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Stocks In Focus SG (SPH, Otto Marine, Swiber) – 15/04/15
Huationg Global secured a new civil engineering contract from the Housing and Development Board (HDB) worth $19.5 million, through its wholly-owned subsidiary, Huationg Contractor. The group will carry out road widening and construction of road related facilities along Tampines Avenue 9. Expected to be delivered by the second quarter of 2017, the contract raises its order book to approximately $130.6 million as at 14 April 2015. The group sees buoyant activity in Singapore’s public infrastructure works and continues to leverage on their strong track record to secure larger value-added projects.
Otto Marine delivered four newly built vessels worth US$36.6 million. Its shipyard, PT Batamec, completed the construction of two units of harbour tugs and two units of anchor handling tug supply for PT Pertamina Trans Kontinental (PTK). The group looks forward to fostering closer business ties with PTK and looks forward to more business opportunities. The group also expects the shipyard to make sustained contribution to its long-term growth as it continues to provide fabrication, repairs and conversions services to customers and their fleets, building vessels for selective shipbuilding orders.
Singapore Press Holdings (SPH) net profit declined 14.4 percent to $69.6 million, less than expected in its second quarter with its property arm offering a source of growth during the period. Net profit for six months to February dropped 18.3 percent to $139 million. Its 2Q15′s property segment showed a 17.2 percent increase in revenue to $60.6 million, where bulk of the growth came from the new Seletar Mall that began operations in November. 2Q15 revenue from the media segment fell 7.1 percent to $202.8 million with both advertising and circulation sales dropping. SPH expects a year fraught with challenges from an uncertain economic environment. It will build on core competencies in the print and digital space and remain on the lookout for business opportunities.
Swiber Holdings clinched its third major award in India in the last three months, a US$133 million contract for engineering, procurement, installation and construction services. The project by the same national oil company awarded Swiber two major contracts in February and March is scheduled for completion by the second quarter of 2016, bringing the group’s order book to almost US$2 billion. Swiber is optimistic about prospects in their target markets despite oil prices falling and capital expenditure being cut back. Swiber believes that their strategy of establishing long-term relationships with clients and suppliers placed them in a good stead for a time like this.
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