Stocks In Focus SG (DBS Group Hldgs, Olam Int’l, Oversea-Chinese Banking Corp) – 14/02/14

• DBS Group Holdings saw a 9.8 percent increase in total income to $2.3 billion as a result of better overall business performance. With a $229 million decline in one-off gains, earnings reduced 19.6 percent to $973 million. For the year of FY13, total income grew 10.7 percent to $8.9 billion while earnings shrank 3.6 percent to $3.7 billion. The company has declared a dividend of $0.30 per share, representing a full year dividend payout of $0.58 per share, which grew 3.6 percent compared to the previous year.

• Olam International’s revenue was down 8 percent to $4.5 billion for the quarter ended 31 December 2013, as a result of weaker demand for industrial raw materials. Subsequently, 2Q14’s net profit dropped 13.9 percent to $134.9 million from $154.1 million in 2Q13. For the six months, the company recognised a 7.9 percent fall in revenue to $8.8 billion, accompanied with an 8.5 percent shrinkage of net profit to $180.5 million.

• Oversea-Chinese Banking Corporation’s (OCBC) revenue came in flat for 4Q13 at $1.7 billion as a 10.3 percent decline in non-interest income weighed down on its performance. Company recognised a 7.8 percent increase in net profit to $715 million from $663 million in 4Q12. For the full year, OCBC booked a flat revenue of$6.6 billion, and a 31 percent decrease in net profits to $2.8 billion in absence of a one-off divestment gain from last year.

• Croesus Retail Trust posted gross revenue of JPY1.3 billion in 2Q14 which was 1.2 percent better than projection, mainly due to better than expected tenant sales from Mallage Sobu. Income available for distribution grew 6 percent above projection to JPY713 million, translating into a distribution per unit of $0.0202. For the six months ended 31 December 2013, gross revenue came in at the projected amount of JPY3.3 billion, while income available for distribution came in at JPY1.9 billion which was 7.4 percent above its projection.

• Raffles Education Corporation saw a 4.5 percent slip in revenue to $31.6 million for the quarter ended 31 December 2013, led by a decrease in student numbers resulting from the closure of colleges as part of rationalisation. Earnings in 2Q14 rose 20 percent to $5.8 million, primarily contributed by a $10.5 million increase in other operating income. For the six months, revenue edged down 3.8 percent to $63.4 million, while profit narrowed 63.1 percent to $3.3 million.

• Joint venture (JV) company between Heeton Holdings and Ryobi Kiso Holdings, Chatteris Developments, acquired Woodley Hotels (Kensington) which owns Enterprise Hotel, a 100-roomed hotel located in London, United Kingdom. Acquired at a purchase consideration of £22.9 million (approximately $48 million), this will bring the total number of hotel rooms for Heeton Holdings to 365.

More From Shares Investment:

• Market Commentary – 20/02/14

• USA Daily Bulletin – 19/02/14

• Asia Daily Bulletin – 19/02/14