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Stocks In Focus SG (Golden Agri-Res, Keppel Land, MYP) – 20/05/15
Golden Agri-Resources has priced the offering of $75 million 5.5 percent per senior unsecured fixed rate noted due April 2018, to be consolidated and form a single series with its existing $125 5.5 percent notes due April 2018. The net proceeds will be used for general corporate purposes and working capital needs of the group, including but not limited to the repayment of outstanding borrowings.
Indiabulls Properties Investment Trust has announced revenue of $102.7 million for FY15, representing an increase of 9.5 percent from the previous year. Property expenses decreased 11.5 percent due to lower advertisement expenses as well as legal and professional fees. Finance costs increased 19.2 percent offsetting a large portion of earnings. As a result, the trust registered a net loss of $3 million, as compared to a net loss of $56.6 million in FY14 attributed to a $74.7 million loss from the change in fair valuation of investment properties.
Keppel Land’s wholly-owned subsidiary has completed the sale of its shares in PT Sentral Supel Perkasa at an aggregate post-adjustment sale consideration of IDR446 billion, after an adjustment of IDR46 billion from the initial consideration of IDR400 billion. Keppel Land Group will realise a net gain of $14.6 million from the transaction, excluding the adjustment, net gain is approximately $12.5 million.
MYP has announced an astronomical gain of 3,708 percent in FY15 net profit to $51.4 million from $1.4 million in FY14. Revenue increased 32.1 percent to $8 million due to an increase in tenants from existing building and rental income from a newly acquired subsidiary, Affreton, in FY15. The increase in net profit is attributed to a negative goodwill of $46.7 million arising from the difference between the consideration transferred and the fair value of identifiable assets acquired in relation to the acquisition of Affreton. In view of the lapse in supply for the office market in 2015, the company is of the view that both the capital and rental values are expected to continue to register a positive growth in the second half of 2015.
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