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Stocks In Focus SG (Hiap Seng, Mapletree Log Tr, Xyec) – 25/05/15
Hiap Seng Engineering has been awarded contract worth approximately $43 million for the provision of mechanical works for the Mogas-Cogen Project on Jurong Island. Works have commenced and are scheduled for completion by September 2016.
Mapletree Logistics Trust proposed to acquire two assets in Vietnam and South Korea for $42.2 million. The purchase of Mapletree Logistics Park Bac Ninh Phase 1 in Vietnam will establish the trust’s first presence in North Vietnam, tapping into the growing distribution network serving Hanoi and its surrounding markets. Meanwhile, the investment in Dakonet Logistics Centre in South Korea will further strengthen the trust’s presence in Gyeonggi-do, a prime logistics hub near Seoul. According to the filing on Singapore Exchange, the two acquisitions, which are fully leased to a tenant base of mostly international logistics players, offer net property income yields of 8 to 10 percent and will be accretive to the trust.
Xyec Holdings recorded a multi-fold jump in earnings to JPY191.4 million for the full-year ended 31 March 2015 compared to JPY36.2 million last year. The stronger results were driven by a 12.2 percent revenue growth and reduced selling, general and administrative expenses. Going forward, the firm believes that the weakening of the Japanese yen will continue to benefit its major clients who are domestic manufactures. That, in turn, creates more business opportunities for Xyec.
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