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Stocks In Focus SG (Global Logistic Properties, King Wan Corporation, YuuZoo Corporation) – 14/01/15
Global Logistic Properties has announced the incorporation of four and acquisition of two new indirect subsidiaries involved in provision of distribution facilities and services. The two new indirect acquisitions are a 65 percent stake in Beijing Lihao Technology Co for Rmb323.2 million and the entire stake in Shanghai Kangjiekong Logistics Facilities Co for Rmb88.8 million.
King Wan Corporation has secured four new mechanical and electrical projects in Singapore worth $43.3 million in total from November to December 2014, bringing its order book to $209 million. The projects, consisting of an installation of sanitary, plumbing and gas systems in Jewel Changi Airport, will start within the next six months and is scheduled to be completed by 2018.
Singapore Press Holdings’ 1Q15 financial results were released, stating a fall in revenue by 6.5 percent to $307.1 million, due to a decline in revenue from advertisement and circulation, and the newspaper and magazine businesses. Operating profit fell 12.4 percent from to $102.3 million subsequently. Net profit fell by 21.9 percent to $69.4 million, as net income from investments fell and net loss from associates rose year-on-year. With the opening of the Seletar Mall in November 2014, contribution to the company’s property business is expected to commence from 2Q15.
TEE International (TEE) has released its 2Q15 financial results, stating a 14.2 percent decline in revenue to $43 million due to lower revenue recognised during the period for ongoing engineering projects. Gross profit margin rose by 9.3 percentage points from 8.6 percent in 2Q14 to 17.9 percent in 2Q15. This led to a 77.6 percent surge in gross profit. However, an increase in administrative expenses, and substantially higher finance costs dragged net profit down by 5.8 percent to $1.5 million. A dividend per share of $0.0018 was declared for the period. In addition, the firm is proposing an additional dividend, which will be distributed by way of a dividend in specie to shareholders, on the basis of one TEE Land share for every 15 TEE shares.
Ying Li International Real Estate has signed a memorandum of understanding with Chongqing City Shuangfu New Area Administrative Committee and Chongqing Hardware and Electrical Industry Association Alliance, to develop a Rmb1.8 billion mixed development property in Jiangjin District. The property is a one-stop hardware and electrical appliances hub known as Ying Li International Hardware and Electrical Mall. Construction is expected to complete in two to three years. The new mall will comprise of high-grade retail shops, hotels, residential and a logistics distribution centre, spanning a total gross floor area of 1.6 million square metres. Ying Li will retain some of the premium completed developments as investment properties to enhance its portfolio.
YuuZoo Corporation has entered into a joint venture agreement with Hong Kong investment group Hamon Private Equity to develop a targeted social e-commerce network for investors. The network will showcase and distribute a diversified range of financial products and services. This allows users to interact directly with specialists in the financial community for investment advices. Under the agreement, YuuZoo will receive a pre-agreed portion of revenue from the network, generated from e-commerce, advertising and transaction fees.
ZICO Holdings has announced plans to set up a joint venture with Stamford Law Corporation, allowing ZICO to acquire Stamford Law’s corporate secretarial business for $2.4 million. The joint venture, of which ZICO owns 51 percent stake, will give a better position for both companies to provide seamless corporate secretarial services to existing and future clients.
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