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Stocks In Focus SG (Sarine Tech, Stamford Land, Tiger Airways) – 13/04/15
KrisEnergy has awarded the front-end engineering and design (FEED) contract for the Lengo gas development offshore East Java in Indonesia. Indonesian-based survey contractor, Java Offshore has commenced geophysical and geotechnical surveys at the platform site and proposed platform-to-shore pipeline route and onshore receiving terminal location. PT. Synergy Engineering will manage the engineering services. The development plan comprises four development wells, an unmanned wellhead platform and a 20-inch, 65-kilometre export pipeline to transport the gas to shore. Gas sales and production is expected to begin approximately 24 months after the final investment decision is declared.
Sarine Technologies has disclosed a 50 percent impairment in revenue in the first quarter of 2015, attributable to issues of rough versus polished prices, inventory overhang and working capital liquidity. With rough diamond prices increasing out of sync with polished diamond prices market trends, there were reluctance in purchasing by mid and downstream players, and lack of sustainable profitability. Sarine predicts a lingering effect of the current underlying industry conditions and resulting sentiment, but hopes to provide significant impetus to long-term growth with new products and other cutting edge technologies.
Stamford Land Corporation announced that HSH Hotels (Australia), a trustee of its wholly-owned trust, signed a loan agreement with a major commercial bank for a secured term loan facility of A$265 million ($277 million). Funding the construction of its Macquarie Park Village project, the residential mixed-used development at the corner of Herring and Epping Roads, Macquarie Park, in Sydney will be built on the site where Stamford Grand North Ryde, a hotel property that Stamford Land owns, is currently operating. Sales proceeds will be recognised in 2017 upon completion of project, with 96 percent already pre-sold.
Tiger Airways reported an overall decline in airline operations for the month of March 2015. With 12.1 percent drop in traffic to 772 million revenue passenger-kilometres (RPK), its capacity also decreased by 12.4 percent to 972 million available seat-kilometres (ASK). The number of passengers carried fell 14.5 percent to about 412,000. For the 12 months to March 2015, traffic increased by 4 percent to 9.7 billion RPK, while capacity decreased 1.1 percent to 11.8 billion ASK. The number of passengers carried grew by 1.4 percent to 5.1 million.
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