29 January 2014

Stock Market Summary - 28 Jan 2014

Asia Enterprises - Net Profit Rises 124% to S$3.7 Million in FY2013 with bottom line growth lifted by improvement in gross profit margin . Balance sheet remains sound with cash of S$47.7 million and zero borrowings . Group recommends final dividend of 0.5 cents per share, representing payout of 46% of net profit. Current NAV stood at 32.09 cents (S$109.7 m).

Eu Yan Sang - Half Year Revenue increased 15% but gross profit margin dropped to 50% mainly due to product sales mix, higher production costs and higher cost of purchases. In term of PBT, the group saw a 13% decrease in 2Q, largely due to higher interest expenses incurred as a result of the S$75 million fixed rate notes issued during FY13.

SP Corporation - The Group recorded revenue of $152.6 million in FY2013 as compared to $173.3 million in FY2012. Commodities Trading Unit reported lower revenue in FY2013 of $115.5 million as compared to $127.6 million in FY2012 mainly due to lower trading in coal and metals.  Earnings for FY2013 remained comparable to FY2012 as a result of lower finance charges and manpower costs.       Tyre & Auto Products Unit’s revenue of $37.0 million in FY2013 was 12% lower than the $41.9   million in FY2012 due to lower activities in both the export and domestic markets.  Correspondingly,   the Unit reported lower earnings. Geotechnical & Soil Investigation Unit did not generate any revenue in FY2013 following the scaling   down of the Singapore operation since FY2012.  Loss after tax had been reduced significantly. NAV stood at 12.68 cents with EPS 0.68 cents, translated to ROBE 5.67%.

IPC Corporation - Group sales increased to S$46.939 million for the year ended 31 December 2013  when compared to S$17.065   million recorded for the same period of the previous year.   The increase in sales revenue was mainly derived from the following condominium projects and business hotels in   Japan:  i) completed apartment units available for sale from the Oppama and Oiso projects since Q2 and December 2013,   respectively;  ii) the fifth business hotel – nest HOTEL kumamoto and sixth business hotel – nest HOTEL sapporo odori, where   completion of the purchase was in Q4 FY2012;  iii) the seventh business hotel, nest HOTEL sapporo ekimae, where completion of the purchase was on 1  st  May   2013;  iv) the eighth business nest HOTEL naha, Okinawa, where completion of the purchase was on 1  st  July 2013; and  v) the ninth business hotel, Osaka hotel, where completion of the purchase was on  11  th  October 2013.  Correspondingly, gross profit has increased by 72.6% to S$13.384 million as compared to S$7.754 million of the   previous year.  The Group’s other gains of S$19.820 million were mainly attributed to gains of S$11.831 million from the revaluation   of investment property in Japan and unrealised foreign exchange gains of S$7.597 million resulting from the   weakening of exchange rate of Japanese Yen against Singapore dollars on the Group’s Japanese Yen loans.  The gross profit of S$13.384 million coupled with other gains and other income have resulted in Group profit before   tax of S$22.872 million and an after-tax profit of S$18.765 million for the year ended 31 December 2013. NAV stood at 21.57 cents with EPS 2.14 cents, translated to ROBE of about 11%.

Hisaka - The Group’s revenue decreased 13.3% from S$4.9million in 1QFY13 to S$4.3 million in 1QFY14.  The decrease was mainly attributable to weak business conditions in  the global manufacturing sector which resulted in a decrease in   demand for the Group’s products and services. In line with the decrease in revenue, the Group’s Marketing and Distribution costs and Administrative expenses decreased 8.9% and 8.5% respectively in 1QFY14 to $580,000 and $973,000 respectively. The Group’s finance income increased from S$39,000  in 1QFY13 to S$58,000 in 1QFY14 mainly due to additional   placement of fixed deposits in 1QFY14. NAV stood at 25.21 cents with 1Q EPS -0.17 cents

Creative Technology - Net sales for the first half year of FY2014 decreased by 33% compared to the same period in FY2013.  Revenue in the second quarter of FY2013 included a one time US$20.0 million licensing income.  Excluding the US$20.0 million licensing income, revenue was US$45.6 million and US$81.3 million for the second quarter and first half year of FY2013, and  comparing to the same periods in FY2014, revenue in the second quarter and first half year of FY2014 was lower by 17% and 16%, respectively, due to the uncertain and difficult market conditions which continued to affect the sales of the Group’s products. The higher gross profit margin in the second quarter and first half year of FY2014 was in line with the sales mix. The write-down for inventory obsolescence in the second quarter and first half year of FY2014 was for certain existing products following the introduction of new product models. NAV stood at U$2.10 with 1H EPS -0.15 US Cents

SMRT - SMRT Corporation Ltd (“SMRT”)  reported a 44.1% decline in PATMI to  $14.2 million for 3QFY14. Fare business continues to suffer losses and incurred a $9.0 million operating loss from a $7.4 million operating profit  in 3QFY13  as fare revenue growth was insufficient to cover rising operating costs.  The cumulative fare deficit  resulted in  Rail (Train and LRT) operations suffering its first ever quarterly loss of $0.2 million. The Non-fare business however maintained growth with a 6.1% increase in profit to $27.3 million driven mostly by higher rental and advertising profits. Operating expenses rose  10.6% to $283.8 million mainly on higher staff and depreciation expenses.  Staff costs rose  21.4% to $119.6 million due to increased Train and Bus headcount, and impact of the wage revision exercise in 4QFY13. Depreciation rose 10.2% to $45.8 million due to capitalization of operating assets taken over from  Land Transport Authority (LTA) in 1QFY14 and a newer taxi fleet. R&M incurred was $27.4 million. Electricity and diesel costs declined 5.2% to $38.8 million due to favorable electricity contract entered earlier in FY14 which offset higher diesel price and higher energy consumption. Other operating expenses rose 6.7% to $54.8 million due mainly to higher expenses associated with  costs  for schemes introduced by LTA (including travel discounts) to incentivise commuters to shift their travel times away from morning peak hours. Total assets declined 11.5% to $2.0 billion as at 31 December 2013 with cash balance of $127.8 million following payment for the 17 trains and operating assets taken over from LTA. The Group ended the quarter with cash balance of $127.8 million, $45.5 million lower from $173.3 million as at start of quarter. Operating cash inflow declined to $50.0 million from $59.5 million in line with lower profitability and higher interest paid. Investing cash outflow rose to $89.6 million compared  to  $74.6 million with further business investments. The Group’s total borrowings stood at $628.5 million, representing a net gearing of 64%. NTA stood at 50.8 cents with 9M EPS 3.0 cents, translated to annualized ROE of 8.3%.

Fragrance - Property development sector contributed $468.41 million for FY2013 which is 30.3% higher   than $359.54 million for FY2012. This was mainly due to the revenue contribution from Parc Rosewood, a joint venture residential condominium project which was fully sold. Newly launched projects such as  Novena Regency and  Urban Vista (50% JV project)  have also contributed revenue during this period. Other projects that contributed revenue include Parc Elegance, Suites @ Bukit Timah, Le Regal, Wak Hassan, Icon @Pasir Panjang and Suites @ Paya Lebar. Rental income from our investment properties located  at Hoe Chiang Road and Alexandra Road has also contributed to the increase in revenue during this period. Hotel sector contributed $60.62 million to the total consolidated turnover. This represents an increase of $0.47 million from the $60.15 million in FY2012. Hotel room revenue for FY2013 increased by $0.7 million, or 1.3% over FY 2012. This was mainly due to higher revenue contribution of $1.4 million from Fragrance Hotel-Ruby post asset enhancement works. The increase was partially offset by lower revenue of $0.1 million recognised from Fragrance Hotel – Elegance due to cessation of tenancy agreement and lower revenue of   $0.6 million recognised from the remaining hotels. The Group’s AOR remained relatively stable at 90.8% in FY2013 and FY2012 with slight decrease in RevPAR of $93.9 in FY2013 as compared to $95.1 in FY2012. Other operating income increased by $75.83 million from $26.91 million in FY2012 to   $102.74 million in FY2013. This was mainly due to fair value gain on our investment properties located at Hoe Chiang road and Alexandra road. NAV stood at 18 cents with EPS 3.1 cents.


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