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Stocks In Focus SG (Sembcorp Industries, SingTel, Rowsley) – 07/05/14
Sembcorp Industries recorded an 11.8 percent year-on-year increase in turnover to $2.6 billion in 1Q14, driven by higher revenue recognition for rig building and offshore and conversion projects. A surge in contributions from Sembcorp’s Nanjing Eco Hi-tech Island project in China under its Urban Development’s business lifted its bottom line. Consequently, net profit registered a 4.5 percent increase to $184.8 million.
SingTel has been fined $6 million by the Infocomm Development Authority of Singapore relating to a fire at the Bukit Panjang Exchange on 9 October 2013, which disrupted its telecommunication services in the northern and western parts of Singapore.
AIMS AMP Capital Industrial REIT registered 23.8 percent and 24.1 percent year-on-year increases in revenue and net property income to $29.5 million and $19.3 million respectively in 4Q14, attributed to additional rental contributions from 20 Gul Way. However, distribution per unit (DPU) declined 20.1 percent year-on-year to $0.0251 in 4Q14, underpinned by effects from a provate placement, a recent rights issue and the one-off $0.003 per share in capital gains from an asset sale last year. FY14’s DPU totalled $0.1053.
Perennial China Retail Trust recorded $2 million in revenue for the quarter ended 31 March, compared to zero turnover in 1Q13, due to contributions from Perennial Jihua Mall, Foshan. Net profit for the period more than doubled to $10.4 million. In the event the net property income from its properties falls below a certain amount, Perennial is able to draw down from an earn-out deed to pay its unitholders. As a result, distributable income remained unchanged at $10.9 million.
Amplefield’s associate company, Citybuilders (VN) Co., secured a US$23 million civil and structural contract from by Sing Viet City for works on a 63.8 hectare land parcel in Ho Chi Minh City,Vietnam. At the same time, Citybuilders (VN) Co. is in negotiation phase with Sing Viet City for a mechanical and electrical deal with an estimated value of US$7 million for the same parcel of land.
CosmoSteel Holdings proposed to acquire a warehouse located at 36 Tuas Crescent for $6.8 million. The property, a single-storey detached industrial building with a land area of 10,988 square metres, will be used to expand CosmoSteel’s warehouse capacity.
Eu Yan Sang International posted a 12.8 percent rise in revenue to $281.7 million for the nine months ended 31 March. The improvement was due to an increase in company-operated retail outlets and higher distribution sales to its wholesale distribution channels in Hong Kong and Macau. However, relatively higher overall expenses eroded profitability as earnings remained marginally unchanged at $13.4 million. For 3Q14, revenue and net profit came in 9 percent and 4.1 percent higher at $110.3 million and $8.8 million respectively.
OSIM International recorded a 14.6 percent year-on-year gain on sales to $172.6 million in 1Q14, underpinned by higher consumer demand. Coupled with better productivity in sales per outlet, the company also registered a 14.7 percent year-on-year gain in earnings to $28.8 million. OSIM declared an interim dividend of $0.01 per share.
Riverstone Holdings’ 1Q14 turnover rose 8.7 percent to RM87.8 million, underpinned by higher gloves demand. Favourable raw material prices kept cost of sales at bay as gross profit margin improved 4.9 percentage points to 30.6 percent. Consequently, bottom line ballooned 35.2 percent to RM16 million.
Rowsley recorded $21.8 million in revenue for 1Q14, compared to zero turnover a year earlier, due to contribution from RSP Architects Planners & Engineers which was acquired in 3Q13. Consequently, the firm turned the corner and returned to the black with $1.8 million in net profit, compared to a $4.7 million loss a year ago.
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