26 February 2013

Singapore Shares Market Daily Update - 26 Feb 2013

Stocks in Focus: OUE, Nam Cheong, ARA, Armstrong, Gallant Venture, Koon, Global Logistic Properties, Golden Palm Resources, Lee Kim Tah, Cordlife, UPP

OUE: Core earnings for FY12 broadly in line. Operating profit rose 31% largely driven by higher revenue from hospitality and property businesses but bottom line earnings plunged 76% to $90.1m due to smaller revaluation gains from investment properties ($32.5M vs $265.5M in FY11) and fair value losses of $40.6M from One Raffles Place. Final + special DPS pared to 8¢ from 11¢. NAV stood at $3.49.

Nam Cheong: Net profit soared 87% to RM49.3m as revenue surged 172% to RM379.2m on strong vessel sales, partially offset by weaker chartering revenue. Group boasts a strong orderbook of RM1.3b with deliveries stretching till 2015. DPS of 0.5¢ proposed.

ARA Asset Management: 4Q12 net profit rose 33% to $17.7M and FY12 earnings of $72.7M. Total assets under management jumped 12% to $22.1B. Company proposed a 1-for-10 bonus issue and final DPS of 2.7¢.

Armstrong: Turned in 4Q12 net profit of $1.4M (vs $0.9M in 4Q11) and FY12 earnings of $11.5M (+61%) on flattish revenue growth amid a weakened global HDD market and rising Sino-Japan tensions affecting Asia’s supply chain. DPS of 0.6¢ declared.

Gallant Venture: 4Q12 net profit of $17.1M was 47% higher than $11.1M achieved previous year due to higher realization of land sales, lower doubtful debts and a $4.1M FX gain. Outlook for its industrial park and utilities business remains challenging following the withdrawal of several tenants and low electricity consumption.

Koon Holdings: Recorded $3M (-60%) net profit on the back of 141% jump in revenue to a record $212.4M. The earnings drop was attributable to one-off gain on a property disposal and non-recurrent dividend income totaling $12.1M. To-date, the construction and precast divisions have outstanding orderbooks of $179M and $83M. Final DPS of 0.5¢ proposed. Separately, its 20% JV has been awarded a $40M contract to construct container berths and stacking yards at PSA’s Pasir Panjang Terminal.

Lee Kim Tah: 4Q12 results boosted by $10.2M revaluation gains from Jurong Point, lifting net profit to $14.9M and FY12 earnings to $31.5M. DPS of 1.5¢ maintained.

Global Logistic Properties: GIC reducing its stake to 37% from 49% through proposed sale of 595.7M shares at $2.60 apiece or 5% discount to last closing price.

Golden Palm Resources: Flagging a net loss for 4Q12 and FY12 due to changes in value of biological assets.

Cordlife: Entered into 3-year strategic alliance with CordLabs Asia to provide cord tissue banking services, widening market to S’pore, HK, Malysia, Indonesia, Philippines, Thailand and India.

UPP: Extended the long stop date for its JV agreement with Myan Shwe Pyi to engage in excavation, drilling and blasting activities in Myanmar till 30 Jun 2013.

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