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Stocks In Focus SG (DBS, OCBC, Soilbuild REIT) – 30/04/14
• DBS Group Holdings’ recorded a 5.8 percent year-on-year increase in total income to a new high of $2.5 billion for 1Q14, driven by higher net interest margin, loan volumes and customer non-interest income. Consequently, net profit including one-time items for the quarter rose 29.6 percent year on year to a record $1.2 billion.
• Oversea-Chinese Banking Corporation reported an 18.8 percent year-on-year increase in total income to a new quarterly record of $1,887 million, attributed to asset growth and a six basis point widening of net income margin, higher fees and commission income as well as sale of investment securities. Consequently, net profit after tax for the quarter rose 29.2 percent to $899 million.
• Soilbuild Business Space REIT’s 1Q14 gross revenue slipped 0.2 percent to $16.8 million, due to a difference in lease structures as 1Q13’s pro forma figure was based on underlying leases while the actual is on a master lease “triple-net” structure. However, a 43.9 percent, or $2.1 million, decline in property operating expenses led to a 16.6 percent rise in net property income to $14.2 million. Consequently, income available for distribution to unitholders climbed 18.4 percent to $12.6 million. The trust declared a distribution of $0.01562 per unit for the quarter.
• E2-Capital Holdings proposed a capital reduction by returning HK$0.67 per share, or HK$187.6 million, in cash to its shareholders. Following the disposal of its subsidiary, Wealthy Aim Investments, E2-Capital ceased to have any operating business and became a cash company. Presently, the firm is exploring new business opportunities, failing which, it will be removed from the SGX.
• Indofood Agri Resources recorded a 2.4 percent year-on-year growth in revenue to Rp3.2 trillion for 1Q14, principally attributed to higher external sales from the Edible Oils & Fats Division. Gross profit margin rose 7.4 percentage points to 28 percent in line with the strong recovery in commodity prices for agriculture crops translating to higher selling prices for Indofood Agri Resources’ key plantation crops. Net profit for the quarter jumped 70.3 percent to Rp181.9 billion.
• SIIC Environment Holdings’ revenue for the three months ended 31 March soared 50.7 percent to Rmb297.8 million, driven by substantial completion of certain construction projects, higher water treatment and supply sales volume as well as contributions from newly acquired subsidiaries. However, gross profit margin fell 5.5 percentage points to 29.1 percent as a larger portion of the revenue was derived from the construction segment, which offers lower margins. Net profit for the period more than doubled to Rmb65 million.
• Singapore Medical Group and Indonesia-based PT. Ciputra Raya Sejahtera announced a 40:60 joint venture with the aim of operating an eye specialist clinic and potentially, any other specialist clinic in Jakarta, Indonesia. The investment is consistent with the company’s efforts to extend Singapore’s healthcare services and quality into the Southeast Asia region.
• Sino Construction acquired a 19.9 percent stake in Luxembourg-based Renaissance Enterprises S.A. for $28.6 million. Turkey-based Topkapi Mineral Sanayi ve Ticaret A.S., a wholly-owned subsidiary of Renaissance, is the sole legal and beneficial holder of seven key licences granted in respect of the titanium project located within a contiguous area of 113 square kilometres in or around the Manisa District of western Turkey. The Manisa Titanium Project is the world’s second largest known heavy mineral reserve.
• Starhill Global Real Estate Investment Trust’s 1Q14 gross revenue slumped 8.3 percent to $49.2 million in absence of a one-time receipt of accumulated rental arrears in 1Q13 and lower contribution from overseas properties. A slightly slimmer decline in property expenses led to a smaller reduction in net property income of 6.7 percent to $39.1 million. As a result, income available for distribution fell 6.4 percent to $27.9 million. Starhill declared $0.0124 per unit as distribution to unitholders for the three-month period.
• Yangzijiang Shipbuilding (Holdings) posted a 24 percent spike in turnover to Rmb3.6 billion for the three months ended 31 March, underpinned by improved contributions across all business segments. However, a larger surge in cost of sales, attributable to higher revenue generated from its shipbuilding related segment, dragged gross profit margin from 36.1 percent to 29.5 percent. Nonetheless, a jump in other income and net gains lifted net profit up11.4 percent to Rmb799.2 million.
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