Qiaofeng's Musings: Qtrly Results

Showing posts with label Qtrly Results. Show all posts

Wednesday, November 16, 2011

F&N

F&N

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6E4E3E2A9C2E8B9B482579490038C3AE/$file/FN-Results-Briefing-15.11.11-Group.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6E4E3E2A9C2E8B9B482579490038C3AE/$file/FN-Results-Briefing-15.11.11-Food-and-Beverage.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6C177BBBFBBAE865482579490039EB7F/$file/FN-Results-Briefing-15.11.11-Printing-and-Publishing.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6C177BBBFBBAE865482579490039EB7F/$file/FN-Results-Briefing-15.11.11-FNHB.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5AE6981969AE50E948257949003A4CCE/$file/FN-Results-Briefing-15.11. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5AE6981969AE50E948257949003A4CCE/$file/FN-Results-Briefing-15.11.11-Properties.pdf?openelement11-Properties.pdf?openelement

Tuesday, November 15, 2011

Bkt Sembawang, Midas

Bkt Sembawang

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D3840A935FC24D414825794800339D5B/$file/BSEL2Q2012.pdf?openelement

Midas

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_47CEABEA148F49BE482579480039C99C/$file/Midas-3Q2011ResultsAnnouncement.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_47CEABEA148F49BE482579480039C99C/$file/Midas-3QResultsNR.pdf?openelement

Saturday, November 12, 2011

THG, HLA, GP, GV

The Hour Glass

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6EF91F3E651AE1E4482579420039B2D4/$file/MEDIA_RELEASE_THG_1HFY2012.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6EF91F3E651AE1E4482579420039B2D4/$file/THGL_2Q_FY2012.pdf?openelement

HLA

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C5271118B4FC5155482579450039534A/$file/HLA_3Q2011_Financial_Results.pdf?openelement

Good Pack

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_930D98B614B630C34825794500334E3E/$file/Annoucement__GP_Financial_Q1_300911_Final.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0E5594631CACFD13482579450032F37D/$file/Press_Release_Goodpack_Q1FY1112_results.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DCF1FE0F2233A0804825794500349E59/$file/GV_3Q2011.pdf?openelement

http://www.remisiers.org/cms_images/research/Research-14Nov-18Nov_2011/galv_by_DBSV_141111-result_Buy.pdf

http://www.remisiers.org/cms_images/research/Research-14Nov-18Nov_2011/Sunnysideup141111.pdf

Wednesday, November 9, 2011

Starhub, HLF, Tat Hong, RE, Venture Corp, Yanlord

Friday, November 4, 2011

Sembcorp

Sembcorp

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B6BFD967AF3968624825793D0080F9CA/$file/SCI_9M2011_ResultsSlides.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B6BFD967AF3968624825793D0080F9CA/$file/9M2011SGXNet-Final.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B6BFD967AF3968624825793D0080F9CA/$file/SCI_9M2011_PressRelease.pdf?openelement

Friday, October 28, 2011

Starhill Global Reit, SIAEC, AIT

Tuesday, October 25, 2011

FCoT

FCoT

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_56DEBF9E4CE049174825793300332E22/$file/FCOT-4QFY11-Property-Statistics-Presentation-Slides-24.10.11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_45600E7BDB341BB5482579330031EA28/$file/FCOT-BCD-2HFY11-Distribution-24.10.11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_45600E7BDB341BB5482579330031EA28/$file/FCOT-BCD-2HFY11-Distribution-24.10.11.pdf?openelement

Analysts Reports

http://www.remisiers.org/cms_images/research/Research-Oct24-Oct28_2011/Frasers_Commercial_Trust_-111025-OIR.pdf

http://www.remisiers.org/cms_images/research/Research-Oct24-Oct28_2011/fcot251011_results_Buy_DBSV.pdf

http://www.remisiers.org/cms_images/research/Research-Oct24-Oct28_2011/Frasers_Comm_Trust_25.10.11_OP_CIMB.pdf

My Thots....
Higher rentals reversion at China Sq Central psot expiry of master lease.
Keypoint Redevelopment/Divestment.
Refinancing to reduce cost of debt.
Improving Occupancy.

Friday, October 21, 2011

FCPT, Capitaland

FCPT

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C1F1B9A1B30863F84825792F003BD10C/$file/FCT-4Q11-Results-Slides.pdf?openelement
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C1F1B9A1B30863F84825792F003BD10C/$file/FCT-Sep11-Financial-Statements-21.10.11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C1F1B9A1B30863F84825792F003BD10C/$file/FCT-4QFY2011-press-release-21.10.11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F4EAABCDBB1D56DF4825792E0022A8C9/$file/FCT-Asset-Valuation-30.9.11.pdf?openelement

RNAV

Valuation of investment properties....................1,922,090

Book value of investment properties.................1,697,000

Surplus from investment properties

attributable to unitholders..................................225,090

Book value.....................................................1,151,858

RNAV............................................................1,376,948

Number of units outstanding ('000)......................819,817

RNAV per share (S$)..............................................1.68

Current price (S$)...................................................1.47

DPU yield (%).........................................................6.40%

Capitaland
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_A62170CE90879379482579300027E547/$file/CL_3Q2011_Presentation.Slides.21Oct11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C3A97CCCCFC875304825792C002D5CE9/$file/CL_3Q2011.NewsRelease.21Oct11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C3A97CCCCFC875304825792C002D5CE9/$file/CL_3Q2011.NewsRelease.21Oct11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_A62170CE90879379482579300027E547/$file/CCH_Resi.Project.Pipeline.21Oct11.pdf?openelement

KE Report
http://www.remisiers.org/cms_images/research/Research-Oct24-Oct28_2011/Capitaland24102011KE.pdf

OCBC Report

http://www.remisiers.org/cms_images/Market_Pulse-111024-OIR.pdf

DBS Vickers Report
http://www.remisiers.org/cms_images/research/Research-Oct24-Oct28_2011/capl241011_buy_DBSV.pdf

RNAV

Property................................Stake.........NLA (sf).....Rent ....Yield.....Value.......OMV

..................................................................................($psf)....................$psf........($m)

Technopark@Chai Chee.......100%.......1137023......2.8.........7%........360.......409.3

Corporation Place..................75%..........625571......2.2.........7%........283.......132.7

Huiteng Metropolis..................50%..........200049......5.0..........8%.......563.........56.3

Red Diamond Plaza...............100%.........243988.....5.0...........8%.......563......137.2

Capital Plaza Ningbo.............100%.......1054237.....4.5..........8%........506......533.7

Zhabei project........................100%..........765170.............................................277.1

............................................................No of shares.......TP........Exchg rate

..................................................................(m)................($)

CCT.........................................31%.........2808..............1.49........1.................1313.7

CMA........................................66%.........3885.1...........1.94........1.................4936.8

ART.........................................48%.........1125..............1.34........1...................720.6

Total....................................................................................................................6971.0

book value..........................................................................................................5959.3

Surplus...............................................................................................................1011.7

..........................................................No of shares....Share price...Exchg rate

..................................................................(m)...............(LC)

Australand.................................59%.........577..............2.53............1.3............1125.0

Lai fung......................................27%.......8048............0.212.........0.167..............75.5

Total.....................................................................................................................1200.6

Book value...........................................................................................................1459.5

Surplus.................................................................................................................-258.9

Surplus from residential

Spore...................................................................................................................616.0

China and overseas..............................................................................................508.8

Serviced residence..............................................................................................791.3

Fee income..........................................................................................................796.8

Add total assets...............................................................................................32319.1

less total liabilities..........................................................................................14369.3

RNAV..............................................................................................................22961.9

No of shares..............................................4548.6

RNAV/share.................................................5.05

MLT, ART, Kepcorp

Wednesday, October 19, 2011

Kepland

Kepland
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3A18EF3E99263B824825792E003204CF/$file/3.KLL.3Q2011.Presentation.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3A18EF3E99263B824825792E003204CF/$file/2.KLL.Announcement.3Q11.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3A18EF3E99263B824825792E003204CF/$file/1.KLL.3Q.Press.Release.pdf?openelement


Published October 20, 2011
Keppel Land Q3 net profit up 6.6% Rise helped by drop in taxation. Sales fall 14% to $111.7 million By UMA SHANKARI HELPED by a sharp drop in taxation, Keppel Land ended its third quarter with a 6.6 per cent rise in net profit to $57.97 million - from $54.39 million a year ago.

The property group saw a 14 per cent year-on-year drop in sales to $111.7 million for the three months ended Sept 30, 2011. This was more than offset by a 31.5 per cent fall in costs of sales, resulting in a 4.9 per cent rise in gross profit to $65.64 million.

But profit before taxation fell 4.7 per cent or $3.24 million to $65.57 million as administrative and other expenses surged 84.2 per cent or $15.72 million to $34.4 million. Keppel Land said this 'was due mainly to higher staff costs and a higher foreign exchange loss reported in YTD 3Q2011, partly offset by the higher costs being capitalised as part of the project costs'.

A 68.2 per cent or $8.14 million drop in taxation helped raise net profit - excluding $3.8 million in minority interests - to $57.97 million, up 6.6 per cent.

Earnings per share rose to 4 cents from 3.8 cents in Q3 2010.

The quarter saw the property group book more income from its Reflections at Keppel Bay project and also earned higher fund management and acquisition fees. But group sales fell as a lower turnover was reported by its property trading segment.

For the first nine months of 2011, Keppel Land reported a net profit of $191.8 million - down 25.1 per cent from $256.1 million a year ago. The fall could have been bigger if not for a one-off gain of $24.4 million from the disposal of Keppel Digihub.

Revenue rose 3.5 per cent to $573.8 million from $554.4 million.

Keppel Land sold about 420 homes in Singapore in the first nine months of this year, helped by its residential project in Sengkang, The Luxurie, which saw a take-up of 86 per cent of the 250 units launched in August. Overseas, it sold more than 1,600 homes in the first nine months of 2011, with a take-up of almost 900 units in the third quarter.

The developer on Monday announced that it will sell its 87.5 per cent interest in Ocean Financial Centre (OFC) to its listed office trust K-Reit Asia for around $1.57 billion.
The group's net debt-equity ratio rose to 0.46 at end-September 2011. But with the sale of the OFC stake, the gearing will fall to about 3 per cent - which the developer has said will boost its financial capacity for acquisitions.

Keppel Land shares gained 4 cents to close at $2.73 yesterday.

BT

CMA

CMA

Slides
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_68191DC4E98010944825792D0034426B/$file/3QFY2011_Presentation_20111019.pdf?openelement

Announcement
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_FC1FBD5E0A4A341F4825792D0036C511/$file/e_3Q2011-Results_Announcement_20111019.pdf?openelement

Press Release
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2424E4628CD62C7E4825792D00374B27/$file/e_3Q2011_Release_20111019.pdf?openelement

Same Mall NPI growth
China--------- 20.6%
Malaysia----- 16.9%
Sg------------- 5.0%
Japan---------- 9.9%

Published October 20, 2011

CMA's Q3 net down 30% at $36.5m

By MICHELLE TAN

CAPITAMALLS Asia's (CMA) third quarter net profit plunged 30.3 per cent, or $15.9 million, year-on-year, to $36.5 million.
This was due mainly to two factors: an additional provision under administrative expenses of $4.7 million relating to its secondary listing in Hong Kong and the inclusion in the year-ago comparative period of an $8.7 million gain from the divestment of three malls in Malaysia to CapitaMalls Malaysia Trust.

Gross profit actually went up 76 per cent year- on-year to $44 million as revenue for the three months ended September 2011 surged 57.3 per cent to $66.9 million on the back of rental contributions from CMA's recently acquired Queensbay Mall in Malaysia, higher management fees, and stronger takings from fund management entities.

Finance costs were also 47.2 per cent higher at $8.3 million. The quarter also saw a $4 million foreign exchange loss arising from depreciation of the yuan against the Singapore dollar in relation to funds denominated in yuan.
Income tax expense fell 77.4 per cent to $1.43 million. 'In Q3 2011, the lower tax was mainly due to write-back of over-provision of tax for prior years and absence of one-off tax provision in relation to the divestment gain arising from the sale of the three malls in Malaysia,' said CMA.
Earnings per share fell to 0.9 of a cent in Q311 from 1.4 cents the year before.

Cash levels have also fallen due to loans extended out for a Jurong project along with payments for the acquisition of Raffles City Changning and the Luwen project.

As at end-September, CMA stands in a net debt position of $342,253 as compared to a net cash position of $618,360 at the end of last year.

Commenting on CMA's earnings performance this season, Sai Min Chow from Nomura Equity Research said that despite what appears to be lower-than-expected Q311 earnings, he expects the market's immediate reaction to this set of results to be neutral to positive as the impact of cost pressures from pre-operating expenses on CMA's FY11's forecast results is 'expected' and as such, is likely to have been priced in by the market.
More importantly, there have been 'sequential improvements in CMA's operations' during its Q3, noted Mr Sai.

Income at the consolidated malls doubled quarter- on-quarter in China and committed occupancy at Minhang Plaza and Hongkou Plaza improved from 96 per cent to 98 per cent and from 87 per cent to 90 per cent respectively during the period.

With regard to the counter's dual listing in Hong Kong, CMA made its debut on that bourse earlier this week, though interest remains muted as global headwinds continue to weigh on overall sentiment.

For the first three quarters of 2011, CMA reported a 25.7 per cent increase in net profit to $250.6 million from $199.3 million for the previous corresponding period.

This translates to 93.6 per cent of Bloomberg's full-year consensus earnings estimate of $267.6 million for the group.
Revenue for the nine months declined 5.4 per cent to $179.9 million from $190.2 million last year.

CMA chairman Liew Mun Leong said that despite the uncertain economic backdrop, Asia remains a growth region for the group.

'Our key markets of Singapore, China, and Malaysia are all expected to post economic growth in 2011 - about 5 per cent for Singapore, 9.5 per cent for China, and between 5 per cent and 5.5 per cent for Malaysia. Retail sales also continue to grow in all three markets and this bodes well for our portfolio of well-located and mainly suburban malls catering to necessity shopping,' said Mr Liew.

In particular, CMA remains optimistic about its growth prospects in China and will be opening another three malls by the end of the year.
On the stock market yesterday, CMA ended one cent higher at $1.25.

Tuesday, October 18, 2011

CMT, SGX

Monday, October 17, 2011

KReit, M1, AReit

KReitAsia
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_7BAC95EB0E7F72234825792C00337CDD/$file/3Q11KREITAsia.Results.pdf?openelement

M1
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_51AA6712B29A09594825792C002DF59A/$file/3Q11SGXAnnouncement.pdf?openelement

AReit
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B824A131F50F32614825792C002E0D32/$file/2QFY1112ResultsPresentation.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B824A131F50F32614825792C002E0D32/$file/SupplementaryInformation2QFY1112.pdf?openelement

Analyst's Report

M1
http://www.remisiers.org/cms_images/research/Research-Oct24-Oct28_2011/28Oct11-_M1.pdf

Bottleneck issues should be behind soon. We expect much of the bottleneck issues (largely at the OpenNet level) afflicting the slow take-up of the NGNBN services in Singapore thus far to resolve by end- 2011/1Q2012.
M1 indicated at the recent 3QFY11 results call that interest on its entry level fiber plan (Singapore’s
cheapest offering at SGD59/mth for 100Mbps) has picked-up with greater awareness in the market.
M1 said 40-45% of the 16k fiber customers recorded as at 3QFY11 were added during the quarter, translating into some 7k new additions although it was not able to guide on its share of the market.
This contributed to the 77% y-o-y growth (+9% q-o-q) in fixed services revenue for the quarter.
It believes there are at least 12k broadband users on cable/ADSL coming out of contracts which presents a good potential catchment.
M1 deployed its own NGNBN OpCo in Sept with its geographical footprint widening to 100% by end- 2011 from 50% currently.
The company saves up to SGD31 in wholesaling cost per customer by linking its fiber customers across its own OpCo than the government mandated Nucleus Connect.

All is not lost without Vodafone. We believe all is not lost as the Vodafone agreement entails strict volume commitments that M1 could have found prohibitive given the scale and its roaming traffic profiles, and it would be able to save substantially on fees paid to Vodafone by not renewing the partnership.

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