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Stocks In Focus SG (SingPost, IHH, Frasers Centrepoint Trust) – 30/05/14
Frasers Centrepoint Trust (FCT) – Manager of FCT has privately placed 88 million new units at $1.835 each, raising gross proceeds of approximately $161.5 million. The net proceeds will be used partly to finance the $305 million purchase of Changi City Point. FCT’s manager also has the intention to declare an advanced distribution of FCT’s distributable income to shareholders, for the period from April 1 to June 9. 2014.
IHH Healthcare (IHH) – IHH clocked a 25 percent increase in profits for 1Q14. Revenue was up eight percent year on year to RM1.757 billion, boosted by higher in-patient admissions and revenue contributions across the group’s operations, as well as contributions from the opening of Acibadem Atakent Hospital in January.
Singapore Post (SingPost) – Investors were largely positive about Alibaba’s proposed injection into SingPost, and saw its shares flying 8.4 percent yesterday to a fresh all time high of $1.68 since its listing in 2003. The high for yesterday’s trading of SingPost’s shares saw it hitting $1.75 with 67 million shares traded.
GP Batteries International reported a 2.9 percent year on year increase in revenue to $165.5 million in 4Q14, underpinned by higher sales in the Americas and Asia. Consequently, gross profits rose 13.6 percent year on year to $37 million in 4Q14. However, underpinned by higher expenses as well as the impairment provision against its electric vehicles project – Vectrix – and the rechargeable Lithium plant in Taiwan, GP Batteries reported a net loss of $27 million in 4Q14 as compared to a loss of $19 million in 4Q13.
Old Chang Kee’s recorded a 5 percent increase in revenue from $65.6 million in FY13 to $68.9 million in FY14, underpinned by higher contribution from new and existing outlets. Consequently, due to an improved efficiency of production staff and revision of selling prices gross profits increased 6.3 percent to $42.8 million in FY14. Net profit rocketed 20.8 percent to $6 million in FY14 as compared to $5 million a year earlier.
Courts Asia posted a 9.8 percent year on year increase in sales to $207 million in 4Q14 due to higher bulk sales of digital products and electrical sales in Singapore as well as the opening of new stores and the launch of a credit campaign during the year in Malaysia. Gross profits increased 10.8 percent for 4Q14 to $67.2 million. However, underpinned by higher distribution, marketing, administrative and finance expenses net profit fell 38 percent to $7.8 million in 4Q14. Consequently, earnings for FY14 fell 31.6 percent to $28.3 million
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