Macquarie International Infrastructure Fund Ltd - First Round of Special Dividend (Update)
Subsequent to its strategic review initiatives, Macquarie International Infrastructure Fund Ltd (MIIF) declared a final dividend of 2.75 S cents and special dividend of 3.00 S cents this quarter. This distribution is slightly above our previous estimate of 2.75 S cents ordinary dividend and 2.50 S cents special dividend. We maintain Invest.
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| Uploaded on 22 January 2013
by Kian Teck Ng
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Our Reaction to the Latest Property Cooling Measures (Industry Update)
Last Friday (11 January 2013), the government announced a new round of property cooling measures. Some of our views are presented in this update.
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| Uploaded on 15 January 2013
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TEE International Limited - Faster than Expected Project Completion (Update)
We took a quick look at some of TEE International Limited's developments and are pleased with their progress. Some of them could be completed ahead of schedule. The company and its consortium will seek to launch their remaining units this calendar year and, if sales are good, may lead to upside risk to our FY14/15 forecasts.
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| Uploaded on 10 January 2013
by Kian Teck Ng
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CNMC Goldmine Holdings Limited - First Gold Pour from Heap Leach (Update)
CNMC Goldmine Holdings Limited (CNMC) announced on 3 January 2013 that it has successfully produced 740.82 ounces of gold dore bars on 30 December 2012 from its newly commissioned heap leach facility. We are gratified by this development which once again confirms that CNMC is executing its growth strategy successfully.
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| Uploaded on 02 January 2013
by Liu Jinshu
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Armarda Group Limited - Sending the Signal (Snap Report)
We recently took notice of Armarda Group Limited (Armarda), which has announced several positive corporate developments. Armarda was previously an IT and professional services provider to the China finance sector. It forayed into the telecommunication arena via acquiring a 45% stake in CSMCG in March 2012. The associate has since then made several positive developments including signing agreements with key parties, completing the network testing in China and selling some phone sets to various distributors. On 18 December 2012, CSMCG announced the official launch of "1349" Thuraya mobile satellite handset services in China and the maiden delivery of Thuraya handsets to China Telecom Satellite (China Telecom).
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| Uploaded on 19 December 2012
by Kian Teck Ng
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Macquarie International Infrastructure Fund Ltd - Santa Claus Is In Town!! (Update)
This morning, Macquarie International Infrastructure Fund Ltd’s (MIIF) board announced the decisions to distribute existing excess cash to shareholders; pursue orderly divestment of MIIF’s interest in HNE, CXP and MW and distribute the proceeds; and commence a joint process with TBC’s co-shareholder (Macquarie Korea Opportunities Fund, MKOF) to realize maximum valuation for TBC.
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| Uploaded on 18 December 2012
by Kian Teck Ng
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Petra Foods Limited - Astute Move Unlocks Value (Update)
Petra Foods Limited (Petra) announced on 12 Dec 2012 that it will be selling its Cocoa Ingredients Division to Barry Callebaut for US$950m. The transaction will result in a gain on disposal of US$105.9m. However, we think that the genuine upside of this deal is that it allows the value of Petra’s Branded Consumer Division to surface. We reworked our model to focus more closely on the value of the Branded Consumer Division and rerate Petra to Invest.
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| Uploaded on 12 December 2012
by Liu Jinshu
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Kian Ann Engineering Ltd - The Last Chapter (Update)
Kian Ann Engineering Ltd (KA) will be holding the court meeting for the purpose of approving the proposed acquisition of KA by Invicta Asian Holdings at Kian Ann Building on 17 December 2012. The scheme must be approved at the court meeting by a majority in number of shareholders (50%) and voting, either in person or by proxy, at the court meeting, with no less than 75% in value of the shares voted in the court meeting. The last date for lodgement of proxy form is 15 December 2012.
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| Uploaded on 11 December 2012
by Kian Teck Ng
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Sapphire Corporation Limited - Moving Closer Towards Silicon Steel (Update)
Sapphire Corporation Limited’s (Sapphire) released on 28 Nov 2012 its shareholders’ circular for the proposed acquisition of Longwei Metal Product Co., Ltd (Longwei) from the Sichuan Chuanwei Group Co., Ltd. (Chuanwei) and a rebar production line from Chengyu Vanadium & Titanium Technology Co., Ltd (CVTT). The EGM for shareholders to approve these transactions will be held on 12 Dec 2012.
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| Uploaded on 29 November 2012
by Liu Jinshu
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HISAKA Holdings Ltd. - Building Future Growth from Low Base (Update)
HISAKA Holdings Ltd’s (HISAKA) FY12 net profit of S$0.4m included S$1.3m of allowance for inventory impairment, S$0.6m of loss on disposal of joint venture (JV) and S$0.3m operating loss from the JV. Excluding these items, net profit would have been S$2.9m instead. We anticipate some recovery in 2H FY13F and forecast revenue growth of 5% in FY13F and PATMI of S$3.6m in the absence of further write-offs. HISAKA should return to strong growth in FY14F on the back of new product sales.
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| Uploaded on 28 November 2012
by Liu Jinshu
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CosmoSteel Holdings Limited - Good Results, Attractive Valuation (Update)
CosmoSteel Holdings Limited (CosmoSteel) reported an impressive set of FY12 (ended 30 Sep 2012) results with revenue rising by 21.2% and net profit growing by 105.7% compared to FY11. Growth was contributed in part by a supply agreement secured with a key energy customer. We attended its results briefing and were left with a positive view about the company. Investment merits include sustained investments in the local energy sector, CosmoSteel’s strong customer base and attractive valuation.
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| Uploaded on 27 November 2012
by Liu Jinshu
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Falcon Energy Group - Positive Developments from New Businesses (Update)
Falcon Energy Group’s (Falcon) 3Q marine revenue continued to inch up, rising 9.1% QoQ to US$10.4m. This was backed by higher vessel utilization rate and healthy chartering fees. 4Q performance is likely to be even better as utilization rate improves further.
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| Uploaded on 23 November 2012
by Kian Teck Ng
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Ying Li International Real Estate Ltd - Confidence Rises as We Enter 2013 (Update)
Ying Li International Real Estate Ltd (Ying Li) made a net profit of RMB 10.3m on revenue of RMB 160.1m for 3Q 2012. Ying Li has been profitable in all three quarters of the year thus far and we expect its 4Q to be likewise “in the black”, especially with revaluation gains on its property portfolio. We are excited about 2013 as Ying Li will start handing over units at its Ying Li International Plaza (YLIP) project and commence revenue recognition for this project next year. More than RMB 1bn of revenue (and a sizeable amount of profit) is estimated to be recognized over 2013 and 2014 from the completion of the Ying Li International Plaza.
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| Uploaded on 20 November 2012
by Liu Jinshu
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Otto Marine Limited – Boosted by Disposal, Expect Turnaround in 2013 (Update)
Otto Marine Limited (Otto) posted revenue of US$78.4m and PAT of US$3.8m for 3Q FY12, in line with our previous estimate of breakeven level for the quarter. Maintain Invest.
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| Uploaded on 19 November 2012
by Kian Teck Ng
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Ryobi Kiso Holdings Ltd. - Results Are Better Than It Seems (Update)
Ryobi Kiso Holdings Ltd’s (Ryobi) net profit for the period FY13 1Q ended 30 September 2012 grew by 69.9% year-on-year to S$0.96m on revenue growth of 89.3% to S$53.7m. Core profit, excluding one-off tax and exceptional FX items, was S$1.7m versus S$0.3m in 1Q FY12 and S$1.1m in 4Q FY12. We like the positive 1Q results and are generally optimistic about FY13 following a weak FY12. Maintain Increase Exposure.
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| Uploaded on 19 November 2012
by Liu Jinshu
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IFS Capital Ltd – 3Q Results Showed Sustained Growth (Update)
IFS Capital Ltd’s (IFS) 3Q net attributable profit rose by 15.3% quarter-on-quarter and 109.5% year-on-year. Growth was driven by higher net interest income and net premium income compared to that of 2Q. Maintain Invest.
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| Uploaded on 16 November 2012
by Liu Jinshu
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CNMC Goldmine Holdings Limited - Delivering High Growth (Update)
CNMC Goldmine Holdings Limited (CNMC) 3Q FY12F net attributable profit grew by 182% from US$0.28m in 2Q to US$0.79m. Growth was driven by 23,000 tonnes of ore exports, which contributed US$4.6m of non-gold revenue and reduced net operating costs to only US$547/ounce of gold produced. This set of results confirms that CNMC is delivering high growth and we expect the heap leach to substantially boost 4Q performance.
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| Uploaded on 15 November 2012
by Liu Jinshu
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C&G Environmental Protection Holdings Limited – Showing signs of Operating Efficiency (Update)
We were positively surprised by C&G Environmental Protection Holdings Limited’s (C&G) 3Q performance, which exhibited a QoQ bottom line reversal from negative HK$29.9m to HK$2.5m. Maintain Increase Exposure.
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| Uploaded on 15 November 2012
by Kian Teck Ng
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Uni-Asia Finance Corporation - Turnaround Taking Shape (Update)
Uni-Asia Finance Corporation (Uni-Asia) reported a positive set of 3Q 2012 results with net profit attributable to shareholders of US$2.1m (2Q 2012: US$1.2m) versus a loss of US$1.5m a year ago. In view of the positive 3Q results, we raised our FY12F PATMI to US$4.4m. We continue to see Uni-Asia as undervalued given its net asset value of US$0.29 (S$0.3546) versus its share price of S$0.171. Maintain Increase Exposure.
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| Uploaded on 14 November 2012
by Liu Jinshu
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Delong Holdings Limited - Acquisition Strategy Pays Off (Update)
Delong Holdings Limited (Delong) reported PATMI of RMB 50.2m in 3Q 2012, in spite of weak selling prices, due to PAT of RMB 26.8m from Aoyu and negative goodwill of RMB 55.9m. We were impressed by Delong’s strong cash generation ability as it reported positive 3Q gross and net operating cash flow of RMB 164.8m and RMB 682.0m respectively, which allowed the company to reduce its debt by about 9.4%. We continue to have a positive medium term outlook on Delong as it executes its M&A strategy. Maintain Increase Exposure.
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| Uploaded on 14 November 2012
by Liu Jinshu
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