Diversified logistics group Chasen Holdings said all three of its business segments have secured fresh projects worth S$26.6 million combined, underscoring the Group’s ability to capture new opportunities despite the COVID-19 pandemic.

Following a challenging quarter (April-June) where Covid lockdowns in China lowered its group revenue to S$37.3 million (-12% y-o-y), SGX Mainboard-listed Chasen said it has secured:

• Five Specialist Relocation projects in Singapore and Malaysia, totalling S$2.9 million with semiconductor companies.

Relocation operations have commenced for three projects, while the remaining two will commence in August 2022.

moveequipment AR
• T
wo projects worth RMB75 million (S$15.3 million) via Chasen (Suzhou) Hi-Tech Machinery Services Pte Ltd, the Group’s Specialist Relocation subsidiary in the People’s Republic of China (“PRC”).

The first is a RMB15 million (S$3.1 million) project to provide relocation and installation services for a TFT LCD manufacturer in Wuhan, Hubei Province.

The second is to pack and move module lines for a major TFT LCD manufacturer across nine plants from five different provinces in the PRC to Qingdao, Shandong Province. The year-long project, valued at RMB60 million (S$12.2 million), commenced in August 2022.

• Move-in projects in other industries in Singapore, namely, for a pharmaceutical manufacturer valued at S$0.4 million, a solar panel manufacturer at S$0.5 million project, a Japanese sustainable power customer at S$0.6 million, and a German engineering facilities company worth S$0.4 million.

Stock price

6.5 c

52-week
range

6 – 8.1 c

PE (ttm)

8.3

Market cap

S$25 m

52-week change

-12%

Dividend 
yield 
(ttm)

--

P/B

0.4

Source: Yahoo!

For its businesses which are not specialist relocation related, Chasen said it won three warehousing contracts worth RM9.4 (S$2.9) million via Chasen’s Third-Party Logistics (“3PL”) Penang-based subsidiary, City Zone Express Sdn Bhd (“CZE-M”). 

Increased e-commerce activity and COVID-related disruptions to sea and air freight drive are driving demand for warehousing space.

Two contracts are for one year (till July 2023) while one is for two years (till July 2024).


CZE-M’s land freight trucking service clinched RM3.1 (S$0.9) million projects to deliver electronic goods within Penang as well as  cross-border. 

Chasen’s Thai-based subsidiary, CZE Co., Ltd (“CZE-T”) has secured contracts to deliver industrial products from Thailand to the PRC and Indo-China countries as well as to Malaysia and Singapore. The THB34.0 (S$1.3) million project follows the Group’s efforts to integrate rail transport within its delivery service, overcoming border restrictions imposed in the PRC and adding value to customers.

In the Technical & Engineering (“T&E”) business segment, the Group will install solar panels on the rooftops of two commercial buildings and a primary and secondary school. Expected to commence from September to December 2022, the projects are valued at a total of S$1.4 million, and bring the total number of projects secured by Chasen to 180 public housing blocks and 15 commercial buildings.

JustinLow120aMD Justin Low.The Group expects the projects to contribute positively to the financial performance for the FY2023 ending 31 March 2023.

Mr Low Weng Fatt, Chasen’s Managing Director and CEO, said: “Chasen continues to actively build our order book despite the challenging operating environment, driven by strong demand for our 3PL and Specialist Relocation services. The growing number of solar panel rooftop projects also present significant opportunities for our T&E segment.”

 

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