Inphyy Corner

Frasers Centrepoint enters SGX Mainboard

It's under the stock code of 'TQ5'.

In a release, Singapore Exchange announced the listing of Frasers Centrepoint Limited on Mainboard via introduction, under the stock code of “TQ5”. Frasers Centrepoint is a Singapore real estate company focused on residential, commercial and hospitality property spanning 19 countries across Asia, Australasia, Europe, and the Middle-East.

It is the sponsor of two real estate investment trusts listed on SGX Mainboard – Frasers Centrepoint Trust and Frasers Commercial Trust.

The company is also formerly the property development and investment arm of Fraser and Neave Limited. Lim Ee Seng, Group CEO of Frasers Centrepoint, said: “This marks a significant milestone in our corporate history, as we begin a new chapter as a full-fledged international real estate group listed on SGX.

The listing will further raise our profile and provide us with an effective platform to tap the capital markets in the future as we expand our asset portfolio and pursue growth opportunities.” Lawrence Wong, Head of Listings at SGX, said: “We are pleased to welcome Frasers Centrepoint to SGX Mainboard. Their listing adds to the strength of our real estate sector and we look forward to supporting them in their next phase of growth.”

The listing of Frasers Centrepoint brings the total number of SGX-listed property and real estate investment trusts to 78 with total market capitalization of $164 billion.

Frasers Centrepoint Ltd: The Beginning

By Stanley Lim - January 10, 2014

Frasers Centrepoint Ltd (SGX: TQ5), or “FCL”, officially began trading on the Singapore Exchange yesterday, 9 Jan 2014. Fraser and Neave Ltd (SGX: F99) had carved out its property business to form FCL.

Shareholders of F&N got 2 shares of FCL for every share of the former they own. Thailand-based billionaire Charoen Sirivadhanabhakdi is currently the main shareholder of F&N through his two companies; Thai Beverage (SGX: Y92) and TCC Assets.

Business Overview

The business of FCL is grouped into three segments; residential, commercial and hospitality. Its main business is the development of residential properties in Singapore, Australia and China.

Its commercial property business is mainly about managing commercial properties through its two Singapore-listed real estate investment trusts, Frasers Centrepoint Trust (SGX: J69U) and Frasers Commercial Trust (SGX: ND8U).

Lastly, under the hospitality segment, the company owns and manages a portfolio of service apartments internationally.

Results for financial year (FY) 2013

In its FY 2013 earnings announcement for the 12 months ended 30 Sep 2013 that was released on Wednesday night, FCL reported a 17% gain in total net income to S$736m compared to FY 2012. If we strip away the share of FCL’s net income that belongs to minority interests, the profits that belong to shareholders of the company actually grew 12.3% year-on-year to S$722m.

The company’s growth is mainly contributed by an increase in development revenue in Singapore and the hospitality business. The operating profit for the company’s Singapore development business had improved by 66.7% year-on-year while the hospitality business’s operating profit grew by 74%.

Going forward, as seen from management’s presentation on the company’s results, it seems that the property markets in Singapore and China are under pressure due to continued cooling measures by the governments of both countries.

Furthermore, there are signs of an economic slowdown in Australia, which might be damaging to the property market there as well. Nonetheless, the company’s pushing ahead with its commercial and hospitality businesses with more projects in the pipeline.

Foolish Bottom Line

This carve-out seems to be just the beginning for FCL. There are plans for the company to find more synergy with the real estate business of the TCC Group. For example, FCL is exploring the possibility of acquiring some of TCC Group’s hospitality assets to form a hospitality REIT. It will be interesting to observe the progress of FCL.

Courtesy of The Motley Fool

Boustead: Subsidiary Enters Consortium For Proposed Purchase Of TripleOne Somerset For S$970 Million With S$18.15 Million Investment

09 Jan 2014 18:07

Boustead Singapore Limited's wholly-owned subsidiary, Boustead Projects Pte Ltd, has entered into a consortium with Perennial Real Estate Holdings Pte. Ltd. and several other investors in connection with the proposed purchase of TripleOne Somerset at 111 Somerset Road, Singapore 238164. Pursuant to the signing of the Letter, Boustead Projects has agreed to invest S$18.15 million for a 5.5% shareholding in the Issuer through subscribing for junior bonds, preference shares and ordinary shares to be issued by the Issuer...

boustead.listedcompany.com/newsroom/2014...257C5B003688D9.1.pdf

COSCO: Delivery Of Vessel

09 Jan 2014 17:32

COSCO Corporation (Singapore) Limited wishes to announce that COSCO (Dalian) Shipyard Co., Ltd, a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a bulk carrier of 57000DWT, "GUOTOU 107", to its Asian buyer. The delivery documents were signed by and between COSCO Dalian and the buyer recently. The bulk carrier measures 189.99 meters in length of all, 32.26 meters in breadth and 18 meters in depth...

cosco.listedcompany.com/newsroom/2014010...257C5B00224324.1.pdf

KrisEnergy: Vietnam Cua Lo-1 Is Being Plugged And Abandoned

10 Jan 2014 09:30
The Cua Lo-1 well was drilled to a measured depth of 2,867 metres, or 2,837 metres total vertical depth subsea. Based on log interpretation, several gas bearing sandstone reservoirs were identified. A drill stem test was conducted on a reservoir evaluated with the largest potential within the prospect. Although gas flowed during the test, the poor reservoir deliverability rate combined with high carbon dioxide content suggests that development of the tested reservoir will be unlikely. The well will be plugged and abandoned...

repository.shareinvestor.com/rpt_view.pl...125c001/type/si_news

Falling Knife of the Week: CCM Group

By Sudhan P - January 10, 2014

The shareholders of CCM Group (SGX: 5QZ) saw their company shed 35% in price so far this week. The shares of the firm closed at $0.039 on Thursday. On Thursday itself, the company lost 20.4% of its market capitalisation.

CCM Group is involved in main building works and general building works for residential and commercial buildings in the public and private sectors in our sunny island. The company also provides leasing and installation of access equipment systems.

This week saw the company make a flurry of announcements to the Singapore Exchange.

On Monday, 6th January 2014, CCM Group made announcements of the names of the Directors and the Chief Executive Officer who had increased their stake in the company after a successful issuance of bonus warrants. A total of around 1.7 billion warrants were issued on a day after the New Year public holiday.

On Wednesday, 8th January 2014, it was announced that Ms Chan Pui Yee, Executive Director of the CCM Group and CCM Industrial Pte. Ltd., a wholly-owned subsidiary of the company, had resigned “in order to spend more time on family commitments”. According to the company’s website, Ms Chan was also the head of the Human Resources and Administration department.

On the same day, another resignation was announced. Mr Chan Tien Chih, the Executive Director of CCM Group, stepped down to focus on the operations of CCM Group’s construction business with CCM Industrial Pte. Ltd. and to facilitate the board’s rejuvenation and renewal process.

That is not all. Mr Wee Meng Seng Aloysius, Independent Director of CCM Group, also resigned on the same day “on his own accord due to work commitments and health issues”.

The company also announced that that intends to “acquire two shares, comprising 100% of the issued and paid-up share capital of Singapore Construction Pte. Ltd. (SCPL) in Singapore from Mr Chan Heng Fai for a nominal consideration of S$2.00”. Mr Chan Heng Fai who is a Non-Executive Director and a controlling shareholder of CCM Group is also the owner of SCPL. SCPL is also involved in the construction industry.

Furthermore, CCM Group also made public that it intends to incorporate a new subsidiary in Australia by the end of March this year. This will be done through its wholly-owned subsidiary, CCM Property Pte. Ltd (CCMP). This new subsidiary will be used to look for opportunities in property development in Western Australia, which will be part of the firm’s diversification from construction to real estate development.

Lastly, for 8th January 2013, the company issued a profit warning statement with regards to the unaudited financial results for the financial year ended 31st December 2013.

Yesterday, 9th January 2014, CCM Group released an announcement summarising what had happened for the past few days and also stated that CCMP is issuing S$5 million worth of three-year secured redeemable exchangeable notes to fund its foray into Australia.


Courtesy of The Motley Fool