Inphyy Corner

Fortune REIT: 3Q13 in line; counter is oversold
www.ocbcresearch.com/pdf_reports/company/FRT-131112-OIR.pdf

Goodpack Limited: 1QFY14 results in-line
www.ocbcresearch.com/pdf_reports/company...dpack-131112-OIR.pdf

Sembcorp Industries: Overall steady
www.ocbcresearch.com/pdf_reports/company/SCI-131112-OIR.pdf

Yongnam - Here's the biggest negative surprise in Yongnam's third quarter results

Looks like it's not getting any better.

According to CIMB, 3Q13 and 9M13 results were below expectations, at 7% and 58%, respectively, of CIMB's full-year forecast.

CIMB also noted that the latest financials suggest that contractors are battling a harsh operating environment and Yongnam is no exception. Without a Myanmar angle and new order book wins, this company faces a bleak future.

Here's more:

No excuses for slippage
The lower-than-expected earnings for the group were a huge let down due to the unfavourable revenue mix and reduced contributions from specialist civil engineering (SCE) (S$39m, -7% yoy).

Although contributions from the structural steelwork (SS) segment saw a 92% yoy spike in sales to S$57m, (59% of group revenue), the cost overrun from on-going SS projects was a big negative surprise given YNH’s previous stellar execution track record. We fear this will still be the trend going into 4Q13 with the group’s existing workload.

Watch out for balance sheet discipline
The current outstanding order book of S$229m is glaringly low by YNH’s standards. We note that the group’s contract win rates have decelerated considerably.

As the group attempts to catch up on its new awards, we are also worried that any new contracts will come at the expense of margins. Net gearing has risen to 0.4x (from 0.25x nine months ago), although this is less of a concern now given the current cashflow management.

But in view of future projects win, balance sheet discipline will become a more important issue.

Nam Cheong - THIRD QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2013 * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

info.sgx.com/webcoranncatth.nsf/VwAttach...ults.pdf?openelement

info.sgx.com/webcoranncatth.nsf/VwAttach...ease.pdf?openelement

Story continue on last page 32

Hehe...tonite no need to eat cup noodle but have a taste lobster meal!
Closing bell 0.93 will be much appreciate

inphyy wrote: Inphyy Corner 06 Nov 2013 14:32

CapitaLand - How CapitaLand could milk gains from Singapore, China assets in Q4

Will they be as impressive as Q3 performance?

According to DBS, looking ahead, 4Q13 and FY14 contributions are likely to be led by higher residential sales in Singapore and China as well as better retail mall leasing income.

Here's more:

In China, it has locked in Rmb4.3m of new sales YTD. This in addition to the 1800 units to be handed over in 4Q, and should underpin China residential profits.

In Singapore, it has a remaining 1,239 units yet to be sold from various projects. Other business segments such as the retail mall and serviced apartment business units should continue to deliver better y-o-y performance on new mall completions and securing new management contracts.

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Disappointed results....Support when price 2.98




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2 days only low at 3.01

Noble Grp - INVESTOR PRESENTATION – NINE MONTHS RESULTS – SEPTEMBER 2013 * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

info.sgx.com/webcoranncatth.nsf/VwAttach...tion.pdf?openelement