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Reports Singapore

Singapore stock market and companies daily report (MapleTree Logistics, Yongmao, Hotel Properties) (May 27, 2014)

May 27, 2014, Tuesday, 06:35 GMT | 01:35 EST | 10:05 IST | 12:35 SGT
Contributed by Shares Investment


Hotel Properties (HP) – Founder Ong Beng Seng and Wheelock Properties have, in a joint attempt to buy out HP on Tuesday morning raised their offer to $4.05 a share, marking the second time the offer has been raised. It was improved to $4 a share from $3.50 a share previously.

Mapletree Logistics Trust (MLT) – MLT entered into a sale-and-purchase agreement with Daehwa Logistics Co to acquire Daehwa Logistics Centre in South Korea for 25.5 billion won, approximately $31.2 million. This purchase will spread the presence of MLT in South Korea to nine properties.

Yongmao Holdings – A net profit of 11 million yuan for the three months ended March 2014 was achieved. This was almost double that of 5.7 million yuan achieved a year ago. This was on the back of a 68.8 percent jump in revenue to 220.5 million yuan. While China continued to be the strongest contributor to its coffers, other markets Yongmao is in also showed strength.

KSH Holdings reported a 44 percent increase in revenue to $324 million in FY14 as compared to $232 million in FY13, mainly due to the increase in revenue from construction business and sales of development property Consequently, KSH recorded a 22.8 percent increase in net profit to $44.5 million in FY14.

Ban Leong Technologies posted a 2 percent decline in revenue to $128 million in FY14, due to political turmoil in Thailand and weak market sentiment in Australia. Consequently, gross profits fell 10.3 percent from $16.8 million in FY13 to $15.1 million in FY14. However, due to the absence of a one off impairment of goodwill and trademarks, net profit increased by 3.8 percent to $1.5 million.

Hiap Seng Engineering posted a 46.9 percent year on year increase in revenue to $68.9 million in 4Q14, underpinned by higher recognition of project revenue. Consequently, gross profit surged 58.8 percent to $5.2 million in 4Q14 due to improved gross margins. Net profit in 4Q14 stood at $1.1 million as compared to loss of $4.5 million in 4Q13. However, due to poorer performance in the previous quarters and cost overruns in certain projects, the group posted a net loss of $3.6 million in FY14 as compared to a profit of $7.5 million in FY13.