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Stocks In Focus SG (Raffles Education, 800 Super Hldgs, Jaya Hldgs) – 26/08/13

Raffles Education’s FY13 Results Returns To The Black
Raffles Education Corporation’s FY13 earnings returned to the black despite a marginal dip in revenue by 2.1 percent to $128.4 million for the period ended 30 June 2013. The decline in revenue was due mainly to a fall in revenue from China, but was offset by an increase in revenue from the Asia-Pacific region, given the region’s steady increase in student numbers. Profit for the year turned around from a loss of $66.3 million to earnings of $26.7 million. Raffles Education’s cash and cash equivalents increased 68.2 percent from $42.1 million to $70.9 million on the back of its $23.7 million rights issue and $127.8 million bonds issue earlier this year and net gearing ratio stood at 0.28 times.

Significance: Raffles Education highlighted that its expansion strategy in the Asia-Pacific (excluding China) region is showing positive outcome. Coupled with its repositioned and strengthened operations in China, the company is on track to a long-term sustainable growth.

800 Super Posts 10% Rise In FY13 Revenue
Environmental services provider, 800 Super Holdings, announced a 10 percent jump in revenue to $97.5 million for the full year ended 30 June 2013. The increase in revenue was primarily attributed to projects that were re-awarded with revised pricing and new contracts being awarded. Nonetheless, profit was marginally down by 3.4 percent to $5.8 million due to overall higher expenses in employee benefits, interest on borrowings, supplies and depreciation. Net asset value for the company increased 13 percent from $0.1699 in FY12 to $0.192 in FY13. Maintaining a track record of consistent dividend payouts, 800 Super also proposed a final dividend of $0.01.

Significance: 800 Super notes that its business environment remains highly competitive but its contract wins, which have boosted its top line, is an affirmation and recognition of the quality of services the company has been providing.

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Jaya Wins US$20m Contract In East Africa
Leading offshore energy services group, Jaya Holdings, announced that it has signed a contract to charter its new build DP2 platform supply vessel, named Jaya Vigilant, for a long term operation in the Indian Ocean, offshore Mozambique. The contract, which will span two years, has a value of more than US$20 million including the charterer’s options. The work scope includes remotely operated vehicle (ROV) support, survey work and core sampling in water depths up to 2 kilometres and others. Notably, with the delivery of Jaya Vigilant in September, Jaya would have seven new builds remaining its current shipyard order book. Two of these new builds slated for delivery from Jaya’s yard in Batam are purpose build ROV support vessels with large subsea cranes and diesel electric propulsion, which will offer even greater opportunities for its clients.

Significance: The new contract will enable Jaya to enter East Africa, a new market, where significant water gas discoveries have been made over the last few years. It will also be able to benefit as the region has no spot-market and limited shore support and would require increasingly versatile offshore support vessels.



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