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Stocks In Focus SG (Figtree Hldgs, Nam Cheong, Osim Int’l) – 28/01/14

Shares Investment

Figtree Holdings Secures $178m Design And Build Contract

  • Figtree Holdings via its subsidiary, Figtree Projects, has been awarded by Tech Link Storage Engineering to design and build LF Logistics Distribution Centre for a consideration of $178 million.

  • The facility, located at Wenya, in the Jurong West district, will be developed into an integrated distribution centre with a gross floor area of approximately 1 million square feet, consisting nine levels of warehouse and value added processing areas.

  • Expected to be completed in 4Q15, the facility is earmarked by the US Green Building Council for the recognition of Leadership in Energy and Environmental Design and the award of Green Mark Platinum by Building Construction Authority of Singapore. Upon completion, the facility will be leased to a subsidiary of Li & Fung, a company listed on the Hong Kong Securities Exchange.

Significance: This is the seventh logistic warehouse project that Figtree has undertaken and the first since the company’s initial public offering. The latest contract win will lift Figtree’s order book from $91.9 million as at 3 October 2013 to $269.9 million.

Nam Cheong Bags Contracts For 5 Vessels Worth US$70m

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  • Nam Cheong through its subsidiary, Nam Cheong International, has been awarded sales contracts worth US$70 million (approximately $89.5 million) for four units of emergency response and rescue vessels (ERRV) and one unit of anchor handling towing supply vessel (AHTS).

  • The vessels were all sold to an existing repeat customer, Sentinel Marine, an emerging Aberdeen-based company which owns and operates offshore support vessels.

  • As at 02:12 p.m., share price of Nam Cheong has jumped 4.9 percent above its closing price on 27 Jan 2014 of $0.305 to $0.32.

Significance: A year ago, Nam Cheong has also sold four 3,755 brake horsepower ERRVs to Sentinel Marine. With the latest contract wins, Nam Cheong’s order book stands at approximately RM1.5 billion.

FY13 Earnings Soar 16.9%: Osim International

  • In light of greater demand for OSIM lifestyle products and nutritional supplements, for the year ended 31 December 2013, revenue for Osim International was up 7.6 percent year-on-year to $647.6 million from $601.7 million.

  • Other operating income soared more than two folds, mainly from revaluation gain of TWG Tea which has turned into a subsidiary of OSIM in October 2013. Other operating expenses for the year expanded 25.2 percent to $260 million mainly as a result of impairment and foreign exchange losses incurred from Brookstone.

  • In tandem with its stellar performance, earnings of the company soared 16.9 percent to $101.6 million in FY13, compared to $86.9 million in the previous year.

Significance: Osim has achieved five years of record profit and 20 consecutive quarters of profit growth. Moving forward, the company expects improvement in productivity and growth in profitability to continue, driven by its market leadership, continuous innovation and productive execution.



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