Singapore stocks to watch Wednesday: ThaiBev, Yongnam, Old Chang Kee, Noble, Yanlord

Singapore street sceneSingapore street scene

These are the Singapore stocks likely in focus on Wednesday, 15 August 2018:

Thai Beverage

Thai Beverage reported on Tuesday that its fiscal third quarter net profit fell 56.5 percent on-year to 8.646 billion Thai baht amid a lower contribution from the spirits business, a wider net loss from the non-alcoholic beverage business, a sharp decrease in contribution from F&N/FPL and the lack of year-earlier fair valuation gains.

Revenue from sales and services for the quarter ended 30 June was up 34 percent on-year at 60.71 billion baht, Thai Beverage said in a filing to SGX after the market close on Tuesday.

It attributed the revenue rise to a 105.2 percent increase in the beer business’ sales, a 109.7 percent increase in the food business’ sales, offset by a 3.3 percent decline in the spirits business’ sales and a 2.7 percent decline in the non-alcoholic beverage business’ sales.

Read more: ThaiBev reports fiscal 3Q net profit drops 57 percent as non-alcoholic beverage losses widen

Noble

Troubled commodity trader Noble reported on Tuesday that its second quarter net loss narrowed to US$128.3 million from US$1.75 billion in the year-earlier quarter amid higher commodity prices and cost cuts.

Revenue for the quarter fell 26.4 percent on-year to US$1.12 billion, Noble said in a filing to SGX after the market close on Tuesday.

Read more: Commodity trader Noble posts 2Q18 net loss narrows amid higher commodity prices

Yanlord

China property developer Yanlord reported on Tuesday that its net profit for the second quarter rose 220 percent on-year to 1.48 billion yuan amid higher deliveries of units to customers.

Revenue for the quarter ended 30 June rose 126 percent on-year to 9.66 billion yuan, Yanlord said in a filing to SGX after the market close on Tuesday. It attributed the rise to a “significant increase” in gross floor area delivered to customers, partly offset by a decrease in the average selling price per square meter in the quarter.

Read more: China property developer Yanlord posts 2Q18 net profit more than tripled

Yongnam

Civil engineering company Yongnam reported its second quarter net loss widened to S$8.22 million from S$4.41 million in the year-ago period amid project completions and a lower level of work.

“Our second quarter results was attributed to the lower level of activities across all our business segments, including the continued low level of strutting and fabrication activities in Singapore and Hong Kong,” Seow Soon Yong, CEO of Yongnam, said in a statement.

Revenue for the quarter fell 43 percent on-year to S$45.49 million, it said in a filing to SGX after the market close on Tuesday. The loss attributable to the owners of the company was S$8.38 million, more than doubling from the year-ago quarter, Yongnam said.

Read more: Yongnam 2Q18 net loss nearly doubles amid project completions

Hong Leong Asia

Hong Leong Asia reported a second quarter loss attributable to owners of the company of S$32.96  million, wider than the year-earlier loss of S$17.97 million, while revenue rose 6.3 percent on-year to S$997.7 million, mainly on an increase in engine sales at Yuchai and a pick up in sales volume at BMU.

It reported a profit from continuing operations attributable to owners of the company of S$3.61 million, up 44.1 percent on-year.

For the first half, Hong Leong Asia said its loss attributable to owners of the company was S$38.42 million, wider than the year-earlier loss of S$27.83 million, while revenue rose 1.9 percent on-year to S$2.016 billion.

Propnex

PropNex said on Tuesday that it launched PropNex Realty (Vietnam) via a franchise agreement to establish and operate company franchise agency offices in Vietnam.

“With its growing economy and positive forecast of the real estate market, we believe that Vietnam is an important place for PropNex to establish our brand,”  Ismail Gafoor, executive chairman and CEO of PropNex, said in the statement.

PropNex has overseas operations in Indonesia with 800 salespeople, and has 100 salespeople in Malaysia, in addition to more than 7,000 sales people in Singapore, it said.

Sunpower

Sunpower Group reported on Tuesday that it swung to a second quarter net loss of 80.88 million yuan from a year-earlier net profit of 31.99 million yuan on the increase in a fair value loss on convertible bonds of 94.4 million yuan in the period.

Excluding the effect of the convertible bond, net profit for the quarter rose 50.4 percent on-year to 27.33 million yuan, it said.

Revenue for the quarter rose 59.1 percent to 598.12 million yuan on an increase in revenue from the green investment business, revenue from the Changrun and Xinyuan projects and increased manufacturing and services revenue, it said in a filing to SGX.

In the first half, it posted a net profit of 1.41 million yuan, swinging from a year-earlier loss of 51.53 million yuan, while revenue rose 69.6 percent to 1.22 billion yuan.

Sino Grandness Food Industry

Sino Grandness Food Industry reported on Tuesday that its net profit for the second quarter rose 37.4 percent on-year to 144.4 million yuan, while revenue increased 7.9 percent on-year to 1.01 billion yuan.

The China-based producer and distributor of own-branded juices and canned fruits and vegetables said the rise was on higher sales from beverage and domestic canned products segments and higher other operating income.

For the first half, net profit rose 18.8 percent on-year to 187.5 million yuan, while revenue rose 10.6 percent on-year to 1.74 billion yuan, it said.

Old Chang Kee

Old Chang Kee said on Tuesday that its profit after tax rose 86.4 percent on-year in its fiscal first quarter to S$1.25 million, while revenue increased 8.5 percent on-year to S$22.33 million.

Revenue from retail outlets increased by 7.9 percent on-year in the quarter ended 30 June to S$1.6 million, mainly on contributions from new outlets and an increase in revenue from existing outlets, which was partially offset the closure of some outlets, the iconic curry puff maker said in a filing to SGX after the market close on Tuesday. As of 30 June 2018, the group operated a total of 90 outlets in Singapore, compared with 89 outlets a year earlier.

Revenue from other services, such as delivery and catering services, increased by 55.8 percent on-year in the quarter to S$444,000, mainly due to higher events and catering sales.

Cost of sales decreased by around S$149,000, or 1.9 percent, mainly due to better food cost management and improved manpower efficiencies arising from automation of production processes, it said.

Cordlife

Cordlife said on Tuesday that its fiscal fourth quarter net profit rose 54.0 percent on-year to S$1.04 million, while revenue increased 11.1 percent on-year to S$17.63 million.

For the full year, Cordlife reported that it swung to a net profit of S$3.27 million from a year-earlier loss of S$2.57 million, while revenue rose 13.9 percent on-year to S$68.31 million. The year-earlier loss included S$3.9 million in expenses related to an early redemption of a debt security, it said.

For the revenue rise, Cordlife pointed to a rise in newborn deliveries in the region.

“The higher revenue contributions from Singapore, India and the Philippines were driven by an increase in deliveries, as well as an increase in contract prices in India and the Philippines, as a result of more value-added services provided to clients in these countries,” it said.

It added that Healthbaby Biotech (Hong Kong), which the company acquired in January, contributed S$3.7 million to total revenue.

“Our latest financial results underscore the growing acceptance of cellular therapy and genomics-based wellness in Asia, where there is still a lot more room for us to deepen our reach, especially in emerging markets such as India, the Philippines and Indonesia,” Michael Weiss, CEO and executive director of Cordlife, said in the statement. “Besides our stem-cell banking services, we also want to expand our portfolio of non-invasive diagnostics services in the region to better serve our sizable and growing installed client base as well as our potential new clients.”

Cordlife declared an interim dividend of 0.8 Singapore cent a share, up from 0.5 Singapore cent a share a year earlier.

CNMC Goldmine

CNMC Goldmine said on Tuesday that it swung to a net loss of US$182,330 for the second quarter from a year earlier profit of US$523,811 due to expenses of US$810,000 for the company’s proposed dual primary listing on Hong Kong’s stock exchange and employee performance share expenses of US$470,000.

Excluding the expenses, net profit would have been US$1.80 million in the quarter, it said in a filing to SGX after the market close on Tuesday.

Revenue for the period rose 91.7 percent on-year to US$9.32 million amid a “marked increase in gold output” as the third processing plant began full commercial production in May, CNMC said.

The net loss attributable to shareholders for the quarter was US$182,330, it said.

For the first half, net profit was US$191,407, down 64.1 percent on-year, while revenue rose 60.8 percent on-year to US$9.59 million, it said.

Y Ventures

Y Ventures reported on Tuesday that it swung to a first half net profit of US$131,186 from a year-earlier net loss of US$162,053, mainly on higher revenue, offset by higher advertising and promotion, manpower costs and professional fees.

Revenue increased 27.4 percent on-year to US$929 million on sales of goods in online marketplaces, it said in a filing to SGX after the market close on Tuesday.

In its outlook, it said, “the group expects the e-commerce market to remain challenging over the near future, but promising in the long-run. The group is devoting its resources to seek new opportunities and expanding its product mix, while remaining vigilant on cost and cash management.”

This article was originally published on Wednesday, 15 August 2018 at 8:19 A.M. SGT; it has since been updated to include items on Y Ventures, Cordlife, Hong Leong Asia, Sunpower and CNMC Goldmine. 

 

 

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