23 April 2013

Singapore Shares Market Daily Update - 23 April 2013

Stocks in Focus: MCT, Tiong Seng, BBR, Dukang, First Ship Lease, Rickmers Maritime, Tiger Airways

MCT: 4QFY13 distributable income up 19.8% y/y to $34.7M, DPU rose 11.8% to 1.737¢, which translates to annualized yield of 4.9%. Gross revenue +21.6%, net property income +23.4% due to contributions from Mapletree Anson as well as higher rents achieved upon renewal of existing leases across all properties in its portfolio. 

Tiong Seng: Signed MoU with Myanmar construction firm Shwe Taung to explore setting up 30/70 JV precast plant in Myanmar.

BBR: Won 2 Malaysian contracts worth RM286m to build 2 bridges in Trengganu (expected completion end 2015) and Sarawak (expected completion 2Q156).

Dukang: Among baijiu brands endorsed by China's Ministry of Foreign Affairs. Hopes that with the official stamp of approval, the brand will gain greater prominence in China and beyond.

First Ship Lease: Incurred 1Q13 loss of US$7.1M due to US$5.3M impairment of investment in tanker co TORM and 11.6% drop in revenue from its 25 vessels, in part due to payment defaults by Berlian Laju Tanker. Net gearing stood at 122%. No DPU declared as part of agreement with lenders to relax loan covenant.

Rickmers Maritime: 1Q13 distributable income up 1% y/y to US$23.7M, revenue up 1% to US$35.5m. net profit up 30% to US$10.7M, helped by lower finance expenses.

Tiger Airways: Obtained approval from Australian regulators for sale of 60% of loss-making Tiger Australia to Virgin Australia. Tiger will book a one-time gain of $120M from the disposal.

1 comment:

  1. As a businessman it is really important to know about the stock market updates daily.


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