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Stocks In Focus SG (IPCO Int’l, IHH Healthcare , Lippo Malls) – 15/09/14
IPCO International posted a 19.9 percent growth in turnover for the first quarter ended 31 July 2014, boosted mainly by its natural gas installation, connection, delivery and usage business segment. However, as fair value gains on financial assets collapsed 94.2 percent to $0.7 million, earnings shrank 89.4 percent to $1.4 million.
IHH Healthcare agreed to fully acquire Radlink-Asia for $137 million. Radlink is an investment holding company and its principal activity through its subsidiaries, is the provision of healthcare services including the provision of outpatient diagnostic and molecular imaging services in Singapore.
Lippo Malls Indonesia Retail Trust (LMIR) proposed the acquisition of a five-storey shopping centre that is located in South Jakarta, Indonesia for a total cost of $397 million. The acquisition when completed, is expected to enhance the distribution per unit of LMIR to $0.034, representing a gain in distribution yield by 0.22 percentage points to 8.05 percent based on the closing price of $0.415 of LMIR on 31 December 2013. LMIR intends to fund the acquisition via both debt and equity via a rights issue.
Popular Holdings’ revenue was up 5.9 percent to $141.4 million for the first quarter ended 31 July 2014, underpinned by increased revenue contribution from its retail and distribution and publishing and e-learning business divisions. In absence of a one-off impairment loss of $3.1 million on two 18 Shelford units recognised in the corresponding quarter last year, the company was able to cut other operating expenses by 90.8 percent. Consequently, net profit soared 76.8 percent to $9.4 million.
Sembcorp Industries inked a conditional agreement to expand its energy business in China by acquiring and developing two power plants in Chongqing, China. Under the agreement, Sembcorp will acquire a 49 percent stake in an existing 300-megawatt coal-fired power plant and the joint development of an adjacent 1,320 megawatt coal-fired power plant. The project cost is estimated to be Rmb6 billion (approximately $1.2 billion), while the development of the new 1,320-megawatt plant is expected to complete in 2017.
Vibrant Group’s revenue gained 8.2 percent to $50.5 million for the first quarter ended 31 July 2014, lifted by increased contributions from its financial services, freight and logistics business segments. Coupled with a 79.6 percent reduction in other operating expenses as a result of higher fair value loss on Sabana Real Estate Investment Trust in the corresponding period last year, net profit advanced 89.9 percent to $6.8 million.
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