Hong Leong Finance: Net profit for 1Q13 falls 8.9% yoy S$15.3m. Net interest income and hiring charges at Singapore's largest finance company fell 7.5% yoy to S$36.5m for 1Q13. Fee and commission income rose 17.2% yoy to S$3.4m, from S$2.9m in the corresponding quarter last year, due to higher fee income from some lending products and corporate advisory services. Deposits and balances amounted to S$10.044b as at 31 Mar 13, rising 19.6% from the base a year earlier. (Source: The Business Times)
Mapletree Industrial Trust: Posts 4QFY13 DPU of 2.37 S cents, up 6.8% yoy. Distributable income rose 8.7% yoy to S$38.9m. This was on the back of an 8.8% jump in gross revenue to S$72.1m, and 7.8% increase in net property income to S$49.6m. For the full year ended 31 Mar 13, amount available for distribution was S$151.0m, 14.6% higher than the previous year. This translates to a higher DPU of 9.24 S cents; DPU for FY11/12 was 8.41 S cents. As at 31 Mar 13, the portfolio of MIT group has grown to 83 properties in Singapore valued at
S$2.9b. (Source: The Business Times)
Rickmers Maritime: Reports firm 1Q13 results, unitholders approve S$102m rights issue. Charter revenue came in at US$35.5m for 1Q13. Net profit increased by 30% as a result of lower operating costs and finance expenses. A DPU of 0.60 US cents to be paid on 23 May 13. In addition, its unitholders have approved up to S$101.7m rights issue at its EGM. (Source: The Business Times)
Starhill Global REIT: No known damage to Renhe Spring Zongbei in Chengdu. Based on preliminary reports, there is no known damage to Renhe Spring Zongbei, Starhill Global REIT’s property located in Chengdu, as at 22 Apr 13. In 2012, the property contributed 8.6% of the total gross revenue and was valued at Rmb420m (S$82.4m) as at 31 Dec 12. (Source: Starhill Global REIT) Synear Food: Temporarily shuts Sichuan plant, warns production and sales will be affected. The company has temporarily shut down its plant in Sichuan as a precautionary move due to the numerous aftershocks since the 7.0 earthquake struck the Chinese province. The said plant has suffered minor physical damage as a result of the earthquake, but Synear's staff were safe. (Source: The Business Times)
Tiger Airways: Tiger-Virgin JV gets nod, Tiger to record S$120m one-off gain from sale. Tiger Airways has announced on 23 Apr 13 that it has received the go-ahead from the Australian Competition and Consumer Commission to sell a 60% stake in Tiger Australia to Virgin Australia. Tiger Airways expects the transaction to be completed in the 2H13, upon fulfillment of the conditions in Tiger and Virgin's share purchase agreement. Tiger Australia will also pay an annual licence fee to Tiger Airways for the use of the Tiger brand for 20 years based on a fixed percentage of Tiger Australia's total gross revenue, with options to renew for another two periods of five years each. Tiger Australia has also agreed to make a payment of A$5m to Tiger Airways, if Tiger Australia achieves certain financial performance targets within five years. (Source: The Business Times)
UE E&C: Awarded S$20.7m Seletar Mall contract. Its wholly-owned subsidiary has been awarded the contract for nominated sub-contract for supply and installation of air-conditioning and mechanical ventilation, building management, Fire Protection, Electrical and Engineering Smoke Control Services to the Proposed Erection of 4-Storey Commercial Development with 5 Basements on Lot 04682T MK20 at Sengkang West Avenue / Fernvale Road at The Seletar Mall by Kajima Overseas Asia Pte Ltd. The Project sum is about S$20.7m. The contract period is for 20 months and the project is expected to be completed by Nov 14. (Source: UE E&C).
Sembcorp Industries Ltd (SCI). Announced on 19 Apr 13, Suez Environnement, a French water company, Singapore’s Sembcorp Industries Ltd. and Tokyo-based Itochu Corp won a contract to build a £250m (US$384m) waste-to-energy plant in northern England. SCI said it will provide £21.9m in equity for the said plant. Earlier on 27 Feb 13, our institutional research maintained our BUY call with a target price of S$6.10, as utilities earnings will improve once new projects come on-stream. Our 2013/14 net profit forecasts are intact and we initiate our 2015 forecast at S$958m. We tweak our target price from S$5.75 to S$6.10 which is set at a 10% discount to our revised SOTP valuation of S$6.77/share (higher 12x 2014F PE for utilities vs 10x previously). Technically, SCI needs to be rebound above S$4.87 and trend above S$5.10/5.45 to negate its bearish outlook.
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