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Stocks In Focus SG (Singapore Exchange, Blumont, CNA Group) – 18/10/13
SGX Reports 24.2% Jump In 1Q14 Earnings
Singapore Exchange’s (SGX) first quarter earnings rose 24.2 percent to $92.3 million from $74.3 million, higher than the $83.3 million average estimate by four analysts in a Bloomberg survey. This was on the back of a 14.7 percent increase in operating revenue to $184.1 million from $160.5 million as revenue from the securities business increased 14.5 percent to $69 million from higher average clearing fee, while derivatives trading grew 16.2 percent to $51.7 million. SGX recorded a total 11 listings in the July to September period which raised $2 billion, compared to 10 initial public offerings which raised $3.6 billion a year earlier. A total of $38.8 billion was raised from new bond listings, down from $52.5 billion a year earlier. SGX maintained its dividend at four cents a share.
Significance: SGX recorded a healthy growth despite the volatile market conditions as institutional and retail participation in the securities market broadened and the global market share of its key derivatives contracts grew. SGX will introduce products such as foreign exchange futures and new Asean equity index futures going forward to remain attractive and competitive.
US$200m Funding From US Hedge Fund Obtained By Blumont
A US$200 million funding has been secured by Blumont Group. The funding was from Platinum Partners Value Arbitrage Fund LP (Platinum Partners), a New York-based global investment fund. Redeemable convertible bonds in four tranches of US$50 million each will be issued by Blumont. The bonds each hold a coupon rate of 8 percent per annum, payable on a semi-annual basis. Platinum Partners will subscribe for the first two tranches of bonds, both mandatory tranches subject to various conditions, where the third and fourth tranches will be subscribed for and issued by mutual consent of Blumont and Platinum Partners. Platinum Partners may choose to elect to receive payment of interest by way of the issue and allotment of new ordinary shares in Blumont, at an issue price of 40 cents per new share.
Significance: The funding allows Blumont to progress with its strategy, and most importantly enable it to be able to complete the Discovery Metals financing, delivering to the group a consolidated interest in a producing copper mine that others bid for at a valuation of more than $1 billion a year ago.
CNA Wins $8.5m New Projects
CNA Group announced that it won approximately $8.5 million worth of new projects in Asia. CNA received letter of intent from Leong Hum Engineering to supply, install, test and commission one lot of integrated building management system for the upcoming Tanjong Pagar Centre. It will be the tallest residence in Singapore upon completion and will be a landmark project to bolster CNA’s track record in commercial and mixed-use developments. The group also signed a contract to replace the supervisory control and data acquisition system at Jurong Water Reclamation Plant. Thirdly, it was awarded a contract to supply a common use terminal equipment solution for Wattay International Airport by the Laos Airport Authority. Separately, CNA’s joint venture with SPACE-ONE (China) Aerospace Science and Technology Group has also been officially registered.
Significance: The contract wins will increase the company’s order book of $63.6 million as at 30 June 2013 to $100.7 million, inclusive of the Vietnam Airport project and Thailand Property Development (Sriracha) EPC project announced earlier, which will benefit its financial performance in FY13 and FY14.
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