07 May 2013

Singapore Shares Market Daily Update - 7 May 2013

Stocks in Focus: OUE, CH Offshore, Hutchison Port, Intraco, MTQ, Oceanus, Foreland Fabrictech, GLP, Cambridge REITs, Super Group, Hiap Seng, Elektromotive, XinRen Aluminium, China Sports

OUE: 1Q13 net profit - 92% y/y to $1.8M despite 8% revenue increase to $105.4m on higher property development sales offset by lower hotel revenue. While gross profit slid 6% due to lower rentals from 6 Shenton Way Tower 1, bottom line was hit by jump in admin expenses (+62%) and surge in finance expense to $33.5M (+80%) on more borrowings, forex loss arising from translation of a USD loan and fair value loss on USD/SGD currency swap. Book value stayed at $3.49.

CH Offshore: 3QFY13 net profit sank 57% y/y to US$4.8M due to absence of gain from sale of vessel (3Q12: US$3.9M) and lower revenue (-25%) as 2 vessels completed their contracts in Jan 13 and were subsequently docked in Mar for mandatory overhaul and inspection.

Hutchison Port: Dock workers at its HK Int’l Terminals (HIT) ended their 40-day strike, accepting a 9.8% wage increase. The workers had earlier demanded a 23% gain, while employers offered a 7% increase. HIT had highlighted that daily loss narrowed to HK$2.4M on 5 Apr after some strikers returned to work from HK$5.0M earlier.

Intraco: Acquires an additional 9.6% stake in packaging and resin firm Dynamic Colours, taking its total interest in the packaging and resin firm to 39.5% and triggering a mandatory conditional cash offer at $0.185 per share.

MTQ: 4Q13 net profit soared 94% y/y to $7.7M on 179% spike in revenue to $93.7M, boosted by maiden contributions from newly acquired oilfield engineering subsidiary Neptune Marine Services and organic growth in all segments. Maintained final DPS of 2¢, taking full year tally to 4¢.

Oceanus: Widened 1Q13 net loss to RMB45.2M versus RMB39.1M a year ago. This came from a 69% fall in revenue to RMB14.8M due to poor demand for abalone that had not yet reached maturity as well as a frugality drive by the new government in China, which dampened conspicuous spending, especially high end consumption.

Foreland Fabrictech: Incurred net loss of RMB9.5M in 1Q13 vs Rmb29.6m profit a year earlier as revenue collapsed 99% from RMB161.9M to RMB1M due to relocation of existing production facilities to a new factory site, expected to be fully operational by end of 2Q13. The group maintained its net cash position with NAV of RMB1.22.

GLP: Leased 108,000 sf of logistics space at GLP Park Beijing to a leading 3rd party logistics provider, achieving 91% occupancy.

Cambridge REITs: Trust manager and trustee are being sued by 2 tenants of an $18.5M industrial property owned by the trust. The tenants claim that both had reneged on deal to sell the HDB leasehold property with site area of 4,564 sqm and GFA of 8,997 sqm to them. The case would go to trial on 2-5 July 2013.

Super Group: Disposed 35.3% associate Sun Resources for $26m, including shareholder loan of $9.3m, reaping a one-off gain of $16m for FY13.

Hiap Seng: Awarded a 3-year refinery maintenance contract by S’pore Refining Company on a cost-plus basis, effective 1 Apr 2013.

Elektromotive: Signs MoU with Renshou county in Sichuan, China to set up a public transportation electric vehicle fleet and recharging network for public transportation in Shigao Industrial Zone. The investment for first phase is estimated to cost Rmb30-50m with future phases targeting 60 other towns and industrial parks.

XinRen Aluminium: Group expects to report a marginal net loss for 1Q13 due to weaker selling prices of aluminium products.

China Sports: Issued a profit warning that 1Q13 results are expected to be worse than the Rmb4.2m loss suffered in 4Q12.

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