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Stocks In Focus SG (SGX Post-Trade System, Starhub, Wilmar Int’l) – 08/11/13
SGX Chooses New Post Trade System
Singapore Exchange (SGX) has chosen MillenniumIT, a Sri Lankan-based technology services company which is owned under London Stock Exchange Group, as the provider of a new post-trade system for Singapore’s securities market. Based on MilleniumIT’s PostTrade technology, SGX is working with MillenniumIT to facilitate the expansion of its clearing, settlement and depository services into multi-currency and asset solutions for its international client pool. Upon completion, the system aims to increase customers’ access, efficiency and flexibility in the types of products and services which SGX intends to offer and is expected to be rolled-out in phases starting at the end of 2015. SGX expects the new system to support its domestic and regional growth strategies.
Significance: Benefits of the post trade system includes, allowing SGX to shorten time-to-maket for new securities product offerings, supporting members with increased flexibility and efficiency on their post-trade needs as well as enriching services for retail investors to grant their brokers with access to information on all their investments held with SGX’s securities depository.
Starhub 3Q13 Earnings Down Marginally
Starhub reported 3Q13 earnings of $95.3 million, an approximately 1 percent decease as compared to the corresponding quarter last year. Revenue for the quarter inched down by 1.2 percent, to $578.8 million, from $585.9 million in 3Q12. This was mainly attributed to lower contribution of revenue from equipment sales. Despite a 2.9 percent year-on-year reduction in 3Q13’s cost of sales arising from lower cost of equipment sold and traffic expenses, reduction in overall expenses was partially offset by a 1.3 percent increase in other operating expenses. Meanwhile, other income also registered a jump of 30.3 percent to $11.1 million which mainly attributed to the higher adoption of grant income for Next Gen NBN services as taking up of this service increases.
Significance: Despite the company expecting to register an operating revenue that is lower than 2012, Starhub expects to see its service revenue maintained and intends to maintain an annual cash dividend payout of $0.20 per ordinary share for 2013.
Wilmar 9M13 Registers 22% Rise In Profit
The negative impact of lower commodities prices was felt by Wilmar International as it posted a 4.2 percent fall in turnover in 3Q13 despite experiencing strong volume growth across most business segments, particularly sugar and consumer products. However, a 23.5 percent improvement in finance income as well as a reduction in overall expenses saw that earnings edge up by 2.5 percent for the quarter. In the nine months ended 30 September 2013, Wilmar posted a 22 percent gain in bottom line despite a 4.1 percent decline in revenue, aided substantially by an 8.9 percent, or US$208.8 million, fall in overall expenses. While 9M13’s profit before tax saw the oilseeds and grains as well as sugar segments returned to the black, plantations and palm oil mills took a tumble as a result of lower sales volume, average selling price and lower production yield.
Significance: Over the past few years, Wilmar undertook investments in areas of capacity expansions, new businesses and downstream product to allow the firm to realise volumes growth and maintain margins against low crude palm oil prices, which recently surpassed the RM2,500 per tonne mark in late October.
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