04 March 2013

Singapore Stock Market Daily Update - 1 Mar 2013

Stocks in Focus: Noble, Golden Agri, UOL, Ho Bee, Wee Hur, Jardine C&C, SembMarine, Nam Cheong, Ezion, Venture, UMS, CAO, Sound Global, Nippecraft, Luzhou, Courage Marine, XinRen

Sound Global: Cessation of Chief Financial Officer, Yu Man to pursue his other career opportunities. His main role basically is  to oversee and coordinates the operation of the finance department as well as manages the financial, accounting and taxation functions and financing activities of the Group.

Nippecraft: Net Loss recorded S2.25M at the back of Revenue at S82.9M. The group mentioned that current market condition remains challenging, remains cautious on Europe and US Market but optimistic on Asia region growth. 

Luzhou Bio-Chem Technology: Net Profits RMB14.6M and Revenue RMB3399.8M. 

Courage Marine: The Group's turnover decreased by 14% from approximately US$21.7 million in Y2011 to approximately US$18.8 million in FY2012. The dry bulk market is still poor. The demand for commodities, especially in the Greater China region, slowed down in 2012. These factors led to the low demand for trading and adversely affected the freight rates. Despite the decrease in turnover by 14%, the Group's cost of sales decreased by 43% from approximately US$32.6 million in FY2011 to approximately US$18.5 million in FY2012. It was mainly due to lower fixed costs, including insurance, crew fees and depreciation arising from the disposal of aged vessels during the past eighteen months. The Group recorded a gross profit of approximately US$0.3 million in FY2012 compared to a gross loss of US$11 million in FY2011. The Group expects the financial performance for 2013 to be adversely affected by the current challenging economic conditions and uncertain outlook. However, the Group will maintain its cost-effective  structure and focus on keeping its fleet well-deployed and running efficiently.

XinRen: FY2012 Revenue RMB6.4B and on the back of low aluminum prices, which fell  to RMB14,500 per metric tonne. Escalating electricity tariffs in the PRC eroded profitability severely, causing the Group to end FY12 with a net attributable loss of RMB65.8M.  

Frencken: FY2012 Revenue $361.0M, Net Profit -$11.8M. 

Noble Group: FY12 net profits recorded US$91.1M. Group proposed dividend of US1.81¢

Golden Agri: FY12 net profit recorded US$409.6M, due to weaker CPO prices offsetting bumper production, higher soybean raw material prices and price caps imposed on edible oils in China. Group declared final DPS to 0.59¢, taking full year total to 1.19¢ lower than the 1.84¢ paid in FY11.

UOL: Reported net earnings of $807.7m for FY12, boosted by fair value gains of $550M from investment properties and those of its associates. Excluding these, net earnings of $361.2m would have been in-line with forecasts with decline in sales of development properties buffered by recurring rental income from offices, shopping malls and hotels. Gearing dropped to 0.28x from 0.35x, while book NAV rose to $7.98 from $6.88 previously. Proposed a DPS of 15¢.

Ho Bee: FY12 revenues increased to $461.6M, while earnings declined to $187.1M, mainly due to a 57% drop in fair value gains from investment properties and lower associates’ contributions. This jump in revenue was largely driven by higher sales booking from its One Pemimpin and Trilight projects. NAV last stood at $2.58; Proposed DPS of 5¢.

Wee Hur: FY12 results beat estimates as net profit rose to $92.9M as revenue soared to $465.7m due to the lumpy sale and profit recognition of an industrial property development, Harvest@Woodlands. The group is also developing another bigger industrial project (Premier@Kaki Bukit and 2 residential projects (Urban Residences, Parc Centros), which will be booked upon completion in 2014 and 2016. As at end 2012, it boasts a construction orderbook of $528m and cash position of $201m. Final DPS of 3¢ proposed, taking total DPS for FY12 to 4¢.

Jardine C&C: FY12 revenue rose to US$21.5B, while net profit dipped to US$987M. Non-trading items comprised deferred tax of US$31M from dividends receivable from Astra, impairment loss of US$45M on its Vietnam investments and fair value loss of US$16M on Astra’s palm oil plantations. Book Value up 5% to US$13.04. DPS maintained at US$1.23.

Sembcorp Marine: Secured a second US$208m jack-up rig from repeat customer Perisai with delivery scheduled in 2Q15.

Nam Cheong: Awarded US$130M contract to build 4 multi-purpose platform support vessels (including options for 4 additional units) for Bumi Armada. This represents one of its largest order win in its corporate history and brings the group’s confirmed orderbook to RM1.3B. 

Ezion: Proposed private placement of 50m new shares at $1.895 apiece, raising $93.5m to fund the acquisition of a liftboat.

Venture: FY12 revenue -2% to $2,387.7m, net profit -11% to $139.7m; 4Q revenue -6% to $592.8m, net profit flat at $38.2m. NAV stood at $6.55. Final DPS cut to 50¢ from 55¢ was disappointing.

UMS: Results below expectations. FY12 revenue -1% to $113.2m, net profit -39% to $17m; 4Q revenue -14% to $21.6m, net profit -79% to $1.2m. Final DPS of 2¢ takes FY12 DPS to 5¢.

CAO: Results topped estimates. FY12 revenue +64% to US$14.8b, net profit +4% to US$66.2m; 4Q revenue +106%% to US$4.4b, net profit +219% to US$18.2m. DPS cut to 10¢ from 15¢ in previous year.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...

View All My Posts Here