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Stocks In Focus SG (Noble, Keppel REIT, Ascendas Hospitality Trust) – 16/05/14

Noble Group posted US$18 billion in revenue for the three months ended 31 March, down 7.3 percent from US$19.4 billion, attributable to lower metals, minerals and ores tonnage transacted during the period. However, a rise in operating income margin, mainly driven by record levels attained for premiums in aluminium, lifted profitability as Noble’s bottom line more than tripled to US$152.3 million.

Ascendas Hospitality Trust’s 4Q14 gross revenue jumped 9.7 percent to hit $52.9 million, underpinned by higher average occupancy rate and daily rate for its hotels in Australia as well as additional revenue of $5 million from the acquisition of Park Hotel Clarke Quay in June 2013 . However, in absence of an $18 million gain via negative goodwill related to acquisitions recorded in 4Q13, distributable income tumbled 7.5 percent to $12.5 million. Ascendas declared distributions of $0.0121 per unit for the quarter.

First Ship Lease Trust’s turnover for the quarter ended 31 March fell 2.7 percent to US$22.4 million due to pre-mature termination of two bareboat charter leases and under-utilisation of two product tankers. However, in absence of a US$5.3 million impairment loss on available-for-sale financial assets, 1Q14’s net loss narrowed 29.9 percent to US$5 million.

Keppel REIT has agreed to divest its 92.8-percent stake in Prudential Tower for $512 million, a 46.7 percent premium over its original purchase price of $349.1 million. Post divestment, Keppel REIT’s aggregate leverage, as at 31 December 2013, will decline 3.3 percentage points to 38.8 percent.

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China Environment bagged eight contracts worth Rmb166.8 million to supply electrostatic precipitators and hybrid dust collectors to six customers in China.

Joyas International agreed to sell its interest of the 19th floor and a car parking space in Harrison Court V, Kowloon, Hong Kong, for HK$12 million. Based on the property’s net book value of HK$3.9 million, Joyas stands to gain HK$8.1 million.

Logistics Holdings secured a $72 million contract from the Housing and Development Board (HDB). The project involves constructing four blocks of HDB flats as well as its accompanying facilities along Yishun Avenue 1.

Otto Marine reported a 42.6 percent year-on-year decline in revenue to US$77.2 million in 1Q14 as a result of the absence of the sale of a substantially completed vessel in 1Q13 and lower utilisation of its ships due to the docking of several vessels for survey. Consequently, Otto Marine posted a net loss of US$14.4 million in 1Q14 as compared to a net profit of US$0.3 million in 1Q13.

TEE Land’s subsidiary, TEE Hospitality has established a 90:10 joint venture company (JV), JPJ Properties, with Peter & Jan Clark (Levey Street), with paid up capital of A$100 million. The JV has agreed to acquire a three-star hotel located in Sydney, Australia, for A$23.9 million.

Vallianz Holdings was awarded a US$82 million contract by a major offshore construction company for the provision of charter and ship management services in Latin America. This brings Vallianz’s current order book to a new record of US$524 million.



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