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Stocks In Focus SG (Religare Health Trust, Manhattan Resources, SATS) – 22/05/14
Religare Health Trust posted a modest 1.8-percent dip in revenue to $27.2 million for the quarter ended 31 March due to a depreciation of Indian Rupee against the Singapore dollar. In the Indian Rupee terms, turnover rose 6.3 percent on the back of higher service fee, hospital income and other income from ancillary services. As a result of lower overall expense, Religare’s distributable income attributable to unitholders climbed 6.2 percent to $11.4 million. The trust declared $0.02 in distribution per unit for the period.
KrisEnergy agreed to purchase the full stake of MP G10 (Thailand), which holds the operatorship of and a 75-percent interest in the G10/48 concession in Thailand for US$102.5 million. G10/48 covers 4,696 square kilometres in the Gulf of Thailand. Three oil discoveries, Niramai, Mayura and Wassana, exist in G10/48 with the latter expected to commence production in 2H15 with a production peak at 10,000 barrels of oil per day.
Lian Beng Group bagged a $44.5 million contract from Westlite Dormitory (V one) for the proposed erection of one block of 13-storey independent workers’ dormitory at Woodlands Avenue 10.
Manhattan Resources plans to foray into China’s mineral mining industry with a proposed acquisition of Singxin Resources for $1 billion. Following a restructuring exercise, Singxin will have a 70-percent stake in Giant Miner, which holds mining exploration permits in three concession areas spanning 27 square kilometres in China. The purchase will be satisfied via an issuance of 1.4 billion Manhattan shares at $0.73 each.
SATS’ turnover for the three months ended 31 March declined 3.2 percent to $434.6 million as a weakening yen weighed on its food solutions contributions. Amidst continued manpower cost pressures, largely driven by increases in statutory levies, expenditure reduced by smaller margin compared to the fall in revenue. Coupled with lower cargo volumes and higher staff costs experienced by its associates/joint venture, SATS’ net profit narrowed 7.8 percent to $42.6 million.
Singapore Shipping Corporation’s 4Q14 revenue grew 66.7 percent to US$8.1 million, underpinned by the acquisition of an agency and logistics business in 1Q14. Although higher overall expenses eroded profitability, a $0.9 million one-off gain on a disposal of a vessel lifted net profit up 94.3 percent to US$2.3 million. For the full year, the firm posted a 73-percent and 25.7-percent gain in top and bottom lines to US$34.4 million and US$8.6 million respectively.
TA Corporation, with King Wan Corporation and SKM Development, has secured a land tender for a 9,200-bed worker accommodation facility from the Jurong Town Corporation. The 31,170.5 square metre plot, located at Tuas South Street, cost the trio $113.9 million.
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