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| 16-May-2020 12:05 |
Clearbridge
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Medical Stock - Strong Shareholders
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Clearbridge Health post turnaround in its financial performance for 1Q2020 with revenue up 230%
Revenue increased by 230.8% or S$5.11 million from S$2.21 million in Q1 FY2019 to S$7.32 million in Q1 FY2020, driven by growth across (i) medical clinics/centres and (ii) healthcare systems (provision of clinical laboratory services and renal care services) segments.
Excluding the non-recurring item such as fair value losses/gains on other investments, associate and other derivative financial instruments, fair value adjustments on contingent consideration, non-recurring expenses, share-based payment as well as foreign exchange loss/gain, the Group has recorded positive adjusted EBITDA of S$0.04 million in Q1 FY2020 as compared to adjusted EBITDA loss of S$1.15 million in Q1 FY2019.
Q1 FY2020 Business Update
Extension on call option
&bull As disclosed in the Company&rsquo s offer document dated 11 December 2017, the Group has an option to purchase the interests held by SPRING Seeds Capital Pte. Ltd. (&ldquo SEEDS&rdquo ) in Biolidics Limited (the &ldquo Biolidics Call Option&rdquo ). The expiry of the Biolidics Call Option has been extended from 28 February 2020 to 28 November 2020.
Proposed disposal of shares in Biomedics Laboratory Pte Ltd (&ldquo Biomedics&rdquo )
&bull On 27 March 2020, the Company&rsquo s wholly-owned subsidiary, SAM Laboratory Pte Ltd (&ldquo SAM&rdquo ) entered into a conditional sale and purchase agreement with Biolidics Limited to dispose of the entire issued and paid-up capital of Biomedics Laboratory Pte. Ltd. (&ldquo Biomedics&rdquo ) held by SAM for a consideration of up to S$3.7 million (the &ldquo Proposed Disposal&rdquo ).
&bull As set out in the Company&rsquo s announcement dated 27 March 2020, the Proposed Disposal will enable the Group to, among others, better focus on distribution of clinical diagnostics tests by channelling resources to expanding its distribution capabilities across Asia. In addition, the Group will continue to have access to the services currently offered by Biomedics and other best-in-class technologies and workflows that Biomedics may offer while optimising its EBITDA-focused strategy to accelerate the adoption of precision medicine in the region.
Impact of COVID-19
&bull The COVID-19 outbreak had evolved into a global pandemic. Most businesses, including the usually resilient healthcare sector, have been affected adversely to varying degrees. While our medical centres/clinics and laboratories remained opened during 1Q FY2020, majority of our operations has experienced a smaller patient load as the movement of people was curtailed. In some countries, foreign patients are prohibited from coming to seek medical care and non-critical healthcare services are deferred in effort to contain the spread of the COVID-19 pandemic.
&bull In view of the above, we will continue to monitor the situation and its financial impact for the financial year ending 31 December 2020 and will provide updates should there be material developments affecting to the Group.
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| 16-May-2020 12:01 |
ST Engineering
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ST Engg
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ST Engineering expects FY2020 revenue to fall 5-15%FRI, MAY 15, 2020 - 8:58 AM SINGAPORE Technologies Engineering (ST Engineering) on Friday said it expects its revenue for the full year ending Dec 31, 2020 to be between 5 per cent and 15 per cent lower compared to fiscal 2019. This is based on the company' s current view amid the rapidly evolving Covid-19 situation... https://www.businesstimes.com.sg/companies-markets/st-engineering-expects-fy2020-revenue-to-fall-5-15 |
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| 16-May-2020 11:58 |
No Signboard
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Should be ?No Eye See?
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No Signboard Q2 losses widen to S$2.4 millionFRI, MAY 15, 2020 - 11:39 PMCATALIST-LISTED food and beverage group No Signboard Holdings saw losses balloon in the second quarter, which it blamed in part on the impact of the coronavirus pandemic. Net loss swelled to S$2.4 million for the three months to March 31, from S$337,500 in the year before, as revenue fell by 39.1 per cent year on year, to S$4.1 million. Both the top and bottom lines have taken hits from a decline in customers since February, No Signboard told investors, as ever-tighter travel curbs depressed tourist arrivals. The group said its key priority is &ldquo to preserve cash to support working capital requirements&rdquo until the coronavirus situation improves. Still, it expects the local food and beverage operating environment to stay challenging in the next 12 months, which will be seen in this year&rsquo s results. Loss per share widened to 0.52 Singapore cent, from 0.07 Singapore cent prior, while net asset value was 2.82 Singapore cents a share, against 3.66 Singapore cents as at Sept 30, 2019. For the six months, No Signboard clocked a loss of S$3.6 million, against S$911,200 previously. Revenue slid by 18.4 per cent to S$10.1 million in the same period, which was also due to the two-month closure of a seafood restaurant outlet at Esplanade for major renovation works. No dividend was recommended, unchanged from the year before, given the losses. https://www.businesstimes.com.sg/companies-markets/no-signboard-q2-losses-widen-to-s24-million |
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| 16-May-2020 11:56 |
Chip Eng Seng
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ChipEngS - Low PE, High Yield and High NAV in One
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Chip Eng Seng pulls plans for joint investment in Chinese private home projectFRI, MAY 15, 2020 - 9:06 PMMAINBOARD-LISTED Chip Eng Seng Corp&rsquo s planned joint investment in the Chinese city of Taicang has fallen through, as some of the conditions precedent were not met by the long-stop date, the property group disclosed in a bourse filing. Under the deal agreement, the company was to have chipped in 153 million yuan (S$30.6 million) to take a 51-per-cent stake in a private home project by a Chinese company that had run up debts. But the board said that neither Chip Eng Seng nor investment partner Haiyi Shantou Investment Group had put in any funds before the agreement was terminated on Friday. The termination of the investment will not have a significant impact on Chip Eng Seng&rsquo s net tangible assets and earnings per share for the year to Dec 31, the board added. Haiyi Investment, which would have owned 29 per cent of the project, is an interested person of Chip Eng Seng, as it is an associate of controlling shareholders Gordon and Celine Tang. Mrs Tang is also Chip Eng Seng&rsquo s non-executive chairman and a non-independent director. The conditions precedent for the axed deal included the project company preparing a detailed debt-repayment plan and reaching both settlement agreements with its creditors, as well as a shareholders&rsquo agreement with the planned investors. Chip Eng Seng shares closed at S$0.49 on Friday, before the announcement. https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-pulls-plans-for-joint-investment-in-chinese-private-home-project |
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| 16-May-2020 11:51 |
MarcoPolo Marine
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Marco Polo - IPO
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Marco Polo Marine shrinks H1 net loss to S$708,000, says it' s in better shape than in last oil crashFRI, MAY 15, 2020 - 6:15 PMMARCO Polo Marine is in better shape to ride out the ongoing oil and gas crisis than it was during the crash of 2016, the board said in a bourse filing on Friday, as the offshore and marine player sharply narrowed its losses for the six months to March 31. Marco Polo, which emerged from debt restructuring in 2017 after a bail-out by a group of white knights, saw its first-half net loss shrink to S$708,000, from S$4.82 million in the year before. While it was dragged into the red on finance costs and a share of joint-venture losses, it has turned an operating profit amid a 49.5 per cent year-on-year jump in revenue to S$18.6 million. Both the ship-chartering and shipyard business units posted turnover growth, which the group attributed to an improved utilisation of offshore vessels and more ship-repair projects. Meanwhile, the board warned that Marco Polo&rsquo s earnings capacity and its ability to get new charter contracts could take a hit &ldquo in the next few months&rdquo from both the coronavirus pandemic and a plunge in global oil prices. Ship repair works are also expected to decrease as international clients grapple with the lockdowns imposed to curb the spread of the deadly disease, even though Marco Polo has upgraded its drydock to handle larger vessels, the board added. Still, Marco Polo noted that it has diversified into new businesses such as submarine cable installations and offshore wind-farm projects, and is working to expand beyond South-east Asia. &ldquo The group is now better positioned to ride through the current crisis with a stronger balance sheet, coupled with prudence in debt and cash flow management,&rdquo the board added. Loss per share was 0.02 Singapore cent, compared with 0.14 Singapore cent in the year before, while net asset value was flat at 3.1 Singapore cents a share. No dividend was declared for the half-year, unchanged from the year prior, in a decision that the board said was made &ldquo in view of the loss-making position of the group&rdquo . The counter closed flat at 1.3 Singapore cents before the latest announcements. https://www.businesstimes.com.sg/companies-markets/marco-polo-marine-shrinks-h1-net-loss-to-s708000-says-its-in-better-shape-than-in |
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| 15-May-2020 10:34 |
Yoma Strategic
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YOMA
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Yoma Strategic sinks into the red with US$15.9m H2 2020 net lossUPDATED THU, MAY 14, 2020 - 10:48 AMMYANMAR-FOCUSED Yoma Strategic Holdings has sunk into the red with a net loss of US$15.9 million for the six months ended March 31, 2020, compared with a net profit of US$20.6 million a year ago. This comes amid an increase in interest expenses and administrative expenses, partially offset by a lower share of losses of joint ventures and the recognition of a share of profit of associated companies, according to results released by the mainboard-listed group on Thursday. Yoma Strategic has businesses in real estate, food and beverage, automotive, financial services, as well as investments. Loss per share stood at 0.73 US cent for the same period, compared with earnings per share of 1.09 cents a year ago.
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| 15-May-2020 10:32 |
Perennial Hldgs
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Perennial makes weak debut on SGX
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Shareholders' loan in AXA Tower deal with Alibaba amounts to S$364.7m: PerennialTHU, MAY 14, 2020 - 9:36 AM IN response to the Singapore Exchange' s (SGX) queries, Perennial Real Estate on Wednesday night disclosed that the shareholders' loan, half of which will be transferred to Alibaba Singapore, has S$364.7 million outstanding. The subsidiary of Chinese e-commerce giant Alibaba Group is looking to acquire 50 per cent equity interest in AXA Tower from a Perennial-led consortium, before the parties form a joint venture to redevelop the building. The consideration payable for the half stake will be calculated based on the net asset value of Perennial Shenton Holding Pte Ltd (PSHPL) - which indirectly owns AXA Tower - at the deal' s close, and based on an agreed property value of S$1.68 billion. Meanwhile, the consideration for the transfer of half of the shareholders' loan to Alibaba Singapore will be 50 per cent of the principal outstanding as at closing, Perennial had announced on May 6 without disclosing the size of the loan. Aside from Perennial Real Estate, the other investors in the existing consortium - which is named Perennial Shenton Investors (PSI) - include Singapore Press Holdings (SPH), HPRY Holdings and Piermont Holdings. With the consortium' s half stake in PSHPL sold to Alibaba, the remaining half of shares as well as the other half of the shareholders' loan will be transferred to a new consortium (NewCo) made up of the same investors in the initial PSI consortium but with different shareholding proportions. Asked by SGX about the rationale for the formation of NewCo, Perennial said NewCo was formed to address the changes in shareholding proportions, as the existing consortium' s shareholders have different risk appetites and investment limits to invest in the redevelopment project. In addition, the stake sale involves providing the usual indemnities and warranties, and due to the changes in shareholding it is necessary to separate the investment entity for the redevelopment from the existing PSI consortium, which is the seller and taking on the warranties and indemnities to Alibaba Singapore. Perennial on Wednesday also said it will use the net cash proceeds from selling its net 21.2 per cent interest in AXA Tower to pare the company&rsquo s borrowings. The company responded to SGX that it will receive about S$196.4 million in net proceeds from the 31.2 per cent stake sale, based on the balance sheet as at Dec 31, 2019 and the agreed property price of S$1.68 billion. Afterwards, Perennial will inject about S$58.8 million in cash to own 20 per cent of NewCo which will thus give Perennial a 10 per cent effective interest in the AXA Tower redevelopment project. The maximum equity required by Perennial for the redevelopment of the project is estimated to be S$114.1 million. This amount depends on the final development plans and the loan-to-value ratio for the redevelopment financing, Perennial told SGX on Wednesday. The company also clarified the shareholding proportions before and after the divestment. As at 9.10am on Thursday, shares of Perennial dropped S$0.01 or 2 per cent to trade at S$0.49, while SPH shares gained S$0.01 or 0.7 per cent to trade at S$1.50. https://www.businesstimes.com.sg/companies-markets/shareholders-loan-in-axa-tower-deal-with-alibaba-amounts-to-s3647m-perennial |
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| 15-May-2020 10:24 |
Olam Intl
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OLAM_OLAM
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Olam Q1 PATMI up 6.1% to S$179.1m on net exceptional gains THU, MAY 14, 2020 - 8:58 AM OLAM International recorded a 6.1 per cent rise in profit after tax and minority interests (PATMI) to S$179.1 million for the first quarter ended March 31, 2020, from S$168.8 million a year ago, according to a business update on Thursday. This came on the back of S$43.2 million in net... https://www.businesstimes.com.sg/companies-markets/olam-q1-patmi-up-61-to-s1791m-on-net-exceptional-gains |
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| 15-May-2020 10:20 |
Golden Agri-Res
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GoldenAgr
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Golden Agri sinks into the red with US$95m net loss in Q1THU, MAY 14, 2020 - 8:31 AM GOLDEN Agri-Resources has sunk into the red with a net loss of US$95 million for its first quarter ended March 31, 2020, compared with a net profit of US$18 million a year ago. This was mainly due to foreign exchange translation loss, the palm oil plantation owner said in a bourse filing on Thursday morning. Revenue rose 2 per cent to US$1.66 billion for the quarter, up from US$1.62 billion in the previous year, thanks to higher average selling prices. This was partially offset by lower sales volume, which was severely affected by temporary logistics issues following the lockdown during the Covid-19 pandemic, the company said. In addition, higher costs, including the newly imposed crude palm oil (CPO) export tax and levy, led to a 30 per cent fall in earnings before interest, taxes, depreciation, and amortisation (Ebitda) to US$84 million, from US$121 million a year earlier. Golden Agri noted that the pandemic has created short-term disruptions, resulting in volatility in CPO prices. Nonetheless, the company said that its financial position continues to be " healthy" , with sufficient lines of credit and reserves in place to draw from if needed. The group added that it is implementing initiatives to preserve liquidity, including more intensive cost reductions and increasing efficiency in its operations. Franky Widjaja, Golden Agri' s chairman and chief executive officer, said: " In our view, the CPO price is buffered from the decline in crude oil price because of staple demand for food usage, as history has repeatedly shown. Although short-term volatility is expected with the current uncertainties due to Covid-19, we believe the CPO price will recover once the pandemic subsides and inventories in consuming countries are replenished." He added that limited growth in palm oil supply this year due to drought conditions and lower fertiliser application by small players in 2019 will keep the supply and demand balance healthy. " Long-term fundamentals of the industry remain in place as palm oil is the most consumed vegetable oil with its high versatility and lowest cost of production," said Mr Widjaja. Golden Agri shares closed at 15 Singapore cents on Wednesday, down 0.1 cent or 0.7 per cent. https://www.businesstimes.com.sg/companies-markets/golden-agri-sinks-into-the-red-with-us95m-net-loss-in-q1 |
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| 15-May-2020 10:09 |
Jumbo
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Jumbo
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Jumbo posts 72% decline in half-year profit to S$2.1m amid virus outbreakRESTAURANT operator Jumbo on Thursday recorded a 71.5 per cent year-on-year fall in half-year net profit to S$2.1 million amid the novel coronavirus outbreak, calling the past few months the " most challenging" since the group was established 33 years ago. Revenue fell 13.1 per cent on the year to S$66.7 million for the half year ended March 31, as takings declined across its key markets of Singapore, China and Taiwan. Gross profit margin for the period was also compressed to 62.6 per cent, from 64.2 per cent previously, as Jumbo sought to maintain market share and retain local customers with promotional campaigns and discounts in February and March. To cut costs during the pandemic, the group also implemented non-bonus accruals, a " minimal use" of casual labour and shorter operating hours. These resulted in employee benefits expenses decreasing by 3.6 per cent year on year to S$22.8 million in H1.
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| 15-May-2020 09:53 |
Centurion
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Centurion Corp
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Centurion posts higher Q1 revenue but expects Covid-19 to push up operating costsTHU, MAY 14, 2020 - 11:16 PMCENTURION Corp on Thursday posted higher first-quarter revenues on the year for its key student and worker accommodation businesses, but flagged that there have been disruptions due to Covid-19 and that operating costs are set to rise. The group&rsquo s purpose-built workers' accommodation business saw revenue rise 15 per cent year on year to S$22.8 million, accounting for 64 per cent of overall revenue for the quarter ended March 31. Likewise, revenue for the student accommodation business went up 13 per cent year on year to S$12.4 million, accounting for 35 per cent of overall revenue for the quarter. &ldquo While the financial occupancy of our workers portfolio has not been impacted thus far, there are disruptions to the operations due to Covid-19 and operating costs are expected to increase," said chief executive Kong Chee Min in a business update.
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| 15-May-2020 09:50 |
SIA
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SIA
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SIA posts S$732m Q4 loss as bad hedges worsen virus woesFRI, MAY 15, 2020 - 5:50 AMIn addition to recent cash call, group is also exploring other sources of funding, including secured financing, sale-and-leaseback transactions Singapore SINGAPORE Airlines (SIA) has posted a net loss of S$732.4 million in the fourth quarter, reversing from a net profit of S$202.6 million in the same period a year earlier. This included S$198 million in fuel hedging losses as fuel prices plunged towards the end of the quarter. SIA also booked S$710 million in mark-to-market losses from surplus hedges that arose because capacity cuts resulting from Covid-19 have meant that the carrier' s fuel consumption needs in the next fiscal year will be lower than previously anticipated. The carrier also warned of further fuel hedging losses ahead, noting that " fuel prices are likely to remain weak in the near term" . Revenue in the three months to March 31 fell 21.9 per cent to S$3.18 billion, owing to a steep drop in passenger traffic. The group swung into an operating loss of S$803 million in Q4, from profits of S$253 million a year ago. Passenger revenue fell 27.4 per cent, while cargo revenue was down slightly by 4 per cent as the sharp drop in bellyhold capacity arising from the reduction in passenger flights was only partially mitigated by the increased utilisation of freighter aircraft and the operation of cargo-only flights using passenger aircraft. Parent airline SIA incurred a S$583 million operating loss in Q4, reversing from an operating profit of S$204 million in the same period a year earlier. SilkAir recorded a S$100 million operating loss, reversing from an operating profit of S$11 million. Scoot reported an operating deficit of S$125 million, deepening from a loss of S$6 million in Q4 last year. Q4 loss per share was 61.8 Singapore cents, against earnings of 17.1 Singapore cents per share in Q4 last year. No final dividend was declared. In the prior year, a final dividend of 22 Singapore cents was declared. Full-year loss per share was 17.9 Singapore cents, against earnings of 57.7 Singapore cents per share last year. For the 12 months ended March 31, SIA posted a net loss of S$212 million, reversing from a net profit of S$683 million in the same period a year earlier. This is SIA' s first annual loss in history. Operating profit was S$59 million, down 94.5 per cent from S$1.07 billion last year as the weaker performance from January to March eroded the improvements made in the first nine months of the year, SIA said. On March 26, SIA announced a right issue to raise gross proceeds of S$8.8 billion through the sale of rights shares and rights mandatory convertible bonds (MCBs). SIA also has the option of issuing up to an additional S$6.2 billion through additional MCBs. SIA said in its results filing on Thursday: " This is intended to provide the group with additional liquidity if the crisis prolongs, and would only be tapped if necessary. We are currently exploring other sources of funding, including secured financing and sale-and-leaseback transactions." SIA added: " The prospects for a recovery in international air travel in the months ahead depend upon when border controls and travel restrictions ease. There is no visibility on the timing or trajectory of the recovery at this point, however, as there are few signs of an abatement in the Covid-19 pandemic." The group said it will maintain a minimum flight connectivity within its network during this period, while ensuring the flexibility to scale up capacity if there is an uptick in demand. " In the meantime, the demand for essential goods such as medical supplies, pharmaceuticals and fresh foods still exceeds air freight capacity on many key lanes due to the sharp reduction in bellyhold capacity. This is expected to sustain cargo revenues for the near term. We will also continue to pursue charter opportunities, while closely monitoring for changes in demand," SIA said. SIA shares fell 19 Singapore cents or 4.75 per cent to S$3.81 on Thursday before the results were announced. https://www.businesstimes.com.sg/companies-markets/sia-posts-s732m-q4-loss-as-bad-hedges-worsen-virus-woes |
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| 15-May-2020 09:45 |
AEI
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Share Consolidation 10:1
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AEM remains ' best and biggest port' amid Covid-19 storm: KGIBroker' s Calls Uma Devi 14/05/2020, 3:26pm SINGAPORE (May 14): As many companies settle for lower earnings and revenue due to the Covid-19 pandemic, AEM Holdings bucked the trend with its &lsquo best quarter on record&rsquo for 1QFY2020 ended March. The provider of equipment systems solutions and manufacturing services booked earnings of $43.8 million, a 449% surge compared to the previous year. This came on the back of a 179% increase in revenue to $146.8 million from $52.7 million in 1QFY2019, due to increased orders from its main customer, Intel. See: AEM books ' best quarter on record' as earnings surge 449% to $43.8 mil KGI Research analyst Kenny Tan notes that the company&rsquo s profit margins improved to 24.6% from 16.3% last year due to the group&rsquo s ability to maintain high levels of production with a low fixed cost structure. As far as 2020 is concerned, AEM is looking to garner sales within the range of $430 million and $450 million, a significant hike from its previous guidance rage of $360 million to $380 million. And Tan remains confident that this is highly likely. &ldquo The only dark spots, if any, is the lack of contributions from subsidiary segments, in which no segmental breakdown was provided,&rdquo says Tan. &ldquo Furthermore, none of 1QFY2020&rsquo s revenues were rushed production pull-ins from later quarters. AEM also confirmed that orders were still coming in,&rdquo he adds. To be sure, Tan says the guidance raise reflects a &ldquo changing sentiment&rdquo due to continued orders from Intel. In addition, companies in the tech sector can generally remain defensive amid the Covid-19 pandemic. &ldquo The tech sector, semiconductor industry included, has generally weathered the Covid-19 crisis fairly well,&rdquo shares Tan. &ldquo Fellow test equipment peers have generally performed above expectations, confirming earlier theories that the disruption is mainly supply-side and not demand-side,&rdquo he adds. Looking ahead, the brokerage is expecting a &ldquo conservative&rdquo net margin of 18.5% for the company, citing these to be fairly defensible for the time being. As AEM ramps up production of the latest generation of test handlers, Tan opines that margins are likely to increase even more. However, Tan remains cautious about the escalation of pandemic which could lead to supplier delays and order cancellations, as well as the possibility of competitors&rsquo R& D efforts weakening AEM&rsquo s market position. KGI is reiterating its &ldquo outperform&rdquo call on AEM Holdings with a higher target price of $3.61 compared to the previous one of $2.60. Year to date, shares in AEM have surged some 50.2% to trade at $3.15 as at 3.19pm. https://www.theedgesingapore.com/capital/brokers-calls/aem-remains-best-and-biggest-port-amid-covid-19-storm-kgi |
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| 15-May-2020 09:40 |
PropNex
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Your Trust is Our Priority
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PropNex' s Q1 net profit more than triples on higher property transactions THU, MAY 14, 2020 - 7:02 PM REAL estate agency PropNex on Thursday posted S$8.2 million in net profit for the first quarter, up from the S$2.3 million in the preceding year, boosted by property transactions carried forward and a recovery in the private home market. Revenue gained 82.7 per cent to S$135.6 million for the quarter ended March 31. The mainboard-listed group said it finished 2019 with more than S$500 million in gross commission from its total property transactions. Transactions yielding about S$420 million in commission were completed and invoiced that year, and the remaining transactions were carried forward. PropNex also attributed the growth in revenue to a recovery of the private residential market from the government-imposed cooling measures. For instance, the private new-home sales segment saw 2,149 units moved in Q1, a 16.9 per cent increase from the same period a year ago. Earnings per share for the quarter stood at 2.05 Singapore cents, up from 0.54 cent in the preceding year. However, PropNex warned that the private residential segment could undergo an overall contraction in 2020. It expects most of the impact to be reflected in its financial performance for the second half of the year. This comes as property viewings and marketing roadshows have been suspended during Singapore' s circuit-breaker period. " Even before the circuit-breaker measures, many existing owners had postponed their decision on selling, as they were not comfortable with inviting potential buyers to their homes," PropNex said. In addition, developers are adopting a wait-and-see approach to their project launches, PropNex added. That said, the group expects 30 projects with a total of close to 10,000 units to be rolled out in the subsequent quarters. It has been appointed for 14 projects comprising more than 6,500 units. Shares of PropNex closed down 2.02 per cent to S$0.485 on Thursday before the announcement. https://www.businesstimes.com.sg/companies-markets/propnexs-q1-net-profit-more-than-triples-on-higher-property-transactions |
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| 15-May-2020 09:32 |
ThaiBev
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ThaiBev
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ThaiBev Q2 net profit falls 14% to 4.95b baht in a ' challenging' environmentTHU, MAY 14, 2020 - 10:26 PMTHAI Beverage Public Co (ThaiBev) on Thursday recorded a second-quarter net profit decline of 14 per cent on the year to 4.95 billion baht (S$220 million), amid what it called a &ldquo challenging business environment&rdquo . The company said on Thursday that the Covid-19 outbreak has &ldquo severely affected&rdquo all economic activities in Thailand. The Thai government has implemented measures to stem the spread of the virus, by mandating entertainment venues and restaurants to close and temporarily prohibiting alcoholic beverage sales. ThaiBev expects these measures will affect next quarter&rsquo s sales figures. The group declared an interim dividend of 0.10 baht per share for the quarter ended March 31, lower than a restated 0.15 baht in the preceding year. Revenue for the quarter came in at 61.41 billion baht, a 12 per cent drop year on year, weighed by declines in its key spirits and beer businesses. Takings for the spirits business fell 3.9 per cent due to a decrease in sales revenue for the beer business - which now includes Chang water and Chang soda - declined 23.5 per cent owing to a decrease in Sabeco beer sales. Revenue for the food business was down 8 per cent, led by a decrease in revenue from Oishi food. The non-alcoholic beverages segment saw revenue rise 5.1 per cent, however, boosted by an increase in sales. Earnings per share for the second quarter was 0.2 baht, down from 0.23 baht previously. https://www.businesstimes.com.sg/companies-markets/thaibev-q2-net-profit-falls-14-to-495b-baht-in-a-challenging-environment |
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| 15-May-2020 09:20 |
Frencken
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Frencken Group Ltd
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Net profit was up 10.5 per cent year on year to S$9.5 million for the quarter ended March 31. This was even as revenue fell 4.8 per cent on the year to S$151.4 million, mainly due to lower sales from the automotive, industrial automation and analytical segments.
The mainboard-listed manufacturer attributed it largely from gains from the US dollar' s appreciation against the Singapore dollar. Reductions in freight costs, as well as administrative and general expenses also helped.
The group expects financial performance for the year to be affected by the novel coronavirus' impact on end-user demand, as well as government measures to curb the spread of the virus.
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| 15-May-2020 09:17 |
Sasseur Reit
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Sasseur REIT Latest News
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SASSEUR Real Estate Investment Trust (Sasseur Reit), which owns outlet malls in China, posted a 19.4 per cent drop in its distribution per unit (DPU) to 1.334 Singapore cents for its first quarter ended March 31, 2020, from 1.656 Singapore cents a year ago.
The Reit' s rental income under its entrusted management agreements (EMA) fell 10.1 per cent to S$27.6 million for the quarter, from S$30.7 million the year prior. The manager said rental income in the first quarter has been less impacted by disruptions from the Covid-19 pandemic compared to other malls and Reits, due to the EMA rental income model.
The manager plans to undertake asset enhancement initiatives during the second quarter. This includes repositioning its Chongqing outlets as a lifestyle and shopping destination. Block B of its Hefei outlets will also be repositioned into a sports-themed shopping complex.
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| 15-May-2020 09:15 |
Japfa
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Japfa IPO 15 August
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Japfa net profit grows five times to US$35.5m in Q1 THU, MAY 14, 2020 - 9:55 PM JAPFA, which produces and supplies staple foods, has recorded a net profit of US$35.5 million for the first quarter, five times that for the preceding year. This came as revenue grew 4.2 per cent year on year to US$949.9 million, on the back of growth in the five business segments Japfa operates across Indonesia, Vietnam, Myanmar, India and China. The group said gains were largely owing to higher feed margins in Indonesia, as well as higher swine-fattening prices in Vietnam and higher raw milk prices in China. The swine and raw milk markets have been hit by supply shortages. However, Japfa has also postponed capital expenditure in South-east Asia since the Covid-19 outbreak. Some expected sources of demand may not materialise, as well. For instance, Ramadan is typically expected to drive demand for poultry, but the virus outbreak has reduced Indonesian people' s purchasing power and, hence, their demand for this meat. https://www.businesstimes.com.sg/companies-markets/japfa-net-profit-grows-five-times-to-us355m-in-q1 |
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| 15-May-2020 09:09 |
Yanlord Land
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Yanlord just delivered a Spectacular Results
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Yanlord total contracted pre-sales rises 27.5% to $2.33 bil for four months ended AprilResultsFelicia Tan 14/05/2020, 5:41pm
SINGAPORE (May 14): Real estate developer Yanlord Land Group posted a 27.5% increase in its total contracted pre-sales to RMB11.64 billion (S$2.33 billion) on contracted gross floor area (GFA) of 336,520 sqm for the four months ended April 30.
The bulk of its sales were made from its projects in China. The top five cities that contributed to the rise in contracted pre-sales are Nanjing, Suzhou, Nantong, Hangzhou, and Tianjin, which accounted for around 85.4% of the total contracted pre-sales for the company for the four months. In April alone, the company posted a 42.6% increase y-o-y to RMB4.86 billion on contracted GFA of 143,824 sqm. The company also recorded approximately RMB2.51 billion of subscription sales as at April 30. Yanlord Land&rsquo s shares closed 3 cents lower, or 2.8% down, at $1.03 on Thursday, prior to the announcement. https://www.theedgesingapore.com/capital/results/yanlord-total-contracted-pre-sales-rises-275-233-bil-four-months-ended-april |
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| 14-May-2020 10:18 |
SIA
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SIA
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Airline industry likely to remain highly competitive even after Covid-19: SIAWED, MAY 13, 2020 - 7:21 PM SINGAPORE Airlines (SIA) has proclaimed the Covid-19 pandemic as the greatest challenge ever faced by the aviation industry, but said that the industry is likely to remain highly competitive even after the crisis blows over. Its chief executive Goh Choon Phong said this on Wednesday in a dialogue with the Securities Investors Association (Singapore). He was asked if the industry landscape, where margins are generally thin, will change post-Covid-19. Mr Goh replied: " Post-Covid-19, it is likely to still remain competitive for the airline industry. " Ours is a very highly competitive industry, as you are aware. How it will look like and how competitive it will be really depend on a few factors. For example, which airlines manage to find liquidity to survive and emerge as stronger players after the crisis, how long the global economic recovery will take, and what changes we will see in terms of travel habits and value drivers of our customers." However, he added that SIA' s rights issue will provide the group with the resources to " capture opportunities from a position of strength" once the crisis is over and air travel returns. The group is also preparing for different scenarios, and has " detailed" long-term strategies and recovery plans in place. Mr Goh was also asked how long the funds raised will last, especially if the outlook does not improve, and whether the group will consider boosting its reserves. He replied that SIA will press on with cost-cutting measures and beefing up its finances, even as its rights and convertible bonds issues will put up to S$15 billion at its disposal to cope with the hit from the Covid-19 pandemic. " We were decisive, for example, in implementing wage cuts, varying no-pay leave schemes, deferral of non-essential projects and capitalexpenditure, and these measures will continue for the foreseeable future," he said. SIA is also talking to aircraft manufacturers such as Boeing and Airbus to restructure aircraft deliveries. On financing, Mr Goh noted that up to S$6.2 billion of additional mandatory convertible bonds may be issued within 15 months of the extraordinary general meeting. " This will provide us with additional liquidity if the crisis extends for a prolonged period," he said. But the national carrier has also been working with banks for additional facilities, and will continue to explore other sources of funding, including secured financing, and the sales and leaseback of aircraft, he added. https://www.businesstimes.com.sg/companies-markets/airline-industry-likely-to-remain-highly-competitive-even-after-covid-19-sia |
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