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Stocks In Focus SG (Wilmar Int’l, ARA, Ascott REIT) – 21/02/14
Wilmar International proposed to acquire a strategic stake in Shree Renuka Sugars (SRS) for an investment consideration of US$200 million. With a strong management team together with SRS’s presence in two of the most important sugar markets, Brazil and India, as a global sugar exporter, Wilmar views this acquisition as a maiden step to develop significant presence in both of these markets.
ARA Asset Management saw total revenue jumped 18.6 percent to $43.8 million for the quarter ended 31 December 2013, mainly due to a more than seven-fold increase in contribution from acquisition, divestment and performance fees. As a result, earnings increased 25.1 percent to $22.1 million. For the full year, total revenue registered a modest gain of 5.1 percent to $140.4 million and earnings edged up 2.1 percent to $74.3 million.
Ascott Residence Trust agreed to acquire a serviced residence property in Dalian for a purchase consideration of Rmb468.3 million ($97.3 million) which was below its valuation. Expected to be completed by 31 July 2014, the acquisition would have lifted the trust’s distribution per unit in FY13 to $0.0853.
Dyna-Mac Holdings bagged three fabrication orders worth $42 million. Expected to be completed progressively by 1Q15, the orders are for the fabrication of two structural blocks, six topsides modules and six pipe-racks. On the back of strong tender enquiries received, the company remains positive about the oil and gas offshore sector which it is operating in.
Koh Brothers’ revenue declined 23.5 percent to $88.8 million for the quarter ended 31 December 2013, amid lower revenue recognition from its real estate division. Despite a decline in revenue, earnings remained flat as a result of a $2.1 million contribution from other gains and a $1 million write-back of allowance made for impairment on trade receivables. For the full year, revenue and earnings expanded 23.9 percent and 8.5 percent to $371.2 million and $21.3 million respectively.
Penguin International recorded a 44.4 percent increase in revenue to $27.4 million for the quarter 31 December 2013, in tandem with an increase in shipbuilding and repair activities, as well as higher contribution from vessel charters. As a result, earnings soared more than two-fold to $5.6 million. For the full year, revenue and earnings were up 66.6 percent and 229.4 percent to $110.3 million and $16.2 million respectively.
Nera Telecommunications’ revenue edged down 2 percent to $44.5 million for the quarter ended 31 December 2013, attributable to higher turnover from its infocomm business segment, being negated lower turnover from its telecom business segment. In absence of a one-off gain from foreign exchange in 4Q12, earnings for the quarter remained flat. For the full year, revenue came in flat while earnings jumped 21 percent to $23.5 million mainly due to a $7.1 million negative goodwill arising from an acquisition made in 2013.
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