Inphyy Corner

Logistics - INCREASE IN THE ISSUED AND PAID-UP SHARE CAPITAL OF CCL PRECAST PTE LTD BY WAY OF A CASH INJECTION AND UTILISATION OF THE PROCEEDS FROM THE INITIAL PUBLIC OFFERING OF THE COMPANY

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

Petra Foods: A decent 3Q13
www.ocbcresearch.com/pdf_reports/company/Petra-131113-OIR.pdf

Singapore Airlines: Competitive pressures remain
www.ocbcresearch.com/pdf_reports/company/SIA-131113-OIR.pdf

Nam Cheong: Cruising ahead
www.ocbcresearch.com/pdf_reports/company...heong-131113-OIR.pdf

Biosensors International Group: Another shocking quarter
www.ocbcresearch.com/pdf_reports/company...nsors-131113-OIR.pdf

Noble Group Ltd: Improvement seen in 3Q13
www.ocbcresearch.com/pdf_reports/company/Noble-131113-OIR.pdf

Golden Agri-Resources: Another disappointing quarter - SELL
www.ocbcresearch.com/pdf_reports/company...0Agri-131113-OIR.pdf

KSH Holdings: Good earnings growth momentum
www.ocbcresearch.com/pdf_reports/company/KSH-131113-OIR.pdf

City Developments Limited: Cautious on domestic residential space
www.ocbcresearch.com/pdf_reports/company/CDL-131113-OIR.pdf

Yangzijiang Shipbuilding: Focusing on competitive strengths
www.ocbcresearch.com/pdf_reports/company/YZJ-131113-OIR.pdf



SGX-MAS

HIAP TONG CORPORATION LTD: Hiap Tong 1HFY14
research.sgx.com/reports/rpt_view.pl?id=6932

Civmec Limited: Civmec 1QFY14
research.sgx.com/reports/rpt_view.pl?id=6933

Swiber's net profit inched 4.5% higher to US$7.7m

But analyst isn't too happy.

According to OCBC Investment Research, Swiber Holdings reported a 3.4% YoY rise in revenue to US$274.2m and a 4.5% increase in net profit to US$7.7m, such that 9M13 revenue and net profit accounted for 72% and 57% of our full year forecasts, respectively.

Here's more: Net profit was lower than ours and the street’s expectations – 9M13 net profit represented 54% of consensus’ full year estimate.

Stripping out one-off items, 9M13 recurring net profit was 64% of our full year estimate. Gross margin was 14.2% in 3Q13 vs. 15.3% in 2Q13 and 14.1% in 3Q12; we are likely to reduce our margin assumptions following this weaker-than-expected set of results.

Tat Hong - Net Profit at Tat Hong Down for Second Quarter

By Sudhan P - November 14, 2013 |

Asia-Pacific’s largest crane company, Tat Hong Holdings Limited (SGX: T03), reported a 14% year-on-year decline in its revenue to S$185.3 million for the second quarter of 2014 (2Q 2014). Tat Hong has four business divisions – Crane Rental, Tower Crane Rental, General Equipment Rental and Distribution –and all the business divisions, turned in a poorer performance in terms of revenue, except for the Tower Crane Rental division.

The net profit was at S$8.2 million, a plunge of 53% as compared to 2Q 2013 mainly due to “the decline in profit contribution from its wholly-owned subsidiaries in Australia as well as from unrealised foreign exchange losses from its operations in Indonesia”.

For the first half of 2014 (1H 2014), revenue was down 16% to S$360.8 million and net profit declined steeply by 52% to S$16.5 million.

As of 30th September 2013, the company sat on a cash balance of S$74.6 million and had a total debt of S$577 million.

For the quarter, the company used S$15.9 million of net cash for operating activities as compared to S$30.1 million used in the previous year. For 1H 2014, S$17.3 million was generated while last year, S$321,000 was used.

An interim dividend of 1.0 Singapore cent per ordinary share has been declared.

Mr Roland Ng, Tat Hong’s Managing Director and Group Chief Executive Officer, said, “Our results this quarter were impacted by unrealised foreign exchanges losses, most of which arose from inter-company loans and payables in relation to our Indonesian operations. While profit contribution from Australia is still below last year’s level, it has improved quarter-on-quarter as the cranes which were being relocated in the first quarter started generating income and as cost containment measures yielded results.”

The shares of Tat Hong closed at S$0.915. It is trading at 8.2 times its historical earnings and has a dividend yield of 4.4%.


Courtesy of The Motley Fool

KS Energy's 3Q net profit of $320k disappoints analyst

Despite revenue surging by 7.4%.

According to OCBC Investment Research, KS Energy (KSE) reported a 7.4% YoY rise in revenue to S$173.3m and a net profit of S$320k in 3Q13 vs. S$14k in 3Q12, such that 9M13 revenue and net profit accounted for 81% and 47% of OCBC's full year estimates, respectively.

Here's more:

The lower-than-expected net profit was mainly due to a higher-than-expected share of minority interest. However, we would not read too much into this, as small changes in items above the line can bring about huge swings in PATMI given the relatively small quantum of net profit; our fair value is also based on P/NTA instead of P/E valuation. Gross profit margin was similar at 25.7% in 3Q13 compared to a year ago.

Tat Hong -Here's what to blame for Tat Hong's ugly earnings results

Net profit plummeted 53% to $8.2m.

According to OSK, Tat Hong announced a plunge of 53% in its net profit for its second quarter ended Sept 30 to SGD8.2m as compared to SGD17.3m a year ago due to an economic slowdown in Australia and a sharp depreciation of the Indonesian Rupiah resulting in the company to a SGD5.2m unrealised losses from Singapore dollar denominated intercompany loans and payables for its Indonesian operations.

Here's more:

Revenue also decreased 14% to SGD185.3m due to subdued mining and infrastructure activities in Australia as well as lower excavator sales in Indonesia.

However, its tower crane rental segment had a 20% rise in quarterly revenue to SGD22.6m due to healthy demand for tower cranes from power generation, infrastructure and large commercial buildings projects in China. The counter closed at SGD0.915.