Reports » Singapore

Singapore stock market and companies daily report (Temasek Holdings, Yangzijiang Shipbuilding, Tat Hong, Singapore Airlines) (May 25, 2010)

Contributed by Shares Investment

By Shares Investment

Temasek Appoints Hsieh Fu Hua As Executive Director, President

Singapore investment company Temasek Holdings (Temasek) has appointed former Singapore Exchange (SGX) chief Hsieh Fu Hua as its executive director and president. Hsieh, 59, will take on the full-time appointment from August. He is currently serving in a part-time capacity as Temasek’s Special Advisor to the CEO and as a board director. Meanwhile, Temasek also announced the appointment of Dilhan Pillay Sandrasegara, 47, as its Head of Portfolio Management. Sandrasegara, who is WongPartnership’s managing partner, will join Temasek on Oct 18.

Yangzijiang To Prepare For Issuance Of Taiwan Depository Receipt

Yangzijiang Shipbuilding (Yangzijiang) is seeking a Taiwan Depository Receipt listing of up to 100m new ordinary shares on the Taiwanese Stock Exchange (TSE). It has appointed Sino- Pac Securities Corp as the adviser and lead underwriter for the proposed issue and will be making preparation to submit a listing application to the TSE. The new shares will compose 2.66% of the enlarged capital if fully issued.

Tat Hong’s FY10 Earnings Slide On Lower Revenue

Tat Hong posted a 44% slump in its FY10 earnings on the back of a 22% drop in revenue, as infrastructure and resource spending was cut back in its key markets. All business segments reported slumps in the numbers, except the tower crane unit, which registered a 37% growth in revenue in FY10. As a result from that, the company’s over gross profit decreased by 21% yoy. Nevertheless, Tat Hong’s overall gross margin was marginally higher at 38.5% in FY10 as compared to 38.2% in FY09. Meanwhile, the company came into the current financial year with some $77m in cash (up from $46m last year).

SIA Stays Alert Despite Promising Travel Bookings

Singapore Airlines (SIA) remains cautious about restoring capacity amid continuing uncertainty in the global economy despite promising travel bookings and demand for business class seats. SIA will raise capacity about 2% this financial year, comparing to 11% cut capacity in FY10 as travel demand shrunken. In 4Q10, the passenger load factor gained 8.8 percentage points to 80%. Higher jet fuel prices is another area SIA is keeping a close eye on, as fuel accounts for about 35% of the airline’s costs. For 4Q10, SIA posted a net profit of $278m, up from $41.9m a year earlier. Revenue was $3.3b. Full-year net earnings were $216m, compared with $1.06b a year earlier.

This article is contributed by Shares Investment. Visit Sharesinv.com for the latest Singapore, Malaysia and China stock market news and reports