 million). Luz Omori and NIS Wave I come with a net lettable area of 9,285 square metres and 7,141 square metres, while weighted average lease expiry stands at 16.6 years and 4.8 years respectively. When acquired, the properties are expected to lift annual distribution per unit by 5.7 percent to $0.0741.
Venture Corporation’s revenue for the quarter ended 31 December 2013 was up 5.1 percent to $622.9 million, representing the best quarter’s performance in 2013. Earnings remained flat at $38 million mainly due to an increase in material cost. For the full year, revenue dipped 2.4 percent to $2.3 billion along with a 6.1 percent decline in earnings to $131.1 million. The company has declared a dividend of $0.50 per share.
Yangzijiang Shipbuilding (Holdings) has acquired the remaining 45.53 percent in the share capital of Jiangsu Runzhou Heavy Industry (JRHI) for a purchase consideration of US$5.5 million. By taking full control of JRHI, the company will be able to enjoy the benefits of reduced costs from steel structure, paint surface preparation of steel and coating business required by its shipbuilding business.
Banyan Tree Holdings’ revenue came in flat at $97.9 million for the quarter ended 31 December 2013, as a result of better performance at its hotel investments and property sales segments, which were negated from lesser contribution at its fee-based segment. Further, a 4.8 percent increase in total cost and expenses dragged earnings for the quarter down 26.9 percent to $3.7 million. For the full year, revenue went up 5.2 percent to $356.1 million, while earnings spiked up 22.1 percent to $18.1 million. The company has declared a dividend of $0.01 per share.
Lifebrandz proposed a private share placement to raise $3.4 million after deducting expenses, where the net proceeds will be used for working capital as well as to repay a shareholder’s loan of $0.5 million. The issue price of each placement share is $0.0081 and represents a discount of 10 percent to the volume weighted average price of $0.009 per share on 21 February 2014. The private placement will represent 16.6 percent of the company’s enlarged share capital.
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