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Philips Capital Reports April 2013

 
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PostPosted: Mon Apr 01, 2013 9:52 am    Post subject: Philips Capital Reports April 2013 Reply with quote

Overseas Union Enterprise Ltd – Update (Bryan Go)
Recommendation: Accumulate
Previous close: S$3.07
Fair value: S$3.24


· Revival of hospitality REIT plan a positive note
· Move could strategically unlock asset value while remaining as a substantial shareholder and asset manager
· Net proceeds give rise to potential of special dividend payout
· Maintain Accumulate with higher fair value of $3.24.

SMRT Corporation – Update (Derrick Heng)
Recommendation: Sell
Previous close: S$1.58
Fair value: S$1.20

· Profit warning of a loss for 4QFY13E.
· Impairment charge on goodwill of S$17mn.
· Other cost items could also be higher than usual.
· Maintain Sell with a lower target price of S$1.20.
Source: Phillip Securities Research Pte Ltd
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PostPosted: Tue Apr 02, 2013 9:25 am    Post subject: Reply with quote

STX Pan Ocean announced that at the closing of 15:00 29th March 2013, its controlling shareholders, STX Corporation, has not received any Letter of Intent from bidders to purchase its ownership of direct and deemed shares of STX Pan Ocean. STX Corporation will decide the progress direction of selling upon consultation with the Main Creditor Banks. (Closing Price: S$5.05, -2.885%)

Jiutian Chemical Group will invest and own an effective equity interest of 74% in a Sodium Hydrosulfite project. This project will involve the construction of a new production line of hydrosulfite with an annual capacity of 100,000 ton, and total investment cost of around RMB 250 million that will be financed by a combination of equity and debt. Construction is scheduled to commence in April 2013 and take up to 12 months. This project is not expected to have any material effect on the earnings per share or net tangible assets per share of the Group for the financial year ending 31 December 2013. (Closing Price: S$0.100, +2.041%)

Koyo International adjusted FY12 results after its customer Poh Lian Construction's application to the high court to place itself under judicial management led to provision of receivables impairment. Net profit attributable to equity holders, for instance, was pared down to S$82,000 from its previously announced $1.2 million. (Closing Price: $0.065, +1.563%)

Otto Marine announced that its shipyard has sold a Multi-purpose Field Support and ROV Support Vessel “Otto Explorer 3” to RY Offshore Limited for an aggregate consideration of approximately US$50 million. Upon completion of the sale, the Buyer will charter the vessel to the Company’s subsidiary. Otto Marine has received the deposit of US$1 million from the Buyer for the transaction, with the balance to be paid upon delivery of the Vessel to the Buyer. The transactions above are expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2013. (Closing Price: S$0.087, +0%)
Source: SGX Masnet, The Business Times
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PostPosted: Wed Apr 03, 2013 8:57 am    Post subject: Reply with quote

Kreuz Holdings announced that it has secured a second subsea installation contract in 2013 worth approximately US$25.0 million from a third-party client, who is a leading offshore contractor in the oil and gas industry. (Closing Price: S$0.525, +3.960%)

Boustead Singapore has divested its entire shareholding of 50,000,000 ordinary shares in OM Holdings Limited, an integrated manganese mining company listed on the Australian Securities Exchange, for a total sales consideration of A$18.5 million. Boustead is expected to record a gain of S$5.0 million from the divestment. However, taking into account the impairment of S$4.5 million up to 3Q FY2013, the net gain on the Divestment would be approximately S$0.5 million. (Closing Price: S$1.460, -0.680%)

ISDN Holdings entered into a non-legally binding Memorandum of Understanding with Tun Thwin Mining Co., Ltd (“TTMCL”) to explore joint partnerships in energy opportunities in Myanmar. TTMCL is a Myanmar-based company engaged in the business of coal mining, processing and supply. Current energy opportunities of interest to the Group includes the joint ownership, development and management of a coal-fired power plant that TTMCL holds a development permit and which is located in close proximity to a coal mining concession operated by TTMCL, as well as non-fossil power plants such hydropower plants which TTMCL has an interest in. (Closing Price: $0, 0%)

Pacific Healthcare Holdings entered into an Investment Agreement with Radiance Investment Pte. Ltd. to place an aggregate of 51,000,000 new ordinary shares at the price of S$0.0828 for each share. In addition, Pacific Healthcare Holdings will undertake a renounceable non-underwritten rights issue of 114,748,586 new ordinary shares at an issue price of S$0.048 for each Rights Share on the basis of one (1) Rights Share for every 4 existing ordinary shares held by the shareholders of our Company. (Closing Price: $0.092, 0%)
Source: SGX Masnet, The Business Times
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PostPosted: Thu Apr 04, 2013 9:04 am    Post subject: Reply with quote

Lian Beng Group has secured two construction projects amounting to S$201 million, for the building of two multiple-user light industrial developments for Oxley Holdings Limited. One contract, worth S$112 million, involves the design and erection of a multiple-user light industrial development comprising a block of nine-storey factory building, staff canteen and other facilities at a land plot bordered by Sunview Road, Jalan Buroh and Pioneer Road. The construction for this project is expected to commence in April 2013 and will take about 24 months to complete. The other contract, worth S$89 million involves the design and erection of a three-storey building and a seven-storey building forming a multiple-user industrial development with ancillary staff canteen and substation at a land plot bordered by Tampines Industrial Crescent, Tampines Avenue 10 and Tampines Expressway. Similarly, the construction for this project is expected to commence in April 2013 and will take about 24 months to complete. (Closing Price: S$0.450, -1.099%)

Logistics Holdings has been awarded 2 contracts amounting to S$50.9 million by the Housing & Development Board. Both contracts are for the designing and building of electrical substations and switch rooms, and to carry out related works in Clementi, Aljunied and Eunos. Both contracts are not expected to have any material impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 30 June 2013. (Closing Price: S$0, 0%)

Sunlight Group has entered into a placement agreement with UOB Kay Hian Pte Ltd and Canaccord Genuity Singapore Pte. Ltd. for the placement of up to 130,000,000 new ordinary shares in the capital of the Company at an issue price of S$0.038 for each placement share to raise gross proceeds of up to S$4,940,000 on a best efforts basis. If fully issued, the placement shares will represent approximately 49.8% of the total number of issued shares of 260,935,000. Sunlight Group intends to use the net proceeds from the placement to fund possible acquisitions and/or investments when opportunities arise and for general working capital purposes. (Closing Price: S$0, 0%)

Yoma Strategic Holdings has through its wholly-owned subsidiary SPA Project Management Pte. Ltd. (“SPA PM”) entered into a shareholder’s agreement to form a joint venture with Dragages Singapore Pte Ltd (“DSPL”). The joint venture company BYMA Pte. Ltd. (“BYMA”) is 60% held by DPSL and 40% held by SPA PM. BYMA will combine the design expertise and local knowledge of SPA PM with the large-scale international construction experience of DSPL. BYMA will construct 1,043 apartments, and associated areas, of the Zone B condominium development in Star City in Myanmar. At a total cost of approximately US$94 million, construction works are targeted to commence by the end of April 2013 and will last for around 33 months. (Closing Price: S$0.755, -0.658%)

Macquarie International Infrastructure Fund has proposed the divestment and spin-off of its 47.5% interest in Taiwan Broadband Communications, at a minimum valuation of $469.5 million payable in units that will be listed and traded on SGX. Special General Meeting will be convened to seek shareholder approval. (Closing Price: S$0.575, -0.877%)
Source: SGX Masnet, The Business Times
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PostPosted: Fri Apr 05, 2013 9:41 am    Post subject: Reply with quote

Singapore Exchange - Update (Ken Ang)

Recommendation: Accumulate
Previous close: S$7.58
Fair value: S$8.16

· Securities Daily Average Value increased strongly by 41.1% q-q to S$1.714 billion based on SGX figures.
· Derivatives Daily Average Volume grew 33.7% q-q to 0.479 million contracts. Derivatives volume expected to increase further, but at a more gradual pace.
· Maintain “Accumulate”, with a revised Target price of S$8.16 based on an unchanged PE ratio of 26.0X.
Source: Phillip Securities Research Pte Ltd
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PostPosted: Tue Apr 09, 2013 8:53 am    Post subject: Reply with quote

XinRen Aluminum Holdings Limited announced that the Company’s external auditors, Ernst & Young LLP, has issued an Auditors’ opinion with emphasis of matter(s) on the Company’s financial statements for the year ended 31 December 2012. A copy of the Auditor’s report is annexed to the announcement. (Closing price: S$0.300, unchanged)

Shanghai Asia Holdings Limited announced that the external auditors, KPMG LLP has an emphasis of matter in the Independent Auditors’ Report of the financial statements of the Company and its subsidiaries for the financial year ended 31 December 2012. A copy of the Auditors’ report together with Notes 2.2, 5, 19 and 24 of the financial statements is annexed to this announcement. (Closing price: S$0.099, +1.020%)

World Precision Machinery Limited said it has recently won three orders with an aggregate value of RMB11.34 million. The new contracts include the Group’s largest overseas order with a total worth of RMB7.17 million from an Indonesia car manufacturer, comprising the delivery of 4 high-performance stamping machines from the JS36 model series. These high-performance stamping machines will be used in automobile production line. This will be the first time for the Group’s equipment to be used by an overseas automobile manufacturer and this reflects the “World” brand competitiveness in the stamping machine industry. The remaining two orders include RMB2.05 million from Nanhai Honggang Machinery Co., Ltd., an elevator manufacturer located in Foshan City, Guangdong Province; and RMB2.12 million from Liuzhou Yongle Electromechanical Equipment Co., Ltd., an auto parts and accessories manufacturer in Liuzhou City, Guangxi Province. (Closing price: S$0.440, +1.149%)

Global Logistic Properties Limited announced that it has pre-leased approximately 43,000 square metres in Suzhou and Wuhan to Best Logistics, one of China’s leading providers of third-party logistics with a focus on Business-to-Consumer distribution and last-mile deliveries. Following the signing of these two long-term lease agreements, Best Logistics now lease approximately 51,000 sqm across four locations with GLP in China. (Closing price: S$2.730, +3.019%)
Source: SGX Masnet, The Business Times
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PostPosted: Wed Apr 10, 2013 9:09 am    Post subject: Reply with quote

Keppel Corporation Ltd – Update (Nicholas Ong)
Recommendation: ACCUMULATE
Previous close: S$11.22
Fair value: S$12.38

· Premium jack-up rig from Ensco worth about US$225mn
· Established rig owners still favor SG yards over Chinese yards
· YTD order win raised to SG$1.87bn
Source: Phillip Securities Research Pte Ltd
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PostPosted: Thu Apr 11, 2013 8:58 am    Post subject: Reply with quote

Dapai International Holdings Co. Ltd announced that the Company’s auditor, Moore Stephens LLP, had issued an emphasis of matter relating to the going concern assumption in the Independent Auditor’s Report on the financial statements of the Group for the financial year ended 31 December 2012. A copy of auditors’ comments on accounts together with the extract of the relevant notes to the Financial Statements is annexed to the announcement. (Closing price: S$0.025, -7.41%)

Pacific Healthcare Holdings Limited announced that the Company's Auditors, Ernst & Young LLP, had issued their report on the Company's financial statements for the financial year ended 31 December 2012 containing the emphasis of matters relating to the going concern assumption and differences of opinion between directors. A copy of the Auditors' report is annexed to this announcement. (Closing price: S$0.088, +3.53%)

China Animal Healthcare Limited announced that it has entered into a conditional subscription agreement with Lilly, a new investor which is independent of the Company, for subscription of Shares and Warrants representing a non-controlling minority shareholding in the Company. Lilly’s investment will be conducted in two tranches. In the first tranche, Lilly will subscribe for the First Tranche Shares and Warrants and, in the second tranche, Lilly will subscribe for Second Tranche Shares which, together, would raise an aggregate amount of S$120,000,000 to be primarily used to partly fund the Possible Delisting Offer and to repay the Convertible Bonds. (Closing price: S$0.265, Trading Halt)

Cortina Holdings Limited announced that it has on 9 April 2013 granted an Option To Purchase in favour of Fong & Sons Pte. Ltd, an unrelated party, in relation to the property owned by the Company located at 100 Orchard Road #02-52 Concorde Hotel & Shopping Mall Singapore 238840. The sales consideration of the property is S$2,000,000.00 (exclusive of prevailing Goods and Service Tax thereon). The proposed disposal is expected to result in a net gain on disposal of approximately S$1,106,690 after taking into account the book value of the Property of S$886,310 and estimated expenses of S$7,000. (Closing price: S$0.840, Unchanged)

Tiger Airways Holdings Limited announced that in relation to its earlier announcements, the Reference Price of the Convertible Securities, being the volume weighted average price of the Shares over the five (5) consecutive trading days ending on and including 10 April 2013 is S$0.647. The Conversion Price of the Convertible Securities, which has been set at a premium of 15.0 per cent to the Reference Price and rounded down to the nearest whole multiple of 0.5 cent, subject to the Minimum Conversion Price of S$0.650 and the Maximum Conversion Price of S$0.900, is initially S$0.740. (Closing price: S$0.635, -1.55%)
Source: SGX Masnet, The Business Times
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PostPosted: Fri Apr 12, 2013 9:20 am    Post subject: Reply with quote

Interra Resources Limited announced that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (“Goldpetrol”), has commenced drilling infill development well YNG 3253 in the Yenangyaung oil field in Myanmar. Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Yenangyaung field and also owns 60% of Goldpetrol which is the operator of the field. YNG 3253 is being drilled using Goldpetrol’s ZJ 450 rig and thus drilling costs are expected to be comparatively low. Interra’s share of the cost of drilling will be funded from existing funds on hand. Company estimates that the results of the drilling and completion should be available in approximately six weeks. (Closing price: S$0.530, +11.6%)

Far East Group Limited announced that it has entered into a conditional share sale and purchase agreement with Universal Pte. Ltd. (“UPL”) and Mr. Cheung Wai Sum (“Sam Cheung”) to acquire an aggregate of 85.00% of the paid-up registered capital and an aggregate of 82.50% of the unpaid registered capital of Eden Refrigeration Manufacturing (Jiangsu) Co., Ltd (“ERM”). The total payment for the Proposed Acquisition shall be an amount of approximately S$11,688,000. Upon completion of the Proposed Acquisition, ERM will be a 84.25%-owned subsidiary of the Company. The remaining 15.75% shareholding interest in ERM is held by Fuco Rudyanto Chandra who is not related to any of the Company’s chief executive officer, directors, controlling shareholders or their associates. (Closing price: S$0.205, Unchanged)

China Energy Limited announced that the Company’s Independent Auditors, Moore Stephens LLP have issued the Independent Auditors’ Report in respect of the audited financial statements of the Group for the financial year ended 31 December 2012 with an emphasis of matter opinion pertaining to the Group’s going concern assumption. A copy of the Auditors' report is annexed to this announcement. (Closing price: S$0.075, +2.7%)

Yoma Strategic Holdings Limited has been informed that the consortium, comprising YSH Finance Ltd., Digicel Group Limited and Quantum Strategic Partners Ltd., has pre-qualified to apply for one of the two new telecommunications licences in Myanmar expected to be awarded later this year. As a result, the consortium will be participating in the final stage of the tender process for one of the two new nationwide telecommunications licences in Myanmar. Responses to the invitation to tender are due on 3 June 2013. An announcement of the two winning applicants is expected on 27 June 2013. (Closing price: S$0.810, -0.6%)

Tiger Airways Holdings Limited provided an update in relation to its proposed divestment of 60% shareholding interest in Tiger Airways Australia Pty Ltd. The Australian Competition and Consumer Commission (“ACCC”) has announced today that the proposed date for announcement of ACCC’s final decision on the Divestment is 24 April 2013. (Closing price: S$0.645, +1.6%)
Source: SGX Masnet, The Business Times
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PostPosted: Mon Apr 15, 2013 8:58 am    Post subject: Reply with quote

Garmin Ltd – Phillip Research Team (Published on 12 Apr 2013)
Recommendation: TRADING BUY
Previous Close: USD 34.46
Fair Value: USD 39.55

· Garmin has underperformed the market despite a strong sustainable 5.2% dividend yield, due to disdain for its legacy handheld GPS devices.

· Namesake handheld GPS devices, though declining rapidly, still contribute majority of revenue, but only 37% operating income.

· Outdoor, Fitness, Aviation and Marine segments now contribute 63% operating income on operating margins as high as 38.1%.

· Revenue and Net Income remained relatively flat over past few years as the other segments offset the decline of handheld GPS.

· Has $2.88 billion cash and marketable securities, but zero debt. Market capitalization is $6.76 billion.

· Trading at 8.0x FY13e FCF multiple. Likely special dividend or leveraged buyout.

Source: Phillip Securities Research Pte Ltd
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PostPosted: Tue Apr 16, 2013 9:44 am    Post subject: Reply with quote

Keppel Corporation Ltd - Good news from new customer (Nicholas Ong)
Recommendation: Accumulate
Previous close: S$11.39
Fair value: S$12.38

· Falcon Energy awarded Keppel a US$226mn jack-up rig contract
· Premium jack-up rigs prices unaffected by strong competition; market share intact
· YTD order win to S$2.15bn
Source: Phillip Securities Research Pte Ltd
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PostPosted: Fri Apr 19, 2013 9:13 am    Post subject: Reply with quote

Keppel Corporation Ltd - 1Q13 Results (Nicholas Ong)
Recommendation: Accumulate
Previous close: S$11.25
Fair value: S$12.34


· Lumpy profit from Property segment
· O&M margins rose to 14.1%
· Maintain Accumulate with new target price of S$12.34

Keppel Land Ltd – Company Results (Bryan Go)
Recommendation: Neutral
Previous close: S$4.04
Fair value: S$4.24


· 1Q13 revenue increased 22% y-y to $207mn
· PATMI fell 32% y-y to $96.6mn due to lower contribution from Reflections at Keppel Bay
· China residential sales continued to improve but could moderate in 2Q13 due to renewed emphasis on property cooling measures by the central government
· Placed top bid for Kim Tian Rd residential site
· Maintain Neutral with target price unchanged at $4.24
Source: Phillip Securities Research Pte Ltd
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PostPosted: Tue Apr 23, 2013 8:51 am    Post subject: Reply with quote

Frencken Group Limited announced that its wholly-owned subsidiary, Precico Electronics Sdn Bhd, has on 22 April 2013 entered into a Sale and Purchase agreement with CIMB Islamic Trustee Berhad. The SPA is in connection with a proposed sale and leaseback arrangement with respect to the Vendor’s properties located in Penang, Malaysia. (Closing price: S$ 0.193, -%)

Sino Grandness Food Industry Group Limited announced that its employees based in Qionglai city, Sichuan Province, PRC (“Qionglai”) are safe and its production facility in Qionglai has not been affected by the earthquake that struck Ya'an city, Sichuan Province, PRC (“Ya’an”) on 20 April 2013. Presently, majority of the Group’s juice production volume are still being outsourced to manufacturers based in provinces near the coastal areas such as Guangdong, Fujian and Zhejiang as these provinces are closer to the key retail points for the Group’s own-branded Garden Fresh juices. (Closing price: S$ 1.220, -3.175%)

China Bearing (Singapore) Limited announced that the Company had on 19 April 2013 entered into a placement agreement with UOB Kay Hian Private Limited as placement agent pursuant to which UOBKH has agreed, on a best effort basis, to procure subscribers for up to 46,000,000 new ordinary shares in the capital of the Company (“Placement Shares”) at the placement price of S$0.0297 per Placement Share. (Closing price: S$ 0.042, +27.273%)

Keppel Corporation Limited announced that the Company and its wholly-owned subsidiary, Ocean Mineral Singapore Holding Pte Ltd*, have on 19 April 2013 entered into a joint venture agreement with UK Seabed Resources Ltd.* and Lion City Capital Partners Pte. Ltd.* to form Ocean Mineral Singapore Pte Ltd, a Singapore-incorporated company. The principal business activities of OMS are obtaining and maintaining licences for, and causing to be carried out, the exploration and harvesting of polymetallic nodules in certain areas of the international seabed. OMS has applied for its first exploration licence with the International Seabed Authority (“ISA”), established under the United Nations Convention on the Law of Sea, and the application will be considered by the ISA in July this year. (Closing price: S$ 11.320, +1.162%)
Source: SGX Masnet, The Business Times
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PostPosted: Tue Apr 30, 2013 9:22 am    Post subject: Reply with quote

Armarda Group Limited advised that the Group expects to remain loss making for 4Q2013 and report a loss for the financial year ended FY2013 ended 31 March 2013. The loss relates¸ inter alia, operational losses as well as possible impairment for investments and assets. (Closing price: S$0.024, -4.000%)

Sinostar PEC Holdings Limited issued a profit guidance with respect to its first quarter results ended 31 March 2013. Based on a preliminary review of the unaudited financial results, the Group is expected to report a loss for 1Q2013. Price volatile especially for gasoline and diesel oil products contributes to weak overall markets demand during the first quarter of financial year 2013. Furthermore, festive holiday seasons also reduce overall sales of the refined oil products. (Closing price: S$0.105, -%)

Thakral Corporation Ltd announced that that the Group anticipates to report an overall marginal loss for the first quarter of FY2013. The Group is taking all necessary measures to return to profitability. The Investment Division has already embarked on a major new project in the current year, and its pipeline of present and potential investments is expected to result in increased contribution towards the financial performance of the Group in FY2013. (Closing price: S$0.032, -3.030%)

Tiger Airways Holdings Limited (Tiger Airways) today announced the appointment of Rob Sharp as the new CEO for Tiger Airways Australia Pty Limited (Tiger Australia). Rob will commence work at Tiger Australia on 1 May 2013. (Closing price: S$0.66, -2.222%)

Combine Will International Holdings Limited announce that, in view of a slowdown in sales due to lower consumer demand, the Group expects its overall revenues and earnings to be lower in the first quarter ended 31 March 2013 (“1Q2013”) as compared to the corresponding financial period in 2012. Accordingly, based on the information currently available, the Group expects to record a loss for 1Q2013. (Closing price: S$-, -%)

Hu An Cable Holdings Ltd announced that the Group expects its overall revenues and earnings to be significantly lower for the three months ended March 2013 (“1Q2013”) as compared to the three months ended 31 March 2012 (“1Q2012”), and will report a loss for 1Q2013. This was mainly due to: i) the decrease in sales volumes of cable and wire products, copper rods and aluminium rods as a result of China’s economic slowdown; and ii) the overall increase in expenses due to the full operation of the Group’s new plant in Yixing City, Jiangsu Province. (Closing price: S$0.126, -8.696%)

The construction order book of Lian Beng Group has reached a new high of S$1.2 billion after being awarded three new contracts worth a total of about S$211 million. (Closing price: S$0.530, +1.923%)
Source: SGX Masnet, The Business Times
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