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| 14-May-2020 10:10 |
Seatrium
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Sembmarine
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Sembcorp Marine says revenue recognition hit by double whammy of Covid-19 and oil price collapse UPDATED MAY 13, 2020, 1:49 PM
SINGAPORE (THE BUSINESS TIMES) - Hit hard by the double whammy of the Covid-19 pandemic and the collapse in oil prices, Sembcorp Marine (SembMarine) will be deferring all non-essential capital expenditures (capex) to preserve cash flow and manage overall liquidity with prudence and discipline. Industry-wide cuts to capex have affected the group' s ongoing negotiations for the finalisation of new orders. This, coupled with delays in executing existing orders, has led to lower revenue recognition, SembMarine said in its business update for the first quarter of 2020 on Wednesday (May 13). The collapse in oil prices from March 2020 has resulted in major oil companies deferring their final investment decisions (FID) for projects and cutting the capex significantly for this year. This also significantly affected SembMarine' s securing of new orders for the foreseeable future. New orders affected include one to deliver a floating production, storage and offloading (FPSO) design solution for the Cambo field in the UK Continental Shelf. Its FID is now postponed to 2021. Meanwhile, the Covid-19 pandemic has affected global shipping operations and " adversely affected" the group' s repairs and upgrades business. Singapore' s virus-related restrictions had also substantially reduced the group' s operating yard workforce to 850 from about 20,000 previously, " severely" constraining yard activities. This came after the Ministry of Manpower on April 21 announced movement-restriction measures disallowing migrant workers from leaving their dormitories for work. These and other circuit breaker measures have been extended to June 1. The reduced workforce was deployed to manage critical works and support yard essential services such as emergency response teams, facilities and utilities management, dormitory operations, medical centres and yard security. SemMarine said it will continue to assess the impact on its project schedules and is working closely with customers to manage ongoing projects. It aims to reactivate its workforce and resume work safely and efficiently when the measures are lifted. On its outlook, SembMarine expects overall business volumes for all segments to further weaken for the rest of the year. The previous trend of losses is expected to continue in foreseeable quarters. SembMarine shares ended at 73.5 cents on Tuesday, down 0.5 cent or 0.7 per cent. With additional information from The Straits Times https://www.straitstimes.com/business/companies-markets/sembcorp-marine-says-revenue-recognition-hit-by-covid-19-oil-price |
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| 14-May-2020 10:03 |
Genting Sing
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Genting SP Next Move
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Genting Singapore' s Q1 earnings halved remains pessimistic for rest of yearWED, MAY 13, 2020 - 6:14 PM GENTING Singapore on Wednesday saw earnings halved for the first quarter as the global coronavirus pandemic took its toll on tourism. The company said it remains pessimistic for the rest of the year, foreseeing that any recovery may be long-drawn. The integrated resort operator posted adjusted earnings before interest, tax, depreciation and amortisation (adjusted Ebitda) of S$146.9 million for the quarter ended March 31, a 55 per cent decrease year on year. This came as revenue fell in both its gaming and non-gaming segments. Gaming revenue declined 38 per cent on the year to S$267.9 million, while non-gaming revenue went down 34 per cent to S$138.4 million. The overall impact was partially mitigated by a series of measures Genting took to control costs, including instituting pay cuts for all managerial team members and encouraging its employees to take their annual leave. Genting said in its business update: " Given the fluidity of the unfolding Covid-19 situation, the group remains pessimistic on its outlook for the remaining year. To cope with a potentially volatile and long-drawn recovery process, we will adopt an agile and continuous learning mindset to align our cost structure with the new norm." But the group gave the assurance that it has built up a strong balance sheet over years that will enable it to continue operating and pursuing growth both at its flagship property Resorts World Sentosa (RWS) and globally. Genting also still plans to develop an integrated resort in Japan. The group said it has been engaged in the ongoing Request for Concept by the city of Yokohama, and anticipates the launch of the Request for Proposal in the second half of 2020. RWS is now the managing agent for two facilities in Singapore (Singapore EXPO and MAX Atria), where Covid-19 patients rest and recover. https://www.businesstimes.com.sg/companies-markets/genting-singapores-q1-earnings-halved-remains-pessimistic-for-rest-of-year |
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| 14-May-2020 09:58 |
Frasers Property
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Frasers Cpt
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Frasers Property' s Q2 profit falls 38.1% bosses take pay cutsTHU, MAY 14, 2020 - 5:50 AM Group CEO Panote Sirivadhanabhakdi' s salary reduced by 25%, salaries of other senior management cut by up to 10% Singapore FRASERS Property' s group chief executive, other members of senior management, as well as board members of the group and its subsidiaries, have taken base salary and fee cuts effective May 1, as the company looks to conserve its financial resources. Group chief executive Panote Sirivadhanabhakdi took a 25 per cent reduction in his base salary, while other senior management accepted base salary cuts of up to 10 per cent. Board members of Frasers Property and its subsidiaries also took a voluntary 10 per cent reduction in their directors' fees. For the second quarter ended March 31, 2020, Frasers Property posted a 38.1 per cent year-on-year drop to S$74.5 million, from S$120.4 million a year ago as the company' s administrative expenses and interest expense rose for the quarter. Revenue for Q2 rose 2.2 per cent to S$954.7 million, from S$934.3 million a year ago. This was mainly due to settlements of development projects in China, maiden contributions from PGIM Real Estate AsiaRetail Fund' s portfolio of retail assets, and the consolidation upon the step-up acquisition of Golden Land Property Development Public Company. The revenue gains were partially offset by lower contributions from development projects in Australia and poorer operating results from hospitality properties due to the Covid-19 pandemic. Meanwhile, earnings per share stood at 1.59 Singapore cents for the quarter (after fair value change and exceptional items), down from 2.81 cents a year ago. No dividend was declared for the quarter, versus an interim dividend of 2.4 Singapore cents a year ago. Frasers Property' s board decided to temporarily suspend interim dividends as a precautionary measure to conserve the company' s financial resources in view of " significant" uncertainties due to the Covid-19 situation. In an earnings briefing on Wednesday morning, Mr Sirivadhanabhakdi said that a priority for Frasers is to lower its net gearing. Its net gearing increased 20.9 percentage points from Sept 30, 2019, to 106.8 per cent as at March 31, 2020. " The best way to do it is through our core strategy (of) injecting the asset into the Reits," he said, but added that as sponsor it has the responsibility of protecting the value of the Reit and making sure assets can be absorbed. It depends on how the market plays out in the next one or two months here, he went on to say. At the same time, the group is curtailing any further investments to control the group' s gearing. In response to a question on whether the group is aiming to bring gearing down by the end of this financial year, Mr Sirivadhanabhakdi said that Frasers is working as fast as it can, but will also take into consideration the state of the market. The rise in net gearing was a result of the redemption and cancellation of perpetual securities in March, higher borrowings for the acquisition of a property in the United Kingdom, capital expenditure in Thailand and Australia as well as the redemption of shares in PGIM Real Estate AsiaRetail Fund. For the half-year ended March 31, 2020, net profit was down 12.1 per cent to S$233.8 million, while revenue was up 5.7 per cent to S$2.13 billion. " Along with many businesses around the world, we are facing an unprecedented crisis that has greatly disrupted the business environment and operating conditions in all our markets. Frasers Property' s H1 FY2020 results reflected only the initial impact of the Covid-19 outbreak on the group' s financial performance," said Mr Sirivadhanabhakdi. " Until there is clarity on the duration, severity and consequences of this pandemic, significant uncertainties will persist and the operating environment of the group' s various businesses will remain challenging." To better weather the Covid-19 crisis, the group has made capital and liquidity management its strategic priorities. Cashflow management, collections and projects are a key focus. The group is also taking appropriate action to reduce operational costs, and is deferring uncommitted capital expenditure given uncertainties around the Covid-19 pandemic. Shares in Frasers closed two cents lower at S$1.19 on Wednesday. https://www.businesstimes.com.sg/companies-markets/frasers-propertys-q2-profit-falls-381-bosses-take-pay-cuts |
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| 14-May-2020 09:52 |
Riverstone
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RIVERSTONE HOLDINGS LIMITED
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Riverstone' s gloves remains a hot investment to wear and invest in, say analystsAmala Balakrishner 13/05/2020, 2:18pm SINGAPORE (May 13): Earnings of Malaysia-based glove and face mask manufacturer Riverstone Holdings soared 54.3% to RM46.6 million ($15.2 million) in 1Q20, from RM30.2 million a year ago, reinforcing that protective health gear are now the hottest investment property. Revenue for 1Q20 correspondingly increased 16.2% to RM297.4 million from the RM30.2 million recorded in 1Q19, following robust global demand for healthcare products amid the Covid-19 pandemic. A further boost in earnings came from a downtrend from the prices of Butadiene, a raw material used to produce Riverstone&rsquo s nitrile-based gloves. As such, the group&rsquo s gross profit margin strengthened by 4.6 percentage points year-on-year to 24.0% in the quarter. Riverstone is now ramping up its production levels to match the uptick in orders for health-protective gear from both its new and existing customers. For one, it is looking to increase its production capacity by 1.4 billion or 15.6% to 10.4 billion pieces of gloves per annum by 4Q20. This will be done at its new facility, which constitutes phase 6 of Riverstone&rsquo s expansion plans, the group states in a regulatory filing on May 11. &ldquo Completion of our new facility for phase 6 of our capacity expansion plans has come at an opportune time, and we are progressively commissioning new lines to satisfy our customers&rsquo urgent need for examination gloves,&rdquo notes Executive Chairman and CEO, Wong Teek Son. &ldquo Due to the surge in healthcare glove orders resulting from the Covid-19 pandemic, we have been ramping up production and reducing downtime for our production lines to meet this robust demand&rdquo . As at end March, cash and cash equivalents stood at RM 170.7 million, down from RM 130.3 million a year ago, giving the group sufficient funding capacity to execute its expansion plans. Looking at the group&rsquo s results, CGS-CIMB Ong Khang Chuen says it is 30% higher than forecasts by his team and Bloomberg. &ldquo The key surprise was stronger-than-expected margin expansion which widened mainly due to 1) favourable supply-demand dynamics leading to a better pricing environment and 2) lower raw material prices,&rdquo he says in a May 12 note. Amid a heightened emphasis on hygiene, Ong anticipates Riverstone to see a spike in demand for gloves among both healthcare and non-healthcare sectors. Already he notes that the company has an order backlog of around three to four months for cleanroom gloves, as opposed to an average of one month prior to the pandemic. This translates to its present operation level of 95%, as opposed to 88% previously. To this end, he expects the group to record sales growth of 17% in FY20F bringing earnings up 61% to RM 210 million for the year. DBS analyst Ling Lee Keng has forecast a higher earnings growth of 27%/19% for FY20F/FY21F given the group&rsquo s ability to &ldquo generate above-industry margins&rdquo , particularly for cleanroom gloves. Both Ong and Ling have posted &ldquo buy&rdquo or &ldquo add&rdquo calls on Riverstone at a target price of $1.86 and $2.20 respectively. This is a significant deviation from the $1.47 the group is currently trading at. To Ling, Riverstone&rsquo s current price-to-earnings of 17.7x and 18.3x on FY20F and FY21F sees it trading at a 42% discount compared to its peers. &ldquo This is unjustifiable, in our view, given its leadership position in the cleanroom segment. We see value in Riverstone&rsquo s hard-to-replicate cleanroom business that sets it apart from its competitors,&rdquo she stresses in a May 12 note. As at 1.11pm shares at Riverstone Holdings were up 22 cents of 13.6% to $1.84. https://www.theedgesingapore.com/capital/investing-ideas/riverstones-gloves-remains-hot-investment-wear-and-invest-say-analysts |
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| 14-May-2020 09:47 |
Tuan Sing
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PRIVATISE AT 50CENTS
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Tuan Sing to issue S$65m 7.75% 2-year notes WED, MAY 13, 2020 - 8:17 AM PROPERTY developer Tuan Sing Holdings has priced its S$65 million two-year, non-call 1 notes at 7.75 per cent. The notes are expected to be issued at par on May 19, 2020 and will mature on May 19, 2022. Net proceeds arising from the issue will be used to finance the group' s property development and investment, refinancing of indebtedness, as well as for general corporate purposes, including financing acquisitions, investments and/or asset enhancement works, and general working capital requirements of the group and/or its subsidiaries, Tuan Sing said on Wednesday. Credit Suisse (Singapore) and United Overseas Bank have been appointed as the joint lead managers and joint bookrunners for the deal. The notes will be issued under the group' s S$900 million multicurrency medium term note programme in support of its growth plans, the company noted. William Liem, chief executive officer of Tuan Sing, said: " We are pleased to secure strong anchor support for this bond issue despite the challenging environment due to the ongoing Covid-19 pandemic... " Moving ahead, we believe we can capture the pockets of opportunities that may arise and also look forward to embarking and executing on our large-scale transformational projects in the pipeline such as Opus Bay and Kura Kura Bali." Tuan Sing shares closed at 23.5 Singapore cents on Tuesday, down 1.5 cents or 6 per cent. https://www.businesstimes.com.sg/companies-markets/tuan-sing-to-issue-s65m-775-2-year-notes |
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| 14-May-2020 09:40 |
ASL Marine
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Nav$1.01 share px 20c Eps 2c cheap to.buy ??
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ASL Marine Holdings
THE mainboard-listed company expects a 40 per cent reduction in monthly shiprepair and shipchartering revenue for Q4 FY2020, depending on how long the Covid-19 situation will persist.
Restrictions on travel and on the number of employees allowed at work have resulted in construction work on the group' s four existing shipbuilding projects in Singapore stopping temporarily. In Indonesia, ASL is also unable to bid for or complete more complex and higher value shiprepair works due to its reliance on Singapore specialists.
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| 13-May-2020 10:57 |
CityDev
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CityDev
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CDL sells more units here in first quarter but sales value fallsProperty developer City Developments Limited (CDL) and its joint-venture associates sold 185 units with a total sales value of $278.1 million for its first quarter ended March 31, versus 173 units with sales value of $516.3 million a year ago. The lower sales value was due to a majority of the residential units sold being mass-and mid-market projects like Whistler Grand, Piermont Grand and The Tapestry, it said in a business update yesterday.
In contrast, it sold units mainly from ultra-luxury projects such as Boulevard 88 in the first quarter a year ago.
The firm said it expects its sales volume to decline during the circuit breaker period.
Construction work for its Singapore developments has also been affected. But the temporary occupation permits for the majority of these projects are expected only in 2022 and 2023. The Forest Woods condominium in Lorong Lew Lian remains on track to be completed by the third quarter of this year.
Outside of Singapore, CDL reported a significant slowdown in new home sales for its projects in China, Britain and Australia.
In addition, its global hospitality portfolio, mainly comprising its wholly owned subsidiary Millennium & Copthorne Hotels, has been " severely impacted by closures following lockdowns imposed by local governments" , CDL said.
As of March 31, about 30 per cent of the group' s 152 hotels globally were temporarily closed.
All 10 of its Singapore hotels remain operational but revenue per available room declined 28.8 per cent due to lower occupancy.
CDL said several of its Singapore hotels are housing those hit by recent events such as Malaysia' s border closure, or have been designated as venues for people returning from abroad to serve stay-home notices. " These initiatives have helped to sustain occupancy rates in Singapore, allowing hotels to maintain a break-even position in April," it said.
Its Singapore office portfolio had a committed occupancy of 90.9 per cent for the quarter. In retail, about 80 per cent of its 426 tenants in Singapore are not operating due to circuit breaker measures.
For the first quarter, CDL' s net gearing ratio stood at 44 per cent, with cash reserves of $3.3 billion.
https://www.straitstimes.com/business/companies-markets/cdl-sells-more-units-here-in-first-quarter-but-sales-value-falls |
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| 13-May-2020 10:40 |
EC World Reit
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Hidden Gem of e-Commerce REIT related to Alibaba
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EC World Reit
THE real estate investment trust reported a distribution per unit (DPU) of 1.158 Singapore cents for the first quarter, a 22.9 per cent decline on the year, largely due to rental rebates provided to tenants in March amid the Covid-19 situation.
Without the rebates, DPU would have been 1.529 cents. For the sake of " prudence" and " financial fluidity" , the Reit' s manager also decided to retain 5 per cent of the Reit' s amount available for distribution in Q1.
Net property income was roughly steady at S$21.1 million for the quarter ended March 31, thanks to growth within the Reit' s portfolio and contributions from Fuzhou E-Commerce, which was acquired last August.
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| 13-May-2020 10:22 |
Healthway Med
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healthway, healthy?
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Healthway Medical Corporation
THE Catalist-listed company will cut its directors' fees for FY2019 by 10 per cent to S$166,278.60 in total. This is in light of the current coronavirus crisis, and as a gesture of the board' s commitment to the company' s management to navigate the crisis.
The decision will be subject to the approval of shareholders at the company' s upcoming annual general meeting.
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| 13-May-2020 09:55 |
Thakral
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Thakral Corp
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Thakral Corporation
THAKRAL Corporation will not be declaring and paying a dividend by June 2020, so as to conserve cash amid the ongoing coronavirus pandemic.
Thakral' s current dividend policy is to declare and pay two dividends in any financial year, one by June and the other by December.
It said that rewarding shareholders by way of dividends remains a " top priority" of the board, but it depends on the group' s performance for the remaining months of the year, as well as the working capital position.
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| 12-May-2020 11:08 |
SIA
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SIA
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Singapore shares drift up, confusion over SIA value More Info> > > MON, MAY 11, 2020 - 6:18 PM SINGAPORE shares kicked off the week on a higher note on Monday, mirroring gains on Wall Street as countries prepare to reopen their economies gradually amid the Covid-19 pandemic. The Straits Times Index (STI) opened at 2,597.85 and closed at 2,611.31, up 19.43 points or 0.75 per cent. Trade was relatively quiet, with 1.42 billion securities worth S$1.20 billion changing hands. Brokers said they were bombarded with queries from clients still confused over the intrinsic value of the mandatory convertible bonds (MCBs) that Singapore Airlines (SIA) had also issued together with its rights issue. &ldquo There is still a lot of confusion after Friday&rsquo s wild swings,&rsquo &rsquo said one broker. Another said given the uncertainty facing airlines, most of his clients are waiting to sell their rights come Wednesday. SIA raised S$8.8 billion by issuing rights, and raised another S$3.5 billion via a 10-year MCB issue on the basis of 295 rights MCBs for every 100 existing shares owned. Priced at S$1 each, the bonds do not bear a coupon. If SIA does not redeem the 10-year MCBs before maturity, they may be converted into shares based on a conversion price of S$4.84. Last Wednesday, Societe Generale (SocGen), issuer of daily leverage certificates on SIA, announced that the theoretical ex-rights price of SIA shares based on the previous close would be adjusted to S$3.71, instead of S$4.16 as many had assumed. Jingyi Pan, IG&rsquo s market strategist, warned the next couple of weeks would be crucial in the assessment of the sustained Covid-19 impact. &ldquo As global economies continue in efforts to ramp up economic activities once again, two biggest near-term risks perhaps persist in the form of Covid-19 case resurgence and further US-China tensions,&rsquo &rsquo she said. https://www.businesstimes.com.sg/stocks/singapore-shares-drift-up-confusion-over-sia-value |
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| 12-May-2020 11:04 |
DBS
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DBS
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SINGAPORE (THE BUSINESS TIMES) - DBS Bank has joined Contour' s network, which is built on blockchain technology company R3' s Corda and digitalises global trade processes such as the creation, exchange, approval and issuance of letters of credit (LCs). It is the first Singapore bank to do so, ahead of the blockchain-based platform' s full launch later this year, DBS announced on Monday (May 11). Other banks in the network include BNP Paribas, Bangkok Bank, ING, HSBC, Standard Chartered and Citi Ventures, according to the website for Singapore-based Contour. DBS will be able to tap Contour' s digital solutions to provide a fully digital end-to-end LC settlement process for its customers, including the transfer of electronic trade and title documents. This will help to shorten the settlement time, reduce paperwork and simplify complex trade processes. Corporate customers will also be able to conduct digital pre-issuance negotiations between applicant and beneficiary in real-time, and share this with the bank post-endorsement for LC issuance. This increases the accuracy of LCs issued and, in the event of discrepancies, facilitates quicker resolution, DBS said. In addition, there will be real-time tracking of transactions on the platform along with a full audit trail, resulting in greater transparency. " Joining Contour' s growing ecosystem of banks and partners aligns with DBS' ongoing efforts to drive greater efficiencies in trade and unlock strategic value for its corporate customers," the lender noted. The demand for contactless banking amid the Covid-19 situation also makes digitalising trade processes an increasingly relevant and heightened priority. Contour' s chief executive officer Carl Wegner said that as more financial institutions join the beta network, it will be able to " showcase the full potential" that a blockchain solution can offer to trade finance. " Efficiency in the LC issuance process is a vital part of upgrading the industry. Through our network, we can enable banks and corporates to leverage the shared transparency in the platform and manage information digitally," he added. John Laurens, group head of global transaction services at DBS Bank, said: " This is more than simply digitising an historically paper-based service it' s about transforming the way industries work by providing greater transparency, security and speed to build sustainable trade ecosystems that are able to weather the peaks and troughs of economic cycles and are resilient in times of crisis." DBS shares were up $0.22 or 1.1 per cent to trade at $19.92 on a cum-dividend basis as at 10.31am on Monday. https://www.straitstimes.com/business/banking/dbs-bank-joins-blockchain-trade-finance-network-contour |
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| 12-May-2020 11:01 |
SGX
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SGX
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Market turnover value of ETFs more than doubles to S$469m in April: SGXMON, MAY 11, 2020 - 2:49 PM THE market turnover value of exchange-traded funds (ETFs) on the Singapore bourse surged to S$469 million last month, up 140 per cent from the year-ago period, on the back of strong investment interest and capital inflow to Asia. Meanwhile, the total securities market turnover value rose 35 per cent on the year to S$29.6 billion in April, while the securities daily average value, or SDAV, grew by 35 per cent to S$1.41 billion, according to the Singapore Exchange&rsquo s (SGX) latest monthly market statistics report. &ldquo Global equities stabilised on early signs of market optimism, following the intense volatility in the first quarter,&rdquo SGX said on Monday. The traded volume of equity index futures on the SGX fell 25 per cent from a year ago to 12.3 million contracts in April. &ldquo The anticipated gradual reopening of the Chinese economy and optimism for more economic stimulus eased portfolio-hedging activity,&rdquo the bourse operator said. Last month, China became the first major economy to exit its coronavirus lockdown, even as it announced a contraction in its gross domestic product for the first quarter of the year. SGX Nifty 50 Index Futures&rsquo traded volume gained 24 per cent to 1.9 million contracts, while the SGX Nikkei 224 Index Futures climbed 18 per cent to nearly 1.8 million contracts. &ldquo Significantly, for the benchmark Japanese contract, volume surged 60 per cent year on year in the T+1 overnight session, underscoring demand for continuous price formation and round-the-clock risk management from investors in the US and European time zones,&rdquo SGX noted. As for foreign exchange (FX) futures, demand for currency risk management continued to grow. The total volume of FX futures that changed hands on the exchange increased by 13 per cent year on year to 1.7 million contracts in April. Volume traded for SGX&rsquo s USD/CNH (US dollar and offshore Chinese yuan) futures rose 14 per cent to 679,239 contracts, while month-end open interest jumped 57 per cent on the year to a notional US$6.27 billion. &ldquo Market participants noted an uptick in geopolitical tensions between China and the US, which in January signed what was billed as the first phase of a broader trade deal,&rdquo the bourse operator said. SGX&rsquo s INR/USD (Indian rupee and US dollar) futures saw their total traded volume increase by 9 per cent on the year to 980,379 contracts last month, despite reduced volatility in India&rsquo s currency as the government extended a nationwide lockdown. In commodities, disruptions in the physical market - particularly in global supply chains - continued to drive demand for risk-management solutions, although trading volumes moderated off the highs of March. The total commodity derivatives volume on SGX shrank by 9 per cent from the year-ago period to 1.7 million contracts in April, with the exchange&rsquo s bellwether iron ore derivatives declining 8 per cent to about 1.5 million contracts and Singapore Commodity Exchange rubber futures tumbling 17 per cent to 149,963 contracts. During the month, prices of West Texas Intermediate crude futures sank below zero for the first time, fuelling volatility across the energy complex and downstream petrochemical markets. SGX&rsquo s petrochemicals volumes were up 8 per cent in April to 2,492 contracts. Meanwhile, open interest in paraxylene and benzene derivatives, as well as coking coal futures and freight options, climbed to record highs, which indicates higher demand for price risk management, SGX said. Shares of SGX were up S$0.12 or 1.2 per cent to trade at S$9.93 as at 2.23pm on Monday. https://www.businesstimes.com.sg/companies-markets/market-turnover-value-of-etfs-more-than-doubles-to-s469m-in-april-sgx |
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| 12-May-2020 10:58 |
Hyphens Pharma
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Hyphen Pharma
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Hyphens Pharma to pay out FY2019 dividend on June 8 Q1 net profit up by 48.6%MON, MAY 11, 2020 - 9:50 PMCATALIST-LISTED healthcare-products group Hyphens Pharma International will reclassify its proposed final dividend for FY2019 as an interim dividend, as its annual general meeting, where shareholders would have voted on the payout, was delayed by the coronavirus pandemic. The books will now close on May 26, and shareholders can expect their payout of S$0.01 a share on June 8, Hyphens Pharma&rsquo s board said in a bourse filing on Monday. Meanwhile, first-quarter net profit surged by 48.6 per cent year on year to S$2.12 million for the three months to March 31, on the back of a broad-based increase in sales. Revenue grew by 16.4 per cent to S$31.4 million, according to unaudited results also released on Monday. Earnings per share rose to 0.71 Singapore cent, from 0.48 Singapore cent before. Net asset value was 15.36 Singapore cents a share, against 14.67 Singapore cents as at Dec 31, 2019. Chairman and chief executive Lim See Wah added in a statement: &ldquo We are seeing good growth in our proprietary brands segment and our virtual medical hypermart.&rdquo Despite the ongoing coronavirus pandemic, Hyphens Pharma said it is not facing difficulties with its material contractual obligations or its ability to operate as a going concern. It even plans to pick up the pace for its e-commerce investment for consumer healthcare brands, and enhance its digital engagement with medical professionals, to tap tele-medicine and other digital trends as the world moves away from face-to-face contact. Hyphens Pharma reaffirmed a pledge to pay out at least 30 per cent of net profit as dividends, although none was recommended for the quarter - unchanged from the year prior - as the board said it would review the payout after the financial year &ldquo on the grounds of prudence&rdquo . Shares closed flat at S$0.25 on Monday, before the results were released. https://www.businesstimes.com.sg/companies-markets/hyphens-pharma-to-pay-out-fy2019-dividend-on-june-8-q1-net-profit-up-by-486 |
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| 12-May-2020 10:56 |
HC Surgical
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HC Surgical Specialists IPO (SGX:1B1)
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HC Surgical: Minority shareholder wants to sue CEO on behalf of the firm TUE, MAY 12, 2020 - 5:50 AM Singapore HC SURGICAL Specialists (HCSS) has constituted a litigation committee and continues to liaise with its legal advisers in relation to an allegation by minority shareholder Serene Tiong, whom the group' s surgeon Julian Ong had separately sued for defamation unsuccessfully in his... https://www.businesstimes.com.sg/companies-markets/hc-surgical-minority-shareholder-wants-to-sue-ceo-on-behalf-of-the-firm |
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| 12-May-2020 10:25 |
Halcyon Agri
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Best Rubber company on SGX
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Collapse in rubber prices drags Halcyon Agri into the red for Q1MON, MAY 11, 2020 - 11:54 AMRUBBER supplier Halcyon Agri Corporation on Monday posted a core operating loss of US$2.6 million for the first quarter ended March 31, 2020, reversing from a core operating profit of US$5.6 million a year ago. This comes as gross profit fell 8.5 per cent to US$29 million from US$31.7 million last year, reflecting a reduction in unit gross margin from US$114 per tonne to US$103 per tonne, the company said. The lower earnings is largely due to the group having positioned for reduced natural rubber production during the Q1 wintering season in Thailand, Malaysia and Indochina, and having been " sideswiped by the coronavirus induced collapse in rubber prices from US$1,450 in the beginning of the year, to US$1,038 as at end March" , Halcyon Agri noted. Consequently, earnings before interest, taxes, depreciation, and amortisation or Ebitda, plunged 69 per cent to US$3.5 million for the quarter from US$11.3 million for the year-ago period. Meanwhile, revenue rose 3.3 per cent to US$412.8 million from US$399.7 million, driven by a combination of higher sales volumes and moderately higher average selling prices, the company said. " The Covid-19 crisis and the unprecedented global disruption to industrial and manufacturing activity has had a profound impact on the natural rubber business. We view this pandemic as an acute crisis of unprecedented scale, but also believe that the fundamental demand and supply dynamics of natural rubber remain intact," the company said in its business update on Monday. In dealing with the pandemic, Halcyon Agri noted that its number one concern is the safety and well-being of its employees. The group has implemented " stringent measures to protect its workers and staff from contracting the disease across its offices, factories and plantations" , it said. According to Halcyon Agri, there have been zero Covid-19 infections among its global workforce of 16,000 employees to date. Group level guidance on conducting business amid the novel coronavirus situation was issued to all sites, including information on infection prevention measures, procedures for prompt identification and isolation of sick workers, and safe work practices. A health and safety awareness campaign was also implemented across all its locations, covering main topics such as regular reminders for hand-washing at least once every four hours regular monitoring of employees' body temperatures shortened working hours and work-from-home where necessary as well as ground markers to facilitate social distancing. In addition, employees and communities are kept abreast of the evolving situation through email updates, daily radio broadcasts in Cameroon, video conferencing sessions with the group chief executive and bulk SMS and WhatsApp updates. Separately, Halcyon Agri has initiated US$10 million in aggregate operating and capital expenditure reductions for fiscal year 2020 in a bid to address the economic impact of Covid-19. It is also managing its treasury operations to maintain sufficient liquidity headroom across all operating entities, the group said. Added Robert Meyer, chief executive officer of Halcyon Agri: " We started 2020 positioned for a return to better operating conditions in the automotive industry, and have had to change course in order to deal with a black swan event of significant scale... The next two quarters will be tough, but Halcyon Agri is ready to deal with these challenges. We will protect our people and our business, by balancing our focus on growth, with near-term financial prudence and capital management." Halcyon Agri' s Vietnamese office has reopened last week, and its factories and offices in China, which had earlier ceased operations temporarily to comply with lockdown restrictions, have also resumed full operations. The group said it is noting a gradual lifting of restrictions in Europe and that its assets in these regions will gradually resume normal operations as well. Shares in Halcyon Agri closed at S$0.33 on May 8, down S$0.03 or 8.3 per cent. There were no trades for the counter as at 11.23am on Monday. https://www.businesstimes.com.sg/companies-markets/collapse-in-rubber-prices-drags%C2%A0halcyon-agri-into-the-red-for-q1 |
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| 12-May-2020 10:23 |
Wilmar Intl
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Wilmar - Watch for a Strong Rally to Come!
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Wilmar Q1 profit down 12.7% on market slide in investmentsTUE, MAY 12, 2020 - 5:50 AM But core profit is up by 22.5% on stronger consumer product sales and tropical oil downstream operations Singapore MAINBOARD-LISTED agri-business group Wilmar International saw profit tumble in the first quarter from mark-to-market losses on investment securities, it said in an update on Monday. Net profit was down by 12.7 per cent year-on-year at US$224.3 million for the three months... https://www.businesstimes.com.sg/companies-markets/wilmar-q1-profit-down-127-on-market-slide-in-investments |
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| 12-May-2020 10:21 |
SGX
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SGX
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SGX RegCo to scrap minimum trading price rule on June 1SGX RegCo, the regulatory arm of Singapore Exchange, said it will scrap the requirement for companies to maintain a minimum trading price (MTP) on June 1. The MTP rule was adopted in 2016 to deter share price manipulation. It states that a mainboard-listed company must maintain a six-month volume-weighted average share price of 20 cents and a six-month average daily market capitalisation of at least $40 million. Companies that do not fulfil those criteria go on a watch list and are given three years to raise their share price and market cap, or face delisting. SGX RegCo now believes the rule is not required since implementation of a series of other tools - including the enhanced Trade with Caution alerts and Members' Surveillance Dashboard - has reduced the risk of manipulation. " The shares of most of the issuers in the MTP watch list have not been found to be manipulated. Yet these issuers are subject to risk of a delisting as a result of the MTP rule. Issuers on the MTP watch list have also faced challenges in borrowing from banks and developing business relationships," SGX RegCo said in a statement yesterday. The proposal to scrap the MTP was put up for public consultation late last year and SGX RegCo said it received broad support from market participants. The MTP watch list will cease to exist on June 1 and mainboard-listed companies on the list will no longer need to satisfy the exit criteria and apply for removal from the MTP watch list, it said. A spokesman for the Monetary Authority of Singapore (MAS) said the central bank supports SGX RegCo' s decision to remove the MTP requirement. " MAS and SGX RegCo have taken a more pre-emptive and targeted approach to address the risk of market manipulation," the spokesman said in an e-mail sent yesterday. Several measures have been introduced in the past few years to address the risk, including trading restrictions on accounts involved in unusual activities in a stock and issuing alerts to the investing public to trade in certain stocks with caution, MAS said. The Members' Surveillance Dashboard can now also alert SGX members to potential market misconduct relating to a member' s trades. In addition, SGX Trade Surveillance Handbooks and the MAS-SGX Trade Surveillance Practice Guide provide guidance to help brokerage firms improve their capabilities to detect and curb undesirable trading behaviours and disrupt potential market abuse as early as possible, MAS said. " MAS and SGX RegCo have also stepped up enforcement actions against market manipulation, and continue to work closely to enhance our toolkit to detect and deter market manipulation," the MAS spokesman said. https://www.straitstimes.com/business/companies-markets/sgx-regco-to-scrap-minimum-trading-price-rule-on-june-1 |
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| 12-May-2020 10:18 |
Mapletree NAC Tr
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Mapletree s China-focused REIT IPO nearly 30 times
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Mapletree North Asia Commercial Trust prices scrip dividend at S$0.8752 per unitMON, MAY 11, 2020 - 11:32 PMMAPLETREE North Asia Commercial Trust will issue its scrip dividend at a price of S$0.8752 per unit, the manager said on Monday night. The price tag represents a roughly 1.9 per cent discount on the volume-weighted average traded unit price for all trades in the 10 market days up until the books closed on Monday, the manager added. The trust had previously announced a distribution of 0.496 Singapore cent per unit for the period from Feb 28 to March 31, to be paid out on June 24. As part of the trust&rsquo s distribution reinvestment plan, unit holders can opt to receive fully paid units instead of cash, under a general unit issue mandate approved by investors in July 2019. The notice of election, which lets each unit holder indicate whether they want to take part in the plan, will be sent out around May 18 and must be returned by June 4. Units shed S$0.01, or 1.13 per cent, to S$0.875 on an ex-dividend basis on Monday. https://www.businesstimes.com.sg/companies-markets/mapletree-north-asia-commercial-trust-prices-scrip-dividend-at-s08752-per-unit |
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| 12-May-2020 10:16 |
Clearbridge
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Medical Stock - Strong Shareholders
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Clearbridge Health to distribute Biolidics spin-off' s coronavirus test kits regionally MON, MAY 11, 2020 - 9:22 PM CATALIST-LISTED Clearbridge Health will be a non-exclusive regional distributor of its Catalist-listed spin-off Biolidics&rsquo coronavirus antibody test kits, according to bourse filings. Under an agreement inked and disclosed on Monday, subsidiary Clearbridge Medical Group will distribute... https://www.businesstimes.com.sg/companies-markets/clearbridge-health-to-distribute-biolidics-spin-offs-coronavirus-test-kits |
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