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| 07-May-2020 12:02 |
Banyan Tree
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Banyan Tree - A takeover target?
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Banyan Tree says able to repay S$100m 4.85% notes due June 5BANYAN Tree Holdings on Tuesday said it will be able to repay its S$100 million fixed-rate notes maturing on June 5, 2020 with a coupon of 4.85 per cent, after taking into consideration its working capital, cash and bank facilities. The hospitality group was responding to queries from the... https://www.businesstimes.com.sg/companies-markets/banyan-tree-says-able-to-repay-s100m-485-notes-due-june-5 |
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| 07-May-2020 11:55 |
UOB
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UOB
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UOB' s O& G exposure under 4% Q1 profit at 2-year low on impairment surgeUPDATED WED, MAY 06, 2020 - 1:32 PM UNITED Overseas Bank (UOB) on Wednesday posted a 19 per cent fall in Q1 net profit on declining margins and a surge in impairment charges, bringing its earnings to the lowest level in just over two years. Still, the bank' s Q1 net profit of S$855 million - down from S$1.05 billion a year ago - had beaten analysts' estimates of around S$739.3 million, according to Refinitiv data. Jefferies analyst Krishna Guha said that while credit costs were much lower than guidance at 36 basis points, the bank built pre-emptive buffers on balance sheet for worsening asset quality. " Margins were weaker than expected. The key bright spot was fees which grew sequentially, and on the year," he said in an early note. UOB said that as at end-March 2020, outstanding oil-and-gas (O& G) loans stood at S$10.2 billion, representing 3.6 per cent of total loans as compared with 4.7 per cent as at end-June of 2018. Three-quarters of the O& G exposure are to downstream players and traders, of which 70 per cent are national oil companies (NOCs) and global firms. The remaining exposure is mainly short-term structured exposure. There was no mention of Hin Leong, the oil trader widely reported to have collapsed amid staggering debt. Most banks in Singapore, including the local trio, have an exposure to the Singapore oil trading giant. It was reported according to unnamed sources that UOB had let Hin Leong draw down more than US$100 million as at early April. Singapore' s Big Three banks have a total exposure to Hin Leong that reportedly tops US$600 million. As for its remaining 25 per cent exposure to O& G upstream segment, UOB' s exposure is mainly to NOCs and international oil companies. The bank said vulnerable accounts in the O& G segments were already classified, with their collateral values marked down by as much as 90 per cent by end-2017. UOB disclosed that its 15 per cent exposure to small and medium-sized enterprises in Q1 2020 held steady over the quarter. Incremental lending in Q1 2020 from a quarter ago was driven by large corporates and top-tier customers in developed markets, with half of its loan book made up of large corporates. The remaining loans are to individuals. The bank said on Tuesday it has approved S$4 billion in loans under Enterprise Singapore' s temporary bridging loan programme since the government increased its risk-share of such loans to 90 per cent a month ago. The loans were extended to the bank' s mid-sized enterprise clients in sectors that have been hard hit by the Covid-19 pandemic. These include construction, consumer staples, retail and hospitality segments. UOB had earlier announced S$3 billion in relief assistance for those affected by Covid-19. This is separate from the S$4 billion in government-assisted loans that the bank said this week it has offered to its customers. Q1 net interest income was flat at S$1.59 billion year-on-year as asset growth was offset by margin compression, said the lender in a statement. Net interest margin (NIM) stood at 1.71 per cent, down 5 basis points (bps) a quarter ago and 8 bps a year ago. Total credit costs rose 12 bps to 36bps from the previous quarter due to " a few significant non-performing accounts" , said UOB. On a year-on-year basis, total credit costs rose 17 bps. Non-performing loan ratio was higher at 1.6 per cent, up 0.1 percentage points from a year ago. This comes as the bank' s impairment charges jumped to S$286 million in Q1, from S$93 million a year earlier. An additional S$260 million of allowance was also set aside through the regulatory loss allowance reserve to strengthen coverage amid weak macro conditions, said UOB. Non-interest income for the first quarter slipped one per cent to S$813 million, down from S$819 million a year ago. Net fee income grew 8 per cent to S$515 million largely from wealth management, while trading and investment income fell 17 per cent to S$224 million amid increased market volatility, said UOB. Total income for first quarter stood at S$2.41 billion, unchanged from a year ago. As at noon, shares of UOB were trading at S$19.93, up S$0.03. https://www.businesstimes.com.sg/companies-markets/uobs-og-exposure-under-4-q1-profit-at-2-year-low-on-impairment-surge |
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| 07-May-2020 11:51 |
NetLink NBN Tr
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NetLink NBN Trust
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Netlink NBN declares DPU of 2.53 cents for 2HFY20Felicia Tan 6/05/2020, 8:09pm SINGAPORE (May 6): Netlink NBN Trust has declared a distribution per unit (DPU) of 2.53 cents for the six months ended March 30, which brings full year distribution to 5.05 cents, up 3.5% from the previous year. While distribution is done every half year, Netlink reports earnings every quarter. For the three months to March 30, earnings dropped by 37.7% y-o-y to $12.5 million, compared to last year&rsquo s $20 million. The drop was because of a one-off $15.4 million write-off of a discontinued project, which was recognised during the quarter. Revenue for the same quarter came in at $92.4 million, up 5.2% y-o-y. The increase was mainly contributed by higher residential connections and diversion revenue, and partially offset by lower installation-related revenue and ducts and manholes service revenue. Revenue for residential connections rose by 9.3% y-o-y to $59 million. As at March 31, 2020, there were 1.4 million residential fibre connections, up 7.5% y-o-y. Non-residential fibre connections also grew 3.2% y-o-y to 47,681, which contributed to a 4% growth in revenue to $7.92 million. Diversion revenue grew $3 million due to the completion of more projects in Q4FY20, compared to the corresponding quarter last year. The lower installation-related revenue, and ducts and manholes service revenue, came in at $1.1 million and $2 million less respectively. The decrease in both revenues were due to fewer orders requiring installation on the migration of cable subscribers to fibre by StarHub, and attributable to the completion of fewer joint-build projects in Q4FY20. Netlink NBN&rsquo s total expenses grew $16.5 million mainly due to higher other operating expenses, which included the $15.4 million write-off. In its outlook statement, Netlink NBN has faced &ldquo temporary operational issues&rdquo . Its contractors&rsquo foreign workforce faced restrictions due to Covid-19 outbreak, which has affected its capacity to fulfil service requests in late April and May 2020. Nevertheless, Netlink maintains those delays will not have a &ldquo material impact&rdquo on its revenue. On the back of the impact of the pandemic, the board of directors will take a 5% reduction in their fees, subject to unitholders&rsquo approval. The CEO, CFO and COO will take an 8% reduction in base salary from May 1. For the current FY2021, Netlink NBN will focus on adding capacity and flexibility for a denser network. It will also prepare to support 5G infrastructure, and make non-building address point (NBAP) connections easier and faster to deploy. &ldquo As we continue to achieve sustainable growth through a steady increase in residential, nonresidential and NBAP connections, we remain mindful of the NetLink Group&rsquo s critical role in ensuring the availability of digital access in Singapore, especially during this COVID-19 pandemic&rdquo says Tong Yew Heng, the CEO of the trustee-manager. &ldquo Despite temporary operational issues resulting from the COVID-19 pandemic, NetLink Group&rsquo s resilient business model is well-supported by predictable revenue streams. With a strong balance sheet and liquidity underpinned by stable cashflows and the access to financial resources, we are well-positioned to continue to invest and expand our network&rsquo s capabilities and resiliency,&rdquo he adds. Shares at Netlink NBN closed 1 cent higher, or 1.0% up, at $1, on Wednesday, prior to the announcement. https://www.theedgesingapore.com/capital/results/netlink-nbn-declares-dpu-253-cents-2hfy20 |
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| 06-May-2020 09:20 |
CapitaLand
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Capitaland
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CapitaLand' s office development at 79 Robinson Road obtains temporary occupation permitUPDATED
MAY 5, 2020, 9:46 AM
SINGAPORE - CapitaLand announced on Tuesday (May 5) that its prime office development 79 Robinson Road, on the site of the former CPF Building, obtained its temporary occupation permit (TOP) on April 28, in the face of work restrictions and circuit breaker measures due to the coronavirus pandemic. The landmark 29-storey Grade A office building in the heart of the central business district is jointly owned by the Singapore property giant and Japanese partners Mitsui & Co and Tokyo Tatemono Co. " The completion of 79 Robinson Road on schedule in 2Q 2020, amidst complexities caused by COVID-19 since early this year and the circuit breaker measures since April, is a testimony of our development expertise and collaborative working relationships with the main contractor, suppliers and other stakeholders in the real estate ecosystem," said Mr Tan Yew Chin, CEO, business parks and commercial, CapitaLand Singapore, Malaysia and Indonesia. Over 70 per cent of the development' s 518,000 square feet (sq ft) of net lettable area, primarily in the low- and mid-zone, has been taken up to date, CapitaLand said on Tuesday. The multinational companies who have signed on as tenants include Allianz, EFG Bank, Howden Insurance and William Grant & Sons. The building' s tenants will take over their premises from June 2020, following the end of the circuit breaker period, and are expected to move in progressively from the third quarter of the year. Bridge+, CapitaLand' s wholly-owned coworking and flexible workspace business unit, will take up 56,000 sq ft of space in the fourth quarter of 2020. In addition to a variety of meeting and event spaces for tenants of the building, Bridge+ 79 Robinson Road will offer fully furnished contemporary workspaces for companies of all sizes. 79 Robinson Road is designed by American architecture firm Gensler, in collaboration with Singapore' s DCA Architects. The 180-metre tall development features a pixelated faç ade with panel sizes of varying sizes and tilt angles, akin to an algorithm of binary codes. The development has received the Building and Construction Authority' s Green Mark Platinum Award for its sustainable and environmentally friendly features, which include lush greenery as well as energy- and water-efficient building systems. The office building has sheltered access to and from Tanjong Pagar MRT station. It is also 200 metres away from the upcoming Shenton Way MRT station. CapitaLand said Bridge+ will spearhead and curate community-driven programmes to foster connections and interactions among its members, tenants of the building and businesses and professionals working in the CBD. One such initiative is the seeding of a fintech hub at Bridge+ 79 Robinson Road. Bridge+ has inked memorandums of understanding with various partners to deliver programmes such as seminars, hackathons and lab crawls to bring together the fintech community. The office development is also expected to further benefit from the upcoming Greater Southern Waterfront, an area stretching from Gardens by the Bay East to Pasir Panjang which will be redeveloped over the next five to 10 years. https://www.straitstimes.com/business/companies-markets/capitalands-79-robinson-road-achieves-top-amid-covid-19-restrictions |
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| 06-May-2020 09:15 |
CapitaLand
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Capitaland
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CapitaLand still a ' buy' with its diversified portfolioSamantha Chiew 5/05/2020, 1:29pm SINGAPORE (May 5): Analysts are all positive on CapitaLand following the group&rsquo s business update announcement yesterday, which warned that its 1Q20 operating performance across Singapore, China, India, Vietnam, and the other countries it operates in, has been affected by the Covid-19 pandemic. The group did not report any overall financial figures as it has adopted the announcement of half-yearly financial statements with effect from the current FY2020. CapitaLand Limited&rsquo s next financial results announcement will be for the half-year period ending June 30. See: CapitaLand reports ' relative resilience' in office and business arm in 1Q business update On the back of this, RHB Group Research is reiterating its &ldquo buy&rdquo call on CapitaLand with a target price of $4.00 from $4.20 previously. In a Tuesday report, analyst Vijay Natarajan says, &ldquo CapitaLand remains our preferred sector pick for its diversified portfolio, with a high proportion of recurring income offering resilience. We see good value at current share price levels, as the stock is trading at 0.6 times price-to-book value.&rdquo In China, the group&rsquo s portfolio is showing signs that it is bouncing back post-lockdown. Residential sales across its China projects rebounded strongly in March (higher than Jan-Feb combined sales), after some lockdown measures were lifted. It charted CNY900m in sales for 1Q20. Pricing was higher than previous project phases, and management guided that GPM across its projects remain at over 15%. In terms of retail operations in China, all 15 malls that were closed during the lockdown have since reopened, with 85% of tenants back in operation. Full rental rebates were offered for Wuhan malls (Jan 25 to Feb 13), and 50% rent rebates were offered to remaining malls (Jan 25 to Feb 9). Shopper traffic has also been steadily increasing m-o-m from February lows. In Singapore, CapitaLand&rsquo s retail and lodging portfolio will see the biggest impact, especially the malls due to the circuit breaker measures. CapitaLand is offering 2-month rental rebates (including property tax rebates), and offsetting one month of security deposits. Business parks and offices, which account for 30% of EBIT, have largely remained resilient. Most of its existing residential launches have seen good take-up rates (> 80% sold), so management does not see any need to pare down prices to move inventory. In 1Q20, CapitaLand made gross investments of $447 million (mainly across business parks and the logistics space) and gross divestments of $373 million. It still plans to achieve its $3 billion per annum of divestment target this year, despite market challenges. It will also look out for select acquisition opportunities, mainly on new economy assets (business parks, logistics and data centres) and possibly acquire new business too, if the current crisis presents good opportunities. Similarly, CGS-CIMB Research is keeping its &ldquo add&rdquo recommendation on CapitaLand with a target price of $3.52 from $3.60 previously. While China, Singapore and Japan retail occupancy stayed high, shopper footfalls and tenants sales fell some 4% y-o-y in 1Q20. As China&rsquo s lockdown is ending, shopper traffic started to recover, although still lower y-o-y. In a Monday report, analyst Lock Mun Yee says, &ldquo The commercial, business parks and logistics properties across its geographic footprint performed better with occupancy exceeding 85% and enjoying positive rental reversion of 4-21%. That said, tenants remain cautious and we anticipate rental reversions to moderate ahead.&rdquo As for the group&rsquo s lodging business, revenue per available unit (REVPAU) declined an average 22% y-o-y in 1Q20 52 of its total 485 properties remained closed at end-April. &ldquo This will likely continue to put pressure on occupancy and REVPAU. 1Q20 fee income expanded y-o-y and we anticipate it to remain largely stable in the near term, but slower asset recycling or asset value depreciation could adversely impact this revenue source,&rdquo adds Lock. As at 1.30pm, shares in CapitaLand are trading at $2.91 or 0.6 times FY20 book with a dividend yield of 4.2%, according to CGS-CIMB&rsquo s estimates. https://www.theedgesingapore.com/capital/brokers-calls/capitaland-still-buy-its-diversified-portfolio |
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| 05-May-2020 10:07 |
NetLink NBN Tr
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NetLink NBN Trust
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M1, Singtel step up to deliver fibre services as NetLink Trust faces foreign worker crunchTUE, MAY 05, 2020 - 5:50 AM Given the challenges confronting telcos, such tie-ups are expected to become an industry trend Singapore WITH coronavirus control measures disrupting manpower, telecom operators - designated as essential service providers - have had to join hands to keep Singapore connected. And, given the challenges confronting telcos, watchers expect such tie-ups to become an industry... https://www.businesstimes.com.sg/companies-markets/m1-singtel-step-up-to-deliver-fibre-services-as-netlink-trust-faces-foreign-worker |
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| 05-May-2020 10:00 |
CapitaLand
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Capitaland
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CapitaLand' s lodging, development businesses most hit by Covid-19 MON, MAY 04, 2020 - 9:22 AM CAPITALAND' S lodging business saw first-quarter fee income drop 9 per cent year on year to S$54.2 million, while revenue per available unit (revPAU) fell 22 per cent to S$84 from S$108 the year before, according to the group' s Q1 business update on Monday. This comes amid a standstill in... https://www.businesstimes.com.sg/companies-markets/capitalands-lodging-development-businesses-most-hit-by-covid-19 |
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| 05-May-2020 09:56 |
Lum Chang
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LUM CHANG
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Lum Chang to build resort, indoor attraction for Mandai project MON, MAY 04, 2020 - 9:29 AM LUM Chang Building Contractors (LCBC), a wholly-owned subsidiary of mainboard-listed Lum Chang Holdings, has won a tender for the Mandai rejuvenation project, from Mandai Park Development. The scope of the contract includes the construction of an arrival node, a transport hub, a nature-themed indoor attraction and a resort, Lum Chang Holdings said on Monday, without disclosing the total contract value. The latest award brings the outstanding value of construction works yet to be reported as LCBC&rsquo s revenue to about S$1.8 billion. Mandai Park Development is the development arm of Mandai Park Holdings (MPH), which is wholly-owned by Temasek Holdings. MPH also oversees the business of Wildlife Reserves Singapore, the operator of the Jurong Bird Park, Night Safari, River Safari and Singapore Zoo. Under the rejuvenation project, MPH will add a new Rainforest Park, the nature-themed indoor attraction, the eco-resort and a relocated Bird Park. The eco-resort, featuring accommodation types ranging from family rooms in low-rise structures to elevated treehouses, will be operated by mainboard-listed hospitality group Banyan Tree Holdings. Shares of Lum Chang Holdings closed flat at 31.5 Singapore cents on Thursday. https://www.businesstimes.com.sg/companies-markets/lum-chang-to-build-resort-indoor-attraction-for-mandai-project |
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| 05-May-2020 09:28 |
SGX
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SGX
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Shareholders should be updated on key milestones in general offer: SGX RegCo TUE, MAY 05, 2020 - 5:50 AM IN A general offer, shareholders should be kept updated via SGXNET when the offeror has achieved the 75 per cent acceptance condition, and when the issuer has lost free float, chief executive of the Singapore Exchange Regulation (SGX RegCo) Tan Boon Gin said in his latest... https://www.businesstimes.com.sg/companies-markets/shareholders-should-be-updated-on-key-milestones-in-general-offer-sgx-regco |
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| 05-May-2020 09:25 |
Jumbo
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Jumbo
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Jumbo Group issues profit warningMON, MAY 04, 2020 - 7:59 PMJUMBO Group is expected to report a significantly lower profit after tax year-on-year for H1 FY2020, owing to the impact of Covid-19 across its markets, it warned. In a filing to the Singapore Exchange, it said: " The pandemic had significantly impacted our China&rsquo s operations since January... https://www.businesstimes.com.sg/companies-markets/jumbo-group-issues-profit-warning |
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| 04-May-2020 09:26 |
IFAST
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TURBO BACK TO $1 SOON???
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iFast rides on the back of Covid-linked trading boom MON, MAY 04, 2020 - 5:50 AM It also plans to deepen its presence in existing markets and add Chinese stocks and UK ETFs to its offerings. Singapore AS investors took advantage of the market correction in March this year to increase their stock holdings, mainboard-listed fintech firm iFast Corporation benefited from the increased market activity. For the three months ended March 31, 2020, iFast generated record revenue and... https://www.businesstimes.com.sg/companies-markets/ifast-rides-on-the-back-of-covid-linked-trading-boom |
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| 02-May-2020 13:38 |
Oxley
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Is Oxley a good buy at current price?
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Oxley gives updates on local, overseas projects amid pandemicSAT, MAY 02, 2020 - 5:50 AM Singapore OXLEY Holdings will see S$2.2 billion of revenue flow into the group from its Singapore and overseas projects as construction progresses, it said in an update. Oxley chief executive Ching Chiat Kwong said: " S$1.4 billion of secured revenue from our Singapore projects and... https://www.businesstimes.com.sg/companies-markets/oxley-gives-updates-on-local-overseas-projects-amid-pandemic |
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| 01-May-2020 12:00 |
CapLand IntCom T
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CapitalMallTrust
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CapitaLand Mall Trust&rsquo s Q1 DPU down 70.5% on income retention THU, APR 30, 2020 - 6:17 PM CAPITALAND Mall Trust (CMT) has entered cash-conservation mode amid the volatility of Covid-19, leading to a 70.5 per cent fall in distribution per unit (DPU) to 0.85 cents for the first quarter ended March. Gross revenue for the quarter inched up 6 per cent to S$204.3 million, and net... https://www.businesstimes.com.sg/companies-markets/capitaland-mall-trust%E2%80%99s-q1-dpu-down-705-on-income-retention |
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| 01-May-2020 11:57 |
Landmark REIT
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Overview of Lippo Malls Trust
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LMIRT&rsquo s Q1 DPU down 78.2% on cash conservationTHU, APR 30, 2020 - 7:09 PMLIPPO Malls Indonesia Retail Trust (LMIRT) posted a 78.2 per cent drop in Distribution Per Unit (DPU) to 0.12 cents for the first quarter ended March. The DPU represents 24.1 per cent of the amount available for distribution of S$14.6 million. The decision to withhold the remaining income... https://www.businesstimes.com.sg/companies-markets/lmirt%E2%80%99s-q1-dpu-down-782-on-cash-conservation |
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| 01-May-2020 11:55 |
SATS
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Sats
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SATS expects 60-70% plunge in Q4 profit and losses in Q1 FY2021 THU, APR 30, 2020 - 10:25 PM GATEWAY services provider SATS expects its profit to decline by 60 to 70 per cent year-on-year for the fourth quarter ended March, resulting in a fall of up to 25 per cent for the full year. In a profit guidance on Thursday evening, the firm added that it expects a loss of between S$50... https://www.businesstimes.com.sg/companies-markets/sats-expects-60-70-plunge-in-q4-profit-and-losses-in-q1-fy2021 |
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| 01-May-2020 11:53 |
Trek 2000 Intl
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Trek 2000--- the next multi bagger 2014/2015
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Trek 2000 to revise FY2019 profit after tax to loss THU, APR 30, 2020 - 11:49 PM EMBATTLED Trek 2000 International will be revising its profit after tax for FY2019 to a loss after tax due to material audit adjustments, the company said in a bourse filing on Thursday. It had announced on Feb 28 a net profit of US$54,000 for FY2019 ended December, on the back of US$25 million in revenue. The audit adjustments include further tax provision for a certain tax concession under consideration, fair-value adjustments on unquoted investments and other smaller adjustments. These are in line with the conservative accounting approach the company is adopting, Trek 2000 said. In September last year, TREK 2000&rsquo s founder Henn Tan and three former officers each faced charges, including those for falsification and cheating independent auditors into believing that the company' s financial statements had been properly drawn up. Further detail of the variances between Trek 2000&rsquo s preliminary unaudited full-year results announcement and audited financial results will be disclosed once the audit is completed. https://www.businesstimes.com.sg/companies-markets/trek-2000-to-revise-fy2019-profit-after-tax-to-loss |
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| 01-May-2020 11:33 |
DBS
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DBS
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DBS chief Piyush Gupta to remain in his role ' for foreseeable future'FRI, MAY 01, 2020 - 5:50 AM Singapore DBS reviews its succession plan for senior management roles annually, with its chief executive Piyush Gupta to remain in his position " for the foreseeable future" after more than 10 years at the bank, said South-east Asia' s largest lender on Thursday. The bank said,... https://www.businesstimes.com.sg/companies-markets/dbs-chief-piyush-gupta-to-remain-in-his-role-for-foreseeable-future |
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| 01-May-2020 11:31 |
DBS
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DBS
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DBS increases provision but keeps 1Q dividend at 33 cents
DBS Group Holdings has reported earnings of $1.17 billion for 1Q2020, down 29% y-o-y, as it &ldquo pre-emptively&rdquo set aside $703 million in general reserves to buffer potential risks arising from the Covid-19 outbreak.
However, the bank is keeping its dividend for the quarter at 33 cents per share.
The bank now has total allowances of $1.09 billion, which includes $383 million in specific allowances, mainly for new exposures recognised as non-performing during the quarter. Among the three local banks, DBS has the largest exposure of US$290 million to beleaguered oil trader Hin Leong, which went into judicial management last week.
DBS&rsquo s total income for the quarter grew 13% y-o-y to a new high of $4.03 billion, with broad-based growth in non-trade corporate loans as well as fee income. Gains from investment securities also contributed to the increase in total income, said the bank.
Net interest income increased 7% y-o-y to $2.48 billion. A slight growth in non-trade corporate loans was offset by lower trade and wealth management loans. Net interest margin remained stable q-o-q at 1.86%.
Net fee income, on the other hand, rose 14% y-o-y to $832 million, led by a 28% growth in wealth management fees, a 17% rise in loan-related fees, and a 64% increase in investment banking fees. However, due to lower transaction volumes, card fees dropped by 8%.
Other non-interest income rose 39% y-o-y to $712 million, mainly contributed by gains in investment securities.
The nonperforming loan (NPL) rate rose 1.6% from 1.5%.
Overall, the bank&rsquo s cost to income ratio has improved to 39% total expenses fell 3% q-o-q to $1.56 billion from lower general expenses and staff costs.
The bank&rsquo s Common Equity Tier-1 ratio declined 0.2 percentage points from the previous quarter to 13.9%. Even so, this level is still above the group&rsquo s target operating range as well as regulatory requirements. The leverage ratio of 6.9% was more than twice the regulatory minimum of 3%.
In its outlook statement, DBS says it is &ldquo well-positioned&rdquo to support its clients in uncertain markets due to the bank&rsquo s strong capital, funding, and liquidity.
DBS CEO Piyush Gupta said that while the bank&rsquo s expenses will be tightened, there will be no retrenchments or pay cuts, although discretionary non-staff costs will be reduced. Investments will be prioritised, and bonuses will be aligned to earnings, said Gupta in his commentary in the bank&rsquo s earnings announcement.
&ldquo Our record operating performance in the first quarter has given us a head start to face the challenges of the coming year.
&ldquo While the economic outlook remains uncertain and credit risks have increased, the digital investments we have made have strengthened the resilience and efficiency of our franchise and we remain committed to serving our customers,&rdquo he said.
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| 30-Apr-2020 10:33 |
YZJ Shipbldg SGD
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The Only Shipbuilding Blue Chip in SGX!
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Yangzijiang Shipbuilding' s 1Q earnings halved to $80.6 mil as China lockdown stalls revenueUma Devi 30/04/2020, 1:49am SINGAPORE (Apr 30): Mainboard-listed shipbuilder Yangzijiang Shipbuilding booked earnings of RMB403.8 million ($80.6 million) for 1QFY2020 ended March, some 51% lower than earnings of RMB824.1 million a year ago. This denotes earnings per share (EPS) of 10.31 RMB cents, a steep decline from EPS of 20.88 RMB cents in 1QFY2019. The plunge in the group&rsquo s bottom line figures for the quarter under review comes amid government-mandated lockdowns in China due to the Covid-19 outbreak, which had in turn adversely impacted the group&rsquo s productions for a few weeks. This had led to a 44% fall in Yangzijiang&rsquo s revenue figures to RMB3.5 billion from RMB6.3 billion last year. Segmentally, revenue contributions from core shipbuilding activities fell 33% year-on-year to RMB2.3 billion. This was a result of some 12 vessels being delivered in 1QFY2020, compared to 15 vessels last year. In addition, revenue from trading business fell 77% to RMB0.5 billion due to the lower volume of trading activities. However, these declines were partially mitigated by an 18.7% increase in the group&rsquo s other shipbuilding activities to RMB145 million as its fleet size expanded. Cost of sales for the quarter fell 46% to RMB2.8 billion from RMB5.1 billion. However, the group noted that although overall shipbuilding activities for the quarter had eased compared to previous quarters, its fixed depreciation costs had translated to the disproportionate decrease in cost of sales for the quarter. Correspondingly, gross profit tumbled 39% to RMB7.1 million from RMB1.2 billion a year ago. As at end-March, cash and cash equivalents stood at RMB9.6 billion. In 1QFY2020, Yangzijiang had secured new orders for seven vessels, with a total contract value of US$360 million. Not including proceeds from the termination of one shipbuilding order for one unit of an oil tanker, the group had an outstanding order book of US$2.9 billion for 69 vessels as at end-March. The group adds that these orders will keep its yard facilities at a healthy utilization rate up to late 2021, and provide a stable revenue stream for at least the next 1.5 years. Looking ahead, Yangzijiang CEO Ren Letian says the group has taken &ldquo several proactive measures&rdquo to resume production after the extended lockdown period imposed by the Chinese government. These efforts include longer shifts for employees and the recruitment of additional workers. Despite the improvement in China, Ren notes that challenges such as a weak global sentiment, as well as a lack of near-term visibility, remain. &ldquo However, once the situation is contained and the economy starts to stabilise, global trade will recover. Shipowners will still need to upgrade and replenish their fleets, with a focus on energy efficiency and environmental protection,&rdquo says Ren. &ldquo Yangzijiang has the financial strength and core capability to stand strong against major headwinds, and our long-term strategy for sustainable growth will remain intact,&rdquo he adds. Shares in Yangzijiang Shipbuilding closed 0.5 cent higher, or 0.5% up, at 97.5 cents on Wednesday prior to the results announcement. https://www.theedgesingapore.com/capital/results/yangzijiang-shipbuildings-1q-earnings-halved-806-mil-china-lockdown-stalls-revenue |
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| 30-Apr-2020 10:30 |
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SIA defends aircraft purchases, expects ' substantial' hedging lossesWED, APR 29, 2020 - 9:09 PM SINGAPORE Airlines is standing by its plans to use a chunk of the proceeds raised from its upcoming S$8.8 billion rights issue to purchase aircraft, the carrier said in a bourse filing on Wednesday, which offered responses to shareholder concerns raised ahead of its Extraordinary General Meeting... https://www.businesstimes.com.sg/companies-markets/sia-defends-aircraft-purchases-expects-substantial-hedging-losses |
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