27 February 2013

Singapore Shares Market Daily Update - 27 Feb 2013

Stocks in Focus: Super Group, Petra Foods, Samudera Shipping Line, Sembcorp Industries, STX OSV, Dyna-Mac, First Resources, Yongnam, Ying Li, First Resources, Indofood Agri, Centurion, Keppel Corp, Boustead, Global Logistic Properties, HI-P

Super Group: Net Profit rose 29% to $82.6M in the back of Revenue $519.3M. Net profit for the financial year ended 31 December 2012 increased  by 29% to S$82.6m due mainly to higher sales revenue and higher gross profit margin (FY12: 35%, FY11: 32%) achieved in the current year. In view of the sterling set of results achieved by the Group, the Board of Directors has proposed a second and final dividend of 5.1 cents (FY11: 3.8 cents) per share.  Together with the interim dividend of 2.0 cents (FY11: 2.0 cents) per share paid in September 2012, total dividend for the current year amounted to 7.1 cents (FY11: 5.8 cents) per share.

Petra Foods: Strong performance achieved by Branded Consumer Division with net profit higher 38.6% Year-on-Year to US$54.5M and proposed Final cash dividend of 1.86 US cents, lifting total dividend for the year to 3.97 US cents. Commenting on the year’s performance, Petra Foods’ Chief Executive Officer, Mr John Chuang said, “With the proposed divestment of the Cocoa Ingredients business, this will be a significant change for Petra Foods.  We will now be able to focus exclusively on growing our
Branded Consumer business where the combined strengths of our market leading Brands, product innovation and distribution together with the growing regional markets will drive the growth.”

Samudera Shipping Line: The Group recorded 3% increase in revenue for the full year ended 31 December 2012 (“FY12”) to US$467.7M, compared to US$454.2M recorded in the previous year (“FY11”). This revenue growth was achieved by optimizing the fleet utilization in all segments. The Group recorded net profit attributable to equity shareholders of US$4.2 million, down from US$12.0 million in FY11. The subdued industry situation in 2012 looks likely to be extended into 2013, as sluggishness in the world’s major economies continue to hamper the recovery of global trade, and challenges relating to the vessel oversupply situation persist.

Sembcorp Industries: Recorded orderbook of $13.6b with deliveries stretching into 2019. But net profit fell 19% to $204.7m despite solid contributions from utilities business as its marine unit faced a margin squeeze from new design rigs. DPS shaved to 15¢ from 17¢ previously.

STX OSV: Hugely disappointing results with 4Q net profit sinking 81% to NOK124M. The group blamed its poor performance on low yard utilization in Norway, Vietnam and hiccups in Brazil, which dragged EBITDA margins down to 11.3% from 28% previously. No dividend was declared.

Dyna-Mac: FY12 results recorded net profit of $28.4M and revenue of $215.3M. This came on the back of higher volume of projects as its S’pore yard operated at full capacity as well as contributions from its newly acquired yard in Nansha, China. DPS of 2¢ proposed.

Ying Li: FY12 recorded net profit RMB377.2M. Earnings was boosted by revaluation gains of RMB378.3M vs RMB230m in FY11. Revenue growth was flat as lower property sales were offset by higher rental income. NAV stood at RMB1.47.

Yongnam: Booked net profit of $43.5M and revenue of $301.6M for FY12, which are in line with expectations. The weaker performance is due to lower contributions from structural steelworks arising from slower progress in certain ongoing projects as well as completion of major projects in 2011 and follows 6 consecutive years of record profits. Order book remained strong at $400.6M.

Bumitama Agri: FY12 results came in slightly above expectations. The group chalked up a 3% net profit growth to Rp787.9m despite incurring a Rp123m fall in fair value gains. Revenue jumped 26% to Rp3.5b, boosted by increase in sales volume of CPO and PK, which were partially mitigated by lower average selling prices.

First Resources: FY12 core net profit rising 25.5% to US$211.3M. Revenue grew 22% to US$603.4M, supported by increased sales volumes. Proposed final DPS of 2.75¢, taking FY12 total DPS to record 4¢.

*Indofood Agri: FY12 net profit recorded Rp1.05B despite revenue growing 10% to Rp13.8T, driven by contributions from its sugar operations and edible oils business. Gross profit declined 10% mainly attributable to lower average selling prices for plantation crops and higher cost of production.

 *Centurion: FY12 core net profit recorded $9.5M as revenue at $65.2M. Positive results were supported largely by recent expansion and acquisitions in its worker dormitory business. Final DPS of 0.4¢, bringing total FY12 DPS to 0.7¢.

Keppel Corp: Secures 2 contracts worth $200M from repeat customers; the first project is to integrate topside modules of a FPSO unit for MTOPS at its Brazilian yard and the second job is to fabricate an internal turret for a new build FPSO for SBM Offshore

*Boustead: Clinched a $30M contract to build a construct a condensate polishing plant to produce high grade boiler feed water for a thermal power plant in Taiwan.

*Global Logistic Properties: Signed agreement to lease 15,600 sqm at GLP Park Beijing (adjacent to Beijing Airport) to Cardinal Health, a leading global distributor of pharmaceuticals and medical supplies. This brings the total space leased to Cardinal Health to 29,300 sqm located across Beijing, Shanghai and Shenyang.

*HI-P: Offers guidance of a better performance in 2013 compared to 2012. For this yr, it flags a 1Q loss but expects an improved 2H to deliver higher full-year profit and revenue vs 2012 on the back of positive feedback for its new Blackberry 10.

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