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Stocks In Focus SG (Cordlife, Sim Lian, Wheelock Prop) – 12/05/15
Achieva plans to diversify into the marina and yacht chartering services with the proposed acquisition of SUTL Marina Development and One15 Luxury Yachting for an aggregate purchase consideration of $21 million. The funds will be raised through the allotment and issuance of approximately 341.5 million new shares at $0.0615 per new share.
China Bearing (Singapore) reported a 29.1 percent fall in 1Q15 revenue to RMB26.6 million. The lower revenue was due to a decrease in sales volume and the termination of agency services agreement and sales of bearing accessories and partial-complete bearing products. However, gross profit more than doubled to RMB4.9 million compared to RMB2.3 million in 1Q14, due to increase in average selling price. Consequently, the company returned to the black with a net profit of RMB684,000.
Cordlife Group reported a 19.3 percent decline in 9M15 net profit to $11.7 million. The drag was the substantially higher selling and marketing expenses in line with the firm’s strategy to increase existing market share in India. Revenue increased 18.5 percent to $41.8 million mainly due to an increase in the number of client deliveries. In addition to cord blood and umbilical cord lining banking services the firm is expected to launch adjacent products and services into all markets this year.
Sim Lian Group reported revenue of $1.1 billion for 9M15, representing a 142.7 percent increase from $455 million last year. The higher revenue contribution was mainly due to an increase in the percentage of work done. Contract costs increase by 176.2 percent in tandem with the revenue growth. Overall, net profit climbed 69.4 percent higher to $187.3 million. Looking ahead, the group seeks strategic investment opportunities and is focused on building a stable base of recurring income to reduce profit fluctuations from the property development division.
UPP Holdings’ 1Q15 net profit rocketed up by 229.6 percent to $4 million. Despite a 77.9 percent decrease in revenue, the company managed to improve gross profits by 45.6 percent to $4.3 million from the corresponding period last year. The decrease was largely attributable due to the absence of $58.8 million cost recognised for a power plant construction last year. Foreign exchange conditions were favourable, resulting in a $1.7 million gain. The company expects businesses in Malaysia and Myanmar to remain relatively stable amid the challenging business environment.
Wheelock Properties’ (Singapore) 1Q15 revenue increased 292.5 percent to $99.2 million mainly attributable to revenue recognised from construction works on The Panorama. Cost of sales increased significantly by $72.8 million in line with the revenue growth. Coupled with foreign exchange loss, net profit fell 14 percent to $12.3 million. The Panorama is scheduled for completion in 2017 and sale of units is still on-going. The group is monitoring the market for a window of opportunity to launch Ardmore Three and the Fuyang project.
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