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Stocks In Focus SG (DBS Group, SGX, UOB) – 01/08/14
BreadTalk Group’s 49 percent-owned unit, BreadTalk (Thailand) (BTTH) has entered into a 50:50 joint venture with the Minor Food Group to invest in a joint venture company under the name of BTM (Thailand), to operate the bakery business under the BreadTalk brand in Thailand. The joint venture will have a registered share capital of $7.9 million and BTTH will satisfy the consideration of approximately $4 million by way of the transfer of all existing 19 BreadTalk outlets to BTM.
China Aviation Oil (Singapore) Corporation recorded a 4.4 percent rise in revenue to US$3.9 billion in 2Q14, attributable mainly to higher trading volume of other oil products. Shares of profit from associates more than doubled to US$13.8 million and subsequently, net profit jumped 32.4 percent to US$17.7 million in 2Q14. For 1H14, revenue increased 5.4 percent to US$8 billion while net profit grew by 7.2 percent to US$37.4 million.
DBS Group Holdings’ net profit rose 9.2 percent year-on-year to $969 million in 2Q14, underpinned by the increments in net interest income and fee income and the decline in allowance charges, partially offset by a fall in other non-interest income. For the six-month period, recurring earnings increased 9 percent from a year ago to $2 billion, a new record high, contributed by higher net interest margin, loan volumes and annuity fee income streams.
OSIM International registered a 10.4 percent jump in revenue to $182.7 million in 2Q14, driven by higher demand for its products including massage devices, nutritional supplements and luxury tea. Coupled with a rise in other income, partially offset by the increase in total expenses, net profit was up 13.1 percent to $29.5 million. For the six-month period, revenue and net profit expanded 12.4 percent and 13.9 percent respectively, to $355.3 million and $58.4 million.
OUE Hospitality Trust reported gross revenue of $28.3 million for 2Q14, in line with forecasts while net property income beat forecasts by 1.2 percent at $25.2 million due to lower than expected property expenses. Income available for distribution for the quarter was at $21.6 million and distribution per unit was $0.0164, 2.5 percent higher than forecasts. For 1H14, net property income and income available for distribution stood at $50.9 million and $43.7 million respectively, while distribution per unit is $0.0332, 3.4 percent higher than forecasted.
Roxy-Pacific Holdings’ 2Q14 revenue surged 49 percent to $102.6 million, on the back of a 59.1 percent increase in income from the property development segment, largely due to the recognition of higher revenue from Spottiswoode 18, Space@Kovan, The MKZ and Treescape as well as the commencement of recognition of revenue from Jade Residences, Whitehaven and LIV on Sophia. Consequently, net profit grew 16.5 percent to $22.8 million in 2Q14. For 1H14, revenue soared 48.5 percent to $182.1 million while earnings rose 20.3 percent to $37.7 million.
Singapore Exchange’s revenue slipped 14.7 percent year-on-year to $172.6 million in 4Q14 while net profit fell 11.6 percent to $77.4 million in tandem. For FY14, revenue was down 4 percent to $686.9 million, mainly attributable to a decline in securities income from a drop in market activities primarily due to a record low volatility. Coupled with an increase in operating expenses, net profit contracted 4.6 percent to $320.4 million in FY14.
Soilbuild Construction Group recorded a marginal 0.3 percent decrease in revenue to $67.7 million in 2Q14. Conversely, gross profit jumped 24.6 percent to $8.2 million as gross margin improved from 9.7 percent in 2Q13 to 12.1 percent in 2Q14, mainly due to revenue recognised on variation orders for various projects. However, due a share of loss of joint venture registered in the quarter compared to a $2.1 million profit a year ago, earnings fell 10.9 percent to $5.2 million in 2Q14.
United Overseas Bank has reported net profit of $808 million in 2Q14, a 3.2 percent year-on-year increase. Total operating income for the quarter rose 14.7 percent to $1.9 billion, on the back of higher net interest income due to higher loan volume and higher non-interest income with increased contribution from investment income. For the six-month period, net profit jumped 6.1 percent to $1.6 billion led by strong loan growth and increased investment income.
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