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Stocks In Focus SG (GLP, Jardine C&C, ST Engg) – 28/02/14

Global Logistic Properties (GLP) has signed two lease agreements totalling 19,000 square meters, with two third-party logistics providers, in Greater Tokyo. With the agreements, the firm’s recently completed GLP Atsugi will be 92-percent leased while GLP Misato III will be fully occupied.

Jardine Cycle & Carriage (Jardine C&C) revenue for the three months ended 31 December 2013 fell 5.1 percent to US$4.7 billion. However, an improved gross profit margin from 10.6 percent to 13.3 percent as well as better performances from share of associates’ and joint ventures’ results enabled Jardine C&C to post net profit of US$240.4 million, 57.9 percent higher than a year earlier. For the full year, both revenue and earnings narrowed 8.1 percent and 7.2 percent to US$19.8 billion and US$915 million respectively.

Singapore Technologies Engineering posted a 12.4 percent rise in turnover for the quarter ended 31 December 2013 to $1.9 billion, as contributions from all segments, except Land System, increased. In particular, the marine division enjoyed a surge in shipbuilding activities. Consequently, net profit gained 10.1 percent to $167.5 million. For the 12-month period, turnover jumped 4 percent to $6.6 billion while bottom line inched up 0.8 percent to $580.8 million.

Thai Beverage’s 4Q13 revenue came in 7.9 percent higher at THB44.7 billion, bolstered by higher income from its spirits and food businesses, partially offset by a dip in beer and non-alcoholic beverages segments. Coupled with a near-threefold jump in share of profit of associates, earnings surged 91.5 percent to THB6.7 billion. For the full year, revenue dipped 3.3 percent to THB155.8 billion while net profit tumbled 32.9 percent to THB19.1 billion in absence of a THB12.7 billion gain on purchase of investment in associate recorded in FY12. Excluding the gain, earnings would have rose 21 percent instead.

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AVIC International Maritime Holding’s subsidiary, Deltamarin, secured a contract from China Shipbuilding Industry Corporation for a new 37,000 gross register tonnage hospital ship. The contract is valued at €4.2 million with delivery of the vessel planned for July 2017. It will be the world’s largest civilian hospital ship.

Centurion Corporation’s 4Q13 turnover remained relatively flat at $17.6 million on the back of positive market rate revisions and higher occupancy for its accommodation business in Singapore and Malaysia. Gains from associates and joint venture, compared to a loss in 4Q12, as well as a larger fair value gain on Centurion’s investment properties benefited its bottom line favourably as net profit jumped in excess of fivefold to $26.9 million. For the 12-month period ended 31 December 2013, top line and earnings climbed 1.8 percent and six times to $66.4 million and $92.2 million respectively.

Halcyon Agri Corporation’s 4Q13 top line grew 20.5 percent to US$53.5 million, underpinned by higher sales volume, partially offset by lower average selling prices. Lower overall expenses and improved finance income led to a 64.3 percent jump in bottom line to US$1.4 million. For the full year, Halcyon recorded a 7.7 percent and 7.9 percent dip in revenue and net profit to US$205 million and US$9.1 million respectively.

Ho Bee Land’s turnover for the quarter ended 31 December 2013 slid 75 percent to $56.2 million as result of lower recognition of revenue for the firm’s development properties. However, a substantial jump in fair value changes of investment properties, largely from the newly completed The Metropolis at One-North, shore up profits as Ho Bee’s bottom line spiked in excess of seven times to $506.1 million. For the 12-month period, turnover dropped 69.8 percent to $139.3 million while net profit climbed threefold to $591.8 million.

Mewah International has agreed to purchase Mitra Valley for RM7.5 million from Perfect Venue. Mitra Valley has a conditional approval from Ministry of Plantation Industries and Commodities of Malaysia to build a biofuel plant construction / biofuel blending plant. The proposed purchase will further the firm’s plans in palm biodiesel businesses.

United Envirotech secured a Rmb580 million ($120 million) contract to design and build China’s largest membrane bioreactor wastewater treatment plant from Fujian Haixia Environmental Protection. The contract value represents approximately 83 percent of United Envirotech’s total engineering revenue of $144 million for FY13.



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