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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