Uni-Asia Holdings Limited - Acquires New Vessels to Raise Charter Income (Update)
Uni-Asia Holdings Limited (Uni-Asia) announced today that it is acquiring 3X 37,000 dwt handysize bulk carriers to be delivered during 3Q 2014, 3Q 2015 and 4Q 2015-1Q 2016 respectively. We are optimistic that these vessels will add upside bias to our FY14 and FY15 forecasts.
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| Uploaded on 26 April 2013
by Liu Jinshu
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First Real Estate Investment Trust - Boosted by Industry and Company Factors (Update)
First Real Estate Investment Trust’s (First REIT) 1Q results was largely within expectation with revenue rising 25% YoY to S$17.5m and NPI climbing 23.4% YoY to S$17.1m due to the Manado and Makassar assets. Recommend Fairly Valued.
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| Uploaded on 25 April 2013
by Kian Teck Ng
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Armarda Group Limited - Let the Sales Begin!
Armarda Group Limited (Armarda) posted several substantial developments following our snap report on 19 December 2012. The company had 1) placed out 263.5m new shares to raise S$5.3m for general purposes and potential acquisitions/purchases, 2) delivered more than 400 Thuraya’s satellite phones to China Telecom Satellite (China Telecom) and JOYTOM Corporation and 3) started marketing Thuraya handset and airtime services to key distributors in China.
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| Uploaded on 19 April 2013
by Kian Teck Ng
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AIMS AMP Capital Industrial REIT - Another Huge Redevelopment in the Pipeline? (Update)
AIMS AMP Capital Industrial REIT (AA REIT) posted a healthy set of FY13 results with revenue in-line with our projection and DPU outperforming our expectation by 0.58 S cents. The latter was backed by 0.30 S cents of capital gains on the back of the 31 Admiralty Road divestment, 0.09 S cents of retained distribution and better than expected contribution from the 20 Gul Way Phase 1. Recommend Fairly Valued.
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| Uploaded on 16 April 2013
by Kian Teck Ng
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TEE International Limited - Reaching Into New Markets (Update)
TEE International Limited’s (TEE) 9M FY13 revenue was up 22.6% to S$127.7m. Since our last update on 11 January 2013, TEE has been aggressively growing its portfolio with new projects in Thailand, Singapore and New Zealand. It even plans to tender for a project in Myanmar with its business partners. The proposed listing of TEE’s property development arm saw progress as TEE Land managed to secure total investment of S$4.0m from certain Pre-IPO investors.
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| Uploaded on 12 April 2013
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Delong Holdings Limited - Suspension of Coverage
Delong Holdings Limited announced on 9 April 2013 that its auditors Deloitte & Touche LLP have a qualified opinion in the independent auditor’s report of the financial statements of the company for the year ended 2012. In view of the circumstances, we suspend coverage on Delong until further notice.
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| Uploaded on 10 April 2013
by Liu Jinshu
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First Real Estate Investment Trust - Another Two Assets in the Pocket (Update)
First Real Estate Investment Trust’s (First REIT) acquisition of another two assets in Indonesia was largely anticipated (refer to our previous update on 25 January 2013), albeit slightly earlier than expected. Recommend Invest.
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| Uploaded on 28 March 2013
by Kian Teck Ng
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Nam Cheong Limited - Order Momentum is Continuing (Update)
Last night, Nam Cheong Limited (Nam Cheong) announced a contract for six vessels, consisting of two AHTS and Four Emergency Response and Rescue Vessels (ERRVs). The vessels are probably worth about US$12m each and the AHTS will be delivered in FY13 while the EERVs will be delivered in FY14. Maintain Increase Exposure.
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| Uploaded on 27 March 2013
by Kian Teck Ng
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Keong Hong Holdings Limited - New Project Adds Forward Visibility (Update)
Keong Hong Holdings Limited (KH) announced that it has been awarded a S$101.08m contract to build a hotel at Jalan Bukit Merah/Alexandra Road by Chip Eng Seng Corporation Ltd. We view this development positively, as this project adds upside risk to our forecasts. Work will commence in March 2013 (impacting 2H FY13 ending Sep 2013).
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| Uploaded on 17 March 2013
by Liu Jinshu
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Sapphire Corporation Limited - Improved Operating Performance (Update)
Sapphire Corporation Limited (Sapphire) reported gross profit of S$6.9m for 4Q FY12, versus S$3.8m for 3Q FY12 and S$2.9m for 4Q FY11. Adjusted EBIT rose to S$3.1m versus S$0.7 in the previous quarter and -S$1.5m a year ago. We are encouraged by the stronger operating performance and are hopeful that the write offs that dragged overall profit into a net loss position will not be repeated in 2013.
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| Uploaded on 12 March 2013
by Liu Jinshu
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CNMC Goldmine Holdings Limited - 2013 To Be Another Year of Growth (Update)
CNMC Goldmine Holdings Limited (CNMC) reported net profit of US$1.01m for 2012, versus a loss of US$5.25m in 2011. Production volume grew by 50% to 4,642 ounces in 2012. We expect CNMC to continue ramping up production out of the heap leach in 2013. Therefore, 2013 will most likely be a bumper year for the company. Nonetheless, growth will be most obvious in 2Q and 3Q 2013 as 1Q and 4Q production tends to be affected by seasonal wet weather.
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| Uploaded on 12 March 2013
by Liu Jinshu
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Ying Li International Real Estate Ltd - Growth Plans Remain On Track (Update)
Ying Li International Real Estate Ltd (Ying Li) reported impressive attributable net profit of RMB 377.2m for 2012. Ying Li was profitable for all four quarters of 2012, in contrast with the trend in previous years. The Ying Li International Plaza (YLIP) project is on track for completion in phases over FY13 and FY14 with a pipeline of projects lined up for completion from FY15 to FY16. We continue to be bullish on this counter with its visible outlook.
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| Uploaded on 08 March 2013
by Liu Jinshu
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Remain Optimistic about the O&M Market (Industry Report)
As the STI fluctuates around the 3,300 level, several sectors have been trading above their 5 year historical P/E levels. We continue to be optimistic about the offshore and marine market as it is still trading below historical averages and industry order books remain strong. Particularly, we favour the rig builders and OSV builders.
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| Uploaded on 08 March 2013
by Kian Teck Ng
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Advanced Holdings Ltd. - Registering Double Digit Growth (Update)
Advanced Holdings Ltd.’s (Advanced) FY12 results were largely in line with our expectations. PATMI came in at S$4.4m versus est. of S$4.8m (nced’s share price. The company continues to expand capacity, having invested S$2.7m pertaining the upcoming Shanghai plant in 4Q 2012. More recently, Advanced added new capabilities to its portfolio with the acquisition of a US manufacturer of analyzers.
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| Uploaded on 05 March 2013
by Liu Jinshu
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Falcon Energy Group - Healthy Recovery in Marine Division (Update)
Falcon Energy Group (Falcon) posted its strongest quarterly Marine performance over the last 12 quarters, with the division’s revenue and gross profit rising US$4.42m and US$8.94m YoY to US$16.03m and US$8.94m respectively. Recommend Increase Exposure.
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| Uploaded on 05 March 2013
by Kian Teck Ng
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Uni-Asia Finance Corporation - Dividend Proposed Signals Positive Cash Flow (Update)
Uni-Asia Finance Corporation (Uni-Asia) reported full year PAT of US$3.6m. Net cash generated from operating activities actually more than doubled to US$4.4m, even after paying down US$3.0m of payables and accruals. We like the healthy performance of cash generating activities, namely from fee income and property development in Japan.
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| Uploaded on 04 March 2013
by Liu Jinshu
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C&G Environmental Protection Holdings Limited - More Developments in 2013 (Update)
C&G Environmental Protection Holdings Limited (C&G) processed 380,000 tonnes of waste and sold 91,757,000 kWh of on-grid electricity in 4Q 2012, generating HK$93.1m from its WTE business and HK$55.9m EBITDA. Maintain Increase Exposure.
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| Uploaded on 28 February 2013
by Kian Teck Ng
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Pan-United Corporation Ltd - Turnaround in Shipping Segment, Positive Outlook (Update)
Pan-United Corporation Ltd’s (Pan-U) FY12 revenue and PATMI were 3.4% and 3.9% above our forecasts. The business fundamentals across all three divisions continue to be intact and we expect FY13 revenue and PATMI to be slightly better than that of FY12. Recommend Fairly Valued.
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| Uploaded on 28 February 2013
by Kian Teck Ng
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Delong Holdings Limited - Turnaround Momentum Continues (Update)
Delong Holdings Limited (Delong) reported RMB 8.2m of net profit for 4Q 2012 versus a loss of RMB 170.0m in the same period last year. 4Q earnings were dragged lower by RMB 96.8m of non-core expenses. Excluding these items, full year PATMI would have been RMB 277.4m (versus est. RMB 244m) instead of the reported RMB 204.8m.
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| Uploaded on 28 February 2013
by Liu Jinshu
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Petra Foods Limited - Results Confirm Strength of Consumer Business (Update)
Petra Foods Limited (Petra) reported a strong set of FY12 results that showcased the strength of its Branded Consumer division. 2012 PATMI from continuing operations was up 38.6% year-on-year on revenue growth of 13.8%. Maintain Invest.
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| Uploaded on 28 February 2013
by Liu Jinshu
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