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Stocks In Focus SG (Courts Asia, Ezra, Tigerair) – 10/10/14
Courts Asia marked its entry in Indonesia via the opening of its maiden store, ‘Big-Box’ Megastore in Bekasi. The store comes with 130,000 square feet of retail space which is accommodating 12,000 product offerings from 200 brands. Additionally, the store is equipped with food outlets to provide a one-stop shopping destination. Under the company’s pipeline, it intends to open three other ‘Big-Box’ stores in Jakarta in 2015 as well as expand its online presence in Indonesia.
Ezra Holdings has signed three contracts worth US$300 million by Noble Energy. The contracts involve the engineering, procurement, construction and installation of subsea tie-backs for the Big Bend, Dantzler and Gunflint field developments in the Gulf of Mexico. Some of the works including project management, engineering and procurement has already began at EMAS Marine Spool Base facility in Texas, US. Whereas, offshore execution is scheduled for 2015 which requires support from five EMAS AMC offshore construction vessels.
Global Logistic Properties (GLP) has signed pre-lease agreements totalling 49,000 square metres with two express delivery companies in Eastern China. In view of rising demands driven by domestic consumption and e-commerce, the two new tenants have upgraded to GLP’s facilities to increase efficiency and service quality. Both customers are existing customers of GLP.
Swissco Holdings bagged three chartering contracts with options worth US$17.3 million. Under the contracts, the offshore support vessels, comprising two new workboats and one anchor handling tug supply vessel, will be deployed in the Middle East. All three vessels are under the American Bureau of Shipping (ABS) classification where the last of the three vessels has just commenced its charter.
Tiger Airways Holdings signed an agreement with InterGlobe Aviation for the subleasing of 12 aircrafts under its fleet. This move is expected to reduce excess capacity significantly which lowers related leasing costs amounting to $162 million in cash flow. Each aircraft will be subleased for between three and four years. Given the current overcapacity situation in the industry, the 12 aircraft will be subleased at a discount to their original lease rates.
Yongnam Holdings secured three subcontracts worth $76.6 million. The first two contracts involve works relating to the construction of the Thomson-East Coast Line Napier and Marina South Stations as well as Marina South Station’s tunnels. Both contracts are expected to be completed by 48 months. The third contract is for the supply and installation of a temporary steel bridge at Liantang / Heung Yuen Wai Boundary Control Point in Hong Kong. These subcontracts are expected to have a favourable impact on Yongnam’s financial performance for FY14.
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