15 February 2013

Singapore Stock Market Daily Update - 15 Feb 2013

Stocks in Focus: OCBC, Tat Hong, China Minzhong, AusGroup, Mermaid Maritime, Aussino, Bukit Sembawang, AsiaTravel, STXOSV, Keppel Land

*OCBC: 4Q12 net profit was $663m. Net interest income fell 0.4% to $921m on 7% loans growth but NIM narrowed to 1.7%. Non interest income surged 32% to $757m, boosted by contributions from wealth management and insurance (GE). Provisions dropped 14% with NPL at 0.8%. Tier 1 CAR stood at 16.6% with NAV at $6.68.

*Tat Hong: 3Q13 results were in line with expectations with net profit +37% to $17.8m. The better performance was attributable to higher revenue contribution from crane rentals which yielded better margins compared to distribution and boosted by a $4m gain on disposal of fixed assets plus a $6.2m FX gain.

*China Minzhong: 2Q13  net profit +24% to Rmb215.8m. Revenue grew 32% to Rmb860.9m, driven by better sales in both cultivation and processed business segments.

*AusGroup: Dismal 2Q13 results with net profit tumbling 46% to A$2.8m on flat revenue growth, hit by poor timing/execution of low margin projects and additional costs incurred in the close-out of 2 contracts.

*Mermaid Maritime: Sharp turnaround in 1Q13 net profit to Bt20.7m from loss of Bt85.4m in 1Q12 as revenue jumped 41% to Bt1.6b, boosted by higher day rates from its subsea business, which more than offset the decline in its drilling activities due to a 4-month periodic maintenance on one of its vessels.

*Aussino: The bedsheet retailer has yet to stem the bleeding, incurring a 2Q13 loss of $1.1m amid a challenging retail business environment and store closures in China, HK, Korea and Malaysia. The corporate restructuring to transform the group into a downstream O&G player in Myanmar via a proposed RTO of Max Strategic for $70m is still in progress.

*Bukit Sembawang: 3Q13 net profit dropped 69% to $23.3m due to lower profit recognition on Paterson Suites and Verdure. Group plans to launch its landed project, Luxus Hills Phase 6 in 1H13. NAV stood at $4.38 as at Dec 12.

*Asiatravel.com: Records $1.1m loss for 1Q13 on 9% revenue drop as offline wholesale business was impacted by the closure of one of its top selling hotels for rebranding and core online reservation business faced intense competition and a slowdown in the travel industry. Company is working on several cost cutting measures and growth strategies to try and reverse the situation.

*STX OSV: Secures 3 contracts totaling some Nok2b – 2 Nok600m contracts to design and construct an offshore subsea construction vessel for Solstad Offshore (expected delivery in 2Q14) and Farstad Shipping (delivery in 1Q15) plus another (value not disclosed) for DOF Subsea (delivery 1Q15).

*Keppel Land: Entered into JV with its property fund management arm Alpha Investment Partners to acquired 34% indirect stake in LifeHub @ Jinqiao, a lifestyle retail mall (98,630 sqm retail & 16,102 sqm office space) in Shanghai’s Pudong district for $157m.

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