YZJ

Yangzijiang reports 38% increase in 2Q2018 earnings to RMB995 million

Revenue increased by 110% yoy to RMB8.0 billion in 2Q2018, supported by the delivery of several large-size vessels

 Core shipbuilding gross margin at 21%, compared to 20% for 2Q2017

Group secured new orders for 22 vessels from January to July 2018 with total contract value of USD982 million

 Outstanding order book stood at USD4.1 billion as at 7 August 2018, will keep the Group’s yard facilities healthily utilized up to 2020

Group’s financial position strengthened further during 1H2018. Gross gearing decreased from 18.4% as at 31 December 2017 to 13.7% as at 30 June 2018, and the Group remained in a net cash position. Net asset value per share increased to RMB6.72 as at 30 June 2018 from RMB6.52 as at 31 December 2017. Group’s cash & cash equivalents and restricted cash increased from RMB6.2 billion as at 31 December 2017 to RMB7.9 billion as at 30 June 2018, or approximately SGD1.58 billion2 , compared to Yangzijiang’s market capitalization of SGD3.59 billion as of 7 August 2018.

REVIEW / OUTLOOK/ FUTURE PLANS

Supported by improving global seaborne trade volume and higher charter rates for several major vessel categories, the shipbuilding market continued to recover in 2018. According to Clarksons Research3 , global containership orderbook to fleet ratio stood at a historically low level of 12%4 , and “the fundamentals (in the containership sector) look set to remain supportive of further market improvements in 2018-19”. On the dry bulker side, the strong demand from China for iron ore and coal, as well as the relaxation of import restrictions at a number of ports in China, will continue to support global seaborne dry bulk trade. In terms of supply, bulk carrier fleet is “projected to expand at a relatively subdued rate of 2.5% in both 2018 and 2019”, and there is “potential for further gradual improvements to balance of fundamentals”, indicating fleet growth gradually catching up with the shipping demand growth.

With regard to the escalation of the trade war, the Group’s existing order book has no exposure to the sectors on the US’ tariff list, and the Group doesn’t see the tariff list directly impacting its future order flow. Various studies suggest limited impact of the protectionism and trade wars on the global trade volume. However, the Group is mindful of the uncertainties and the potential risks to the shipping and shipbuilding demand and will closely monitor the situation.

Year to date, the Group secured new orders for 22 vessels with total contract value of USD982 million. These new orders include 10 units of 82,000DWT, 2 units of 180,000DWT, 2 units of 208,000DWT bulk carriers, 2 units of 2,400TEU and 5 units of 12,690TEU containerships, and 1 unit of 83,500DWT combination carrier. As at 7 August 2018, with an outstanding order book of USD4.1 billion for 114 vessels, Yangzijiang was ranked no. 1 in China and no. 4 in the world. These orders will keep the Group’s yard facilities at a healthy utilization rate up to 2020 and provide a stable revenue stream for at least the next 2.5 years.

From TA point of view,it is on a consolidation mode. It will need to breakout 94 cent then 96.5 cents in order to reverse this downtrend and head higher towards 1.00 with extension to 1.08 level.

Not a call to buy or sell.

Please do you own due diligence.

Raffles Medical

Net profit seems flat almost quite similar as last year.
EPs of 0.95 cents.
Dividend of 0.5 cents . XD on 27/8. Pay date on 6th September.

2Q2018 Financial  period  reported  on. The  Group’s  revenue  for  Q2  2018  was  steady  at  S$120.2  million.  Revenue  for  Healthcare  Services division  increased  by  5.4%,  offset  by  a  decrease  of  2.3%  in  the  Hospital  Services  division.  The  increase  in revenue  from  Healthcare  Services  division  was  contributed  by  the  addition  of  new  corporate  clients,  and  a new  contract,  awarded  by  the  Ministry  of  Health  and  Civil  Aviation  Authority  of  Singapore,  to  provide  Air Borders  screening  services.  The  decrease  in  revenue  from  the  Hospital  Services  division  this  quarter  was the  result  of  softer  than  expected  demand  from  the  foreign  patients,  even  though  local  patients  registered a  slight  increase. The  Group  recorded  a  profit  after  tax  of  S$16.8  million  for  Q2  2018,  an  increase  of  3.6%  from  S$16.2 million  in  Q2  2017.   The  Group  maintained  its  strong  cashflow  from  operating  activities  of  S$18.9  million  in  Q2  2018.  The strong  operating  cashflow  enabled  the  Group  to  support  its  investments  in  RafflesHospital  Extension, RafflesHospital  Shanghai  and  RafflesHospital  Chongqing.  These  investments,  together  with  capital expenditure  for  business  expansion,  amounted  to  S$16.5  million  in  Q2  2018.   The  Group  has  a  healthy  cash  position  of  S$108.4  million  as  at  30  June  2018. The  Directors  are  pleased  to  declare  for  the  financial  year  ending  31  December  2018,  an  interim  ordinary dividend  of  0.5  Singapore  cents  per  ordinary  share.  The  dividend  will  be  paid  on  6  September  2018. RafflesMedical  has  also  successfully  implemented  its  e-Commerce  service,  since  the  pilot  in  October 2017,  to  allow  patients  to  conveniently  purchase  their  health  screening,  vaccination,  health  supplements and  other  medical  services  online  before  they  turn  up  at  the  respective  medical  centres. RafflesMedical’s  5-year  partnership  with  the  Ministry  of  Health  (MOH)  and  the  Agency  for  Integrated  Care (AIC)  was  launched  in  January  2018.  Since  then,  quite  a  number  of  patients  have  been  assisted  to  better manage  their  chronic  conditions.

Genting Singapore

2Q2018 financial result is showing a great improvement of Net Profit growth of 38% for Half year ended on 30th June 2018. The total comprehensive income for first half year is $394.6m.
EPS for 2Q2018 leaped 24% to 1.47 cents.

Dividend of 1.5 cents is being declared. Payment will be made on 20th Sept 2018.

Looks like they are able contain costs well and heighten their total comprehensive income.

A yearly dividend of 3.5 cents that translate to a yield of 2.84% of which I think is quite decent.

The anticipating of the bidding and winning of the Japan casino license would likely provide the next income driver and catalyst to boost the share price higher.

Not a call to buy or sell.

Please do your own due diligence.

For the second quarter of 2018, the Group reported revenue of $560.3 million and adjusted earnings before interest, tax, depreciation and amortisation (“Adjusted EBITDA”) of $265.9 million. Resorts World Sentosa (“RWS”) continues to be at the forefront of Singapore’s leisure and entertainment industry, attracting visitors from all around the world. Our signature attractions performed well during the second quarter of 2018 with average visitation exceeding 18,000 daily. Hotels continued to outperform industry with average occupancy of over 91% for the quarter. In the gaming segment, our VIP rolling volume showed encouraging year-on-year growth but luck factor was not in our favour. On a hold-normalised basis, RWS would have generated an Adjusted EBITDA of approximately $293 million.

For the half year ended 30 June 2018, our Group delivered a steady performance with growth in both the gaming and non-gaming businesses. The Group recorded revenue of $1,235.4 million and Adjusted EBITDA of $624.8 million, growing 4% and 8% respectively, as compared to the previous year. We achieved significant net profit growth of 38%, excluding the prior year one-off gain of $96.3 million on disposal of the Group’s interest in an integrated resort in Korea.


Resorts World Sentosa (“RWS”) is proud to be winners at the recent Singapore Tourism Awards 2018 organised by Singapore Tourism Board. We received awards in two categories, including Best Dining Experience for CURATE restaurant and its first Exceptional Achievement Award for our signature Halloween Horror Nights at Universal Studios Singapore (“USS”) as the Best Leisure Event for three consecutive years (2015-2017). USS continuously seeks to enhance visitor experience through refreshing and innovative offerings such as the marquee events Trollstopia and Jurassic World: Explore and Roar. In the MICE space, we saw good growth momentum and attracted high calibre international events such as the Alibaba Global Course that we hosted in April 2018, a signature series of public lectures presented by the Chinese e-commerce giant, that was attended by over 2,000 participants.

 A step up from previous RWS theatrical productions, our mandarin musical “Super Mommy” was warmly received during its six-week run. From 30 June to 15 July, RWS turned up the heat with “RWS Football Fever 2018”, one of the key highlights included broadcast of live matches on super-wide 270° screens to create Singapore’s most immersive spectator experience of World Cup 2018 for our guests, an entertainment extravaganza which drew an immense turnout. As Asia’s premier lifestyle destination, RWS will stage a series of exciting gourmet and lifestyle events. Following the popularity of the gastronomic events last year, over the next two months, we will be bringing back the “RWS Street Eats” featuring iconic street eats from Southeast Asia and “The Great Food Festival”, Singapore’s largest curated food and lifestyle event led by international celebrity chefs.

 In Japan, the anticipated Integrated Resorts (“IR”) Implementation Bill was enacted by the Japanese Diet on 20 July. The Group has been gearing up for this expansion opportunity and has been hiring a new team of Japanese nationals in different disciplines to prepare for the bid. 

Keppel Corp

Oil market braces for ‘a major supply shock’ — and it could propel crude prices skywards, analysts say

• "Venezuela's ticking time bomb together with the return of Iran's oil industry to the sanctions era has all the makings for a major supply shock," Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Friday.
• Investors are seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as a ramp-up in production by OPEC and its allied partners.
• On Friday, Brent crude traded around 0.1 percent lower at $73.44.

Oil prices could soon rally above $90 a barrel amid growing concerns over the prospect of steep declines in Iranian crude, according to industry analysts.

Brent crude was on track to post a fourth week of declines in five on Friday, with the global oil benchmark poised to slip more than 1 percent amid continued volatility in the energy market.

Investors are seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as a ramp-up in production by OPEC and its allied partners.

https://www.cnbc.com/2018/08/03/oil-market-braces-for-a-major-supply-shock-analysts-say.html

I think Keppel Corp may tend to benefit with oil price heading higher and the potential of winning more new rigs orders..

2Q2018 result:

looks like a good set of financial result.

EPS of 32.2 cents for 1H 2018 an increased of 38% , looks rather impressive.

Estimated whole year EPS of 64.4 cents. Current price of $6.73 would be having a PE of 10.45x. Looks quite attractive.

Interim dividend increased of 2 cents to 10 cents + a Special dividend of 5 cents. Total 15 cents.

Shareholders would be more than happy to see dividend increasing.

Short term wise, we may see a boost in share price given a good set of financial nos.

Not a call to buy or sell.

Please do your own due diligence.

Net profit was S$583m  EVA was S$275m

 Annualised ROE was 9.9%

 Free cash inflow of S$886m in 1H 2018, vs inflow of S$204m in 1H 2017

 Net gearing was 0.40x at end-Jun 2018 vs 0.46x at end-Dec 2017

 Declared interim dividend of 10.0 cents per share and special dividend per share of 5.0 cents for 1H 2018

1H 2018 net profit S$583m, up 38% yoy

Multiple Earnings Streams 

 Recurring income was S$130m or 22% of net profit for 1H 2018

Marine & Off-shore Net Loss of 40m.

Net loss due to lower work volume and associate contributions, and higher overseas taxes

 Lower overheads contributed to S$14m operating profit in 1H 2018

 1H 2018 new contracts of over S$1.2b including S$680m in 2Q 2018:

 Two new jackup orders from Borr Drilling as part of five-rig deal worth US$745m

 Two dual-fuel dredgers from Van Oord and a dual-fuel tanker from Sinanju

Net order book of S$4.6b as at end-Jun 2018

Property

1H 2018 net profit S$603m, up 214% yoy

Infrastructure 

1H 2018 net profit S$66m, up 16% yoy

Key Highlights  Keppel Infrastructure continues to deliver steady earnings

 Keppel Marina East Desalination Plant (KMEDP) close to 50% completed

 Hong Kong Integrated Waste Management Facility (HKIWMF) in design and engineering phase

 Recurring revenue of ~S$70m from Infrastructure Services in 1H 2018

 KMEDP and HKIWMF to boost recurring revenue when operational

Investments

1H 2018 net loss $46m.

SingPost

l SINGAPORE, 3 August 2018  – Singapore Post Limited (“SingPost”) today announced its results for the quarter ended 30 June  2018.

Revenue for the quarter  increased 3.3 per cent  to  S$372.6  million, as  international  mail and last-mile deliveries grew, driven by eCommerce, and property rental income rose.

Net profit attributable to equity holders declined  40.4 per cent to S$18.7  million, due mainly to an exceptional fair  value loss  on warrants from an associated  company, reflecting changes  in  the market  value of the  financial  instrument, and higher  tax. Excluding one-off items, operating profit  rose 1.2 per  cent to S$39.2 million. Underlying net  profit was down 9.8 per cent  to  S$24.7 million, as the  improved operating profit  before exceptional  items was offset by lower contributions from associates investing for growth and increased tax.

 SingPost reports first quarter net profit of S$18.7 million

•  Net profit impacted by  exceptional items arising from changes to fair value of associated company  warrants, and higher tax

•  For the first quarter ended 30 June 2018, revenue increased 3.3 per cent to S$372.6 million on growth  in international mail and last-mile deliveries, driven by eCommerce, as  well as  rental income

•  Interim dividend of 0.5 cent per share declared

SIA

After hitting the high of $11.50, it had since retreated sharply and continue to slide down to close at $9.67 today .

The big fall was attributed to ex.dividend of 30 cents.

I think price is hovering near the major support level at $9.60 level.

It might be a golden opportunity to take a second look at this price range of $9.57 to $9.70 level for it to rise back above $10..

NAV $11.78.
EPS is about 67 cents.
PE is about 14.3x

Not a call to buy or sell.


Please do your own Due diligence.


Singapore Airlines Limited, together with subsidiaries, provides passenger and cargo air transportation services in East Asia, the Americas, Europe, South West Pacific, West Asia, and Africa. The company also offers engineering services, air charters, and tour wholesaling and related services, as well as trains pilots. In addition, it engages in the provision of aircraft maintenance services, including technical and non-technical handling at the airport; maintenance, repair, and overhaul of aircraft and cabin components/systems; and aviation insurance services. Further, the company is involved in the repair and overhaul of aircraft and cabin components/systems; providing and marketing cargo community systems; marketing and supporting portal services for the air cargo industry; and reservation service systems. As of March 31, 2018, its operating fleet consisted of 186 aircraft, which included 179 passenger aircraft and 7 freighters. The company was founded in 1947 and is based in Singapore. Singapore Airlines Limited is a subsidiary of Temasek Holdings (Private) Limited.